Textron (TXT) Upgraded at Zacks Investment Research

Textron (NYSE:TXT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Friday.

According to Zacks, “Textron is known globally for its most recognizable and valuable brand names, such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, E-Z-GO and Greenlee. Its geographically diverse network of aircraft, defense & intelligence, industrial and finance businesses negates any specific business risk. The company is known to acquire assets in the same line of business as its own, thus helping it to expand its core offerings. However, shares of Textron have returned lower than the industry in last one year. Textron’s Aviation segment has been exhibiting weak performance due to lack of orders for a few of its products. Also, the company needs to increase investments to stay afloat in a highly competitive aerospace and defense market.”

TXT has been the topic of a number of other research reports. Jefferies Group reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Textron in a research report on Tuesday, September 26th. Wells Fargo & Co lifted their price objective on shares of Textron from $54.00 to $59.00 and gave the stock an “outperform” rating in a research report on Friday, October 20th. Citigroup lifted their price objective on shares of Textron from $54.00 to $61.00 and gave the stock a “buy” rating in a research report on Friday, October 20th. Credit Suisse Group lowered their target price on shares of Textron from $61.00 to $59.00 and set an “outperform” rating for the company in a research note on Friday, October 20th. Finally, Cowen reiterated a “buy” rating and issued a $60.00 target price on shares of Textron in a research note on Tuesday, November 28th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $58.91.

Shares of Textron (TXT) traded up $1.06 during trading on Friday, hitting $60.15. 1,213,932 shares of the stock were exchanged, compared to its average volume of 1,210,000. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.96 and a current ratio of 2.08. Textron has a 52-week low of $43.66 and a 52-week high of $60.19. The stock has a market cap of $15,840.00, a P/E ratio of 25.93, a P/E/G ratio of 2.37 and a beta of 1.57.

Textron (NYSE:TXT) last issued its quarterly earnings data on Thursday, October 19th. The aerospace company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.03. Textron had a net margin of 4.48% and a return on equity of 12.02%. The firm had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the previous year, the firm earned $0.61 EPS. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. equities research analysts expect that Textron will post 2.47 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the stock. Steward Partners Investment Advisory LLC acquired a new stake in Textron in the 3rd quarter worth approximately $110,000. Invictus RG acquired a new stake in Textron in the 3rd quarter worth approximately $115,000. Commerzbank Aktiengesellschaft FI acquired a new stake in Textron during the 3rd quarter valued at approximately $201,000. BB&T Securities LLC acquired a new stake in Textron during the 3rd quarter valued at approximately $203,000. Finally, Franklin Street Advisors Inc. NC acquired a new stake in Textron during the 4th quarter valued at approximately $207,000. Institutional investors own 81.91% of the company’s stock.

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About Textron

Textron Inc is a multi-industry company engaged in aircraft, defense, industrial and finance businesses to provide customers with products and services across the world. The Company operates through five segments: Textron Aviation, Bell, Textron Systems, Industrial and Finance. The Textron Aviation segment is engaged in general aviation.

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