Trade Report: The Retirement Systems of Alabama reaches $9,020,000 position of Textron Inc. (TXT)

The Retirement Systems of Alabama reaches $9,020,000 position  of Textron Inc. (TXT)

Retirement Systems of Alabama cut its stake in shares of Textron Inc. (NYSE:TXT) by 1.6% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 246,731 shares of the company’s stock after selling 4,137 shares during the period. Retirement Systems of Alabama’s holdings in Textron were worth $9,020,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. boosted its stake in Textron by 225.8% in the second quarter. Meeder Asset Management Inc. now owns 3,323 shares of the company’s stock valued at $121,000 after buying an additional 2,303 shares during the period. IFP Advisors Inc boosted its stake in shares of Textron by 245.7% in the first quarter. IFP Advisors Inc now owns 5,082 shares of the company’s stock worth $185,000 after buying an additional 3,612 shares during the period. Creative Planning boosted its stake in shares of Textron by 24.7% in the second quarter. Creative Planning now owns 5,485 shares of the company’s stock worth $201,000 after buying an additional 1,087 shares during the period. ING Groep NV acquired a new stake in shares of Textron during the first quarter worth approximately $227,000. Finally, Conning Inc. boosted its stake in shares of Textron by 0.3% in the second quarter. Conning Inc. now owns 6,409 shares of the company’s stock worth $234,000 after buying an additional 20 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 trading on Friday, reaching $38.49. The company’s stock had a trading volume of 3,175,880 shares. The stock has a market capitalization of $10.37 billion, a PE ratio of 14.52 and a beta of 1.65. The firm’s 50-day moving average is $40.05 and its 200-day moving average is $38.63. Textron Inc. has a 12-month low of $30.69 and a 12-month high of $43.93.

Textron (NYSE:TXT) last issued its quarterly earnings results on Friday, July 22nd. The company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.02. The business earned $3.50 billion during the quarter, compared to the consensus estimate of $3.36 billion. Textron had a return on equity of 14.72% and a net margin of 5.28%. The company’s quarterly revenue was up 8.1% on a year-over-year basis. During the same quarter last year, the company earned $0.60 earnings per share. Equities analysts expect that Textron Inc. will post $2.73 earnings per share for the current year.

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

TXT has been the topic of a number of research reports. Drexel Hamilton restated a “hold” rating on shares of Textron in a report on Wednesday, August 31st. Robert W. Baird initiated coverage on shares of Textron in a report on Wednesday. They set an “outperform” rating and a $48.00 target price on the stock. Credit Suisse Group AG restated a “buy” rating on shares of Textron in a report on Wednesday, August 31st. Jefferies Group set a $50.00 target price on shares of Textron and gave the company a “buy” rating in a report on Thursday. Finally, Zacks Investment Research cut shares of Textron from a “hold” rating to a “sell” rating in a report on Friday, September 2nd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Textron currently has a consensus rating of “Buy” and an average target price of $46.74.

Textron Company Profile

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. Textron Aviation manufactures, sells and services Beechcraft and Cessna aircraft, and services the Hawker brand of business jets.

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