Chevy Chase Trust Holdings Inc. cut its stake in Textron Inc. (NYSE:TXT) by 2.1% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 224,858 shares of the company’s stock after selling 4,794 shares during the period. Chevy Chase Trust Holdings Inc.’s holdings in Textron were worth $8,938,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of the company. Parametrica Management Ltd bought a new stake in Textron during the second quarter worth approximately $285,000. QUANTRES ASSET MANAGEMENT Ltd bought a new stake in Textron during the second quarter worth approximately $475,000. BLB&B Advisors LLC boosted its stake in Textron by 5.1% in the second quarter. BLB&B Advisors LLC now owns 70,759 shares of the company’s stock worth $2,587,000 after buying an additional 3,420 shares in the last quarter. Regentatlantic Capital LLC boosted its stake in Textron by 50.1% in the second quarter. Regentatlantic Capital LLC now owns 10,045 shares of the company’s stock worth $367,000 after buying an additional 3,355 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in Textron during the second quarter worth approximately $303,000. 80.44% of the stock is currently owned by institutional investors.
Textron Inc. (NYSE:TXT) traded down 0.54% on Monday, hitting $45.70. The stock had a trading volume of 1,424,465 shares. The company has a market cap of $12.35 billion, a price-to-earnings ratio of 12.82 and a beta of 1.77. Textron Inc. has a 52-week low of $30.69 and a 52-week high of $45.95. The company has a 50 day moving average price of $40.97 and a 200-day moving average price of $39.42.
Textron (NYSE:TXT) last announced its quarterly earnings results on Thursday, October 20th. The company reported $0.61 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.66 by $0.05. Textron had a net margin of 7.01% and a return on equity of 13.85%. The company earned $3.30 billion during the quarter, compared to analysts’ expectations of $3.40 billion. During the same quarter in the prior year, the business posted $0.63 earnings per share. The company’s revenue was up 3.8% compared to the same quarter last year. On average, equities research analysts predict that Textron Inc. will post $2.70 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Sunday, January 1st. Stockholders of record on Friday, December 9th will be issued a $0.02 dividend. The ex-dividend date is Wednesday, December 7th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.17%. Textron’s dividend payout ratio is presently 2.24%.
A number of research firms have recently commented on TXT. Zacks Investment Research cut Textron from a “hold” rating to a “sell” rating in a research note on Tuesday, October 25th. Drexel Hamilton reissued a “hold” rating on shares of Textron in a research note on Wednesday, August 31st. Robert W. Baird began coverage on Textron in a research note on Wednesday, October 5th. They issued an “outperform” rating and a $48.00 target price on the stock. Morgan Stanley reissued a “sell” rating on shares of Textron in a research note on Monday, August 15th. Finally, Jefferies Group reaffirmed a “buy” rating and set a $50.00 price target on shares of Textron in a report on Wednesday, August 31st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $46.68.
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.