Trade Report: The Principal Financial Group Inc. reduces its investment in Textron Inc. (TXT)

The Principal Financial Group Inc. reduces its investment in Textron Inc. (TXT)

Principal Financial Group Inc. reduced its stake in Textron Inc. (NYSE:TXT) by 0.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 411,648 shares of the company’s stock after selling 2,701 shares during the period. Principal Financial Group Inc. owned approximately 0.15% of Textron worth $15,050,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Glenmede Trust Co. NA raised its position in shares of Textron by 1.8% in the first quarter. Glenmede Trust Co. NA now owns 14,632 shares of the company’s stock valued at $532,000 after buying an additional 255 shares during the period. Commonwealth Equity Services Inc raised its position in shares of Textron by 5.8% in the first quarter. Commonwealth Equity Services Inc now owns 26,682 shares of the company’s stock valued at $973,000 after buying an additional 1,459 shares during the period. IFP Advisors Inc raised its position in shares of Textron by 245.7% in the first quarter. IFP Advisors Inc now owns 5,082 shares of the company’s stock valued at $185,000 after buying an additional 3,612 shares during the period. Prudential Financial Inc. raised its position in shares of Textron by 59.9% in the first quarter. Prudential Financial Inc. now owns 544,252 shares of the company’s stock valued at $19,843,000 after buying an additional 203,900 shares during the period. Finally, BlackRock Group LTD raised its position in shares of Textron by 3.2% in the first quarter. BlackRock Group LTD now owns 1,649,411 shares of the company’s stock valued at $60,138,000 after buying an additional 51,476 shares during the period. Institutional investors and hedge funds own 80.63% of the company’s stock.

Shares of Textron Inc. (NYSE:TXT) traded down 3.56% during mid-day trading on Friday, reaching $38.49. 3,175,880 shares of the company traded hands. The firm has a 50 day moving average of $40.05 and a 200-day moving average of $38.63. Textron Inc. has a 52 week low of $30.69 and a 52 week high of $43.93. The stock has a market capitalization of $10.37 billion, a PE ratio of 14.52 and a beta of 1.65.

Textron (NYSE:TXT) last posted its quarterly earnings data on Friday, July 22nd. The company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.64 by $0.02. The company earned $3.50 billion during the quarter, compared to analyst estimates of $3.36 billion. Textron had a net margin of 5.28% and a return on equity of 14.72%. Textron’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.60 earnings per share. On average, equities research analysts expect that Textron Inc. will post $2.73 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Saturday, October 1st. Stockholders of record on Friday, September 9th were paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.21%. The ex-dividend date was Wednesday, September 7th. Textron’s dividend payout ratio is currently 3.02%.

TXT has been the subject of several research reports. Morgan Stanley initiated coverage on shares of Textron in a report on Thursday, June 23rd. They issued an “underweight” rating and a $39.00 price objective for the company. Credit Suisse Group AG restated a “buy” rating on shares of Textron in a report on Saturday, July 9th. Zacks Investment Research lowered shares of Textron from a “hold” rating to a “sell” rating in a report on Tuesday, July 19th. Bank of America Corp. set a $45.00 price objective on shares of Textron and gave the stock a “buy” rating in a report on Monday, July 25th. Finally, Drexel Hamilton restated a “hold” rating on shares of Textron in a report on Wednesday, August 31st. Two research analysts have rated the stock with a sell rating, three have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $46.74.

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