Jefferies Group set a $50.00 price objective on Textron Inc. (NYSE:TXT) in a research note issued to investors on Thursday morning. The firm currently has a a buy rating on the stock.
Several other equities research analysts also recently issued reports on TXT. Morgan Stanley initiated coverage on Textron in a research note on Thursday, June 23rd. They issued an underweight rating and a $39.00 price objective for the company. Credit Suisse Group AG reissued a buy rating on shares of Textron in a research note on Saturday, July 9th. Zacks Investment Research downgraded Textron from a hold rating to a sell rating in a research note on Tuesday, July 19th. Bank of America Corp. set a $45.00 price target on Textron and gave the stock a buy rating in a research note on Monday, July 25th. Finally, Drexel Hamilton reaffirmed a hold rating on shares of Textron in a research note on Wednesday, August 31st. Two research analysts have rated the stock with a sell rating, three have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $46.74.
Shares of Textron (NYSE:TXT) traded down 3.53% during mid-day trading on Thursday, hitting $38.50. The stock had a trading volume of 2,510,713 shares. Textron has a one year low of $30.69 and a one year high of $43.93. The company has a 50-day moving average of $40.11 and a 200 day moving average of $38.61. The firm has a market cap of $10.37 billion, a price-to-earnings ratio of 14.53 and a beta of 1.65.
Textron (NYSE:TXT) last released its quarterly earnings results on Friday, July 22nd. The company reported $0.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.02. Textron had a return on equity of 14.72% and a net margin of 5.28%. The business earned $3.50 billion during the quarter, compared to analyst estimates of $3.36 billion. During the same quarter last year, the company posted $0.60 EPS. Textron’s revenue for the quarter was up 8.1% on a year-over-year basis. On average, equities research analysts forecast that Textron 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 issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.20%. The ex-dividend date was Wednesday, September 7th. Textron’s payout ratio is presently 3.02%.
Hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC raised its stake in shares of Textron by 1.4% in the first quarter. Geode Capital Management LLC now owns 2,250,485 shares of the company’s stock valued at $81,888,000 after buying an additional 31,559 shares during the last quarter. Chevy Chase Trust Holdings Inc. raised its stake in shares of Textron by 0.4% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 229,652 shares of the company’s stock valued at $8,397,000 after buying an additional 842 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Textron by 4.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 7,242,145 shares of the company’s stock valued at $264,049,000 after buying an additional 312,668 shares during the last quarter. BlackRock Group LTD raised its stake 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 last quarter. Finally, Fox Run Management L.L.C. purchased a new stake in shares of Textron during the second quarter valued at $303,000. 80.63% of the stock is currently owned by institutional investors.