California State Teachers Retirement System decreased its position in shares of Textron Inc. (NYSE:TXT) by 2.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 414,275 shares of the aerospace company’s stock after selling 11,780 shares during the quarter. California State Teachers Retirement System owned about 0.17% of Textron worth $19,053,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Essex Savings Bank bought a new position in Textron during the 4th quarter worth approximately $29,000. CWM LLC lifted its stake in Textron by 38.6% in the fourth quarter. CWM LLC now owns 970 shares of the aerospace company’s stock valued at $45,000 after buying an additional 270 shares in the last quarter. Intercontinental Wealth Advisors LLC bought a new position in Textron in the fourth quarter valued at approximately $61,000. Oppenheimer Asset Management Inc. bought a new position in Textron in the fourth quarter valued at approximately $63,000. Finally, Bessemer Group Inc. lifted its stake in Textron by 13.3% in the fourth quarter. Bessemer Group Inc. now owns 1,777 shares of the aerospace company’s stock valued at $82,000 after buying an additional 209 shares in the last quarter. 83.49% of the stock is currently owned by institutional investors and hedge funds.
Shares of TXT opened at $51.78 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.05 and a current ratio of 2.14. Textron Inc. has a twelve month low of $43.27 and a twelve month high of $72.87. The company has a market capitalization of $12.11 billion, a price-to-earnings ratio of 15.50, a P/E/G ratio of 1.13 and a beta of 1.67.
Textron (NYSE:TXT) last posted its quarterly earnings data on Thursday, January 24th. The aerospace company reported $1.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.98 by $0.17. Textron had a net margin of 8.75% and a return on equity of 15.51%. The company had revenue of $3.75 billion for the quarter, compared to the consensus estimate of $3.99 billion. During the same period last year, the company earned $0.74 earnings per share. The firm’s revenue was down 6.6% compared to the same quarter last year. Analysts anticipate that Textron Inc. will post 3.67 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be issued a $0.02 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.15%. Textron’s dividend payout ratio (DPR) is presently 2.40%.
In other news, CEO Scott C. Donnelly sold 150,226 shares of Textron stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $55.04, for a total value of $8,268,439.04. Following the sale, the chief executive officer now directly owns 707,495 shares in the company, valued at $38,940,524.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Scott C. Donnelly sold 230,654 shares of Textron stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $55.04, for a total transaction of $12,695,196.16. Following the completion of the sale, the chairman now owns 707,495 shares in the company, valued at $38,940,524.80. The disclosure for this sale can be found here. Insiders sold 458,112 shares of company stock worth $25,222,635 over the last quarter. 1.40% of the stock is owned by corporate insiders.
A number of research analysts have weighed in on TXT shares. TheStreet raised shares of Textron from a “c+” rating to a “b” rating in a research note on Thursday, January 31st. Cowen reaffirmed a “buy” rating and issued a $70.00 price target on shares of Textron in a research note on Monday, December 17th. Jefferies Financial Group set a $68.00 price target on shares of Textron and gave the company a “buy” rating in a research note on Friday, November 30th. Zacks Investment Research raised shares of Textron from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Wednesday, February 13th. Finally, ValuEngine raised shares of Textron from a “sell” rating to a “hold” rating in a research note on Tuesday, January 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $67.42.
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Textron, Inc is a multi-industry company, which leverages global network of aircraft, defense, industrial, and finance businesses to provide customers innovative solutions and services. The company operates its business through the following segments: Textron Aviation, Bell, Textron Systems, Industrial, and Finance.
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