Textron (NYSE:TXT) Downgraded to Hold at TD Cowen

TD Cowen lowered shares of Textron (NYSE:TXT) from a buy rating to a hold rating in a research report released on Wednesday morning, Marketbeat.com reports. The brokerage currently has $95.00 target price on the aerospace company’s stock, down from their prior target price of $103.00.

A number of other research analysts also recently commented on the company. Morgan Stanley downgraded Textron from an overweight rating to an equal weight rating and set a $95.00 target price on the stock. in a research note on Thursday, August 8th. Bank of America boosted their price target on Textron from $105.00 to $110.00 and gave the company a buy rating in a research note on Tuesday, July 23rd. UBS Group raised their price objective on shares of Textron from $84.00 to $87.00 and gave the company a sell rating in a research report on Friday, July 19th. Citigroup boosted their target price on shares of Textron from $111.00 to $115.00 and gave the stock a buy rating in a research report on Monday, July 22nd. Finally, StockNews.com downgraded shares of Textron from a strong-buy rating to a buy rating in a report on Thursday, September 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Textron presently has a consensus rating of Hold and an average target price of $101.50.

Textron Trading Up 1.4 %

NYSE:TXT opened at $87.75 on Wednesday. The stock has a market cap of $16.44 billion, a PE ratio of 18.75, a price-to-earnings-growth ratio of 1.38 and a beta of 1.23. Textron has a fifty-two week low of $74.13 and a fifty-two week high of $97.33. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.79 and a quick ratio of 0.81. The stock’s 50-day moving average is $88.26 and its two-hundred day moving average is $89.17.

Textron (NYSE:TXT) last released its quarterly earnings data on Thursday, July 18th. The aerospace company reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.48 by $0.06. The firm had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.56 billion. Textron had a net margin of 6.67% and a return on equity of 16.41%. The company’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 EPS. As a group, equities research analysts forecast that Textron will post 6.26 earnings per share for the current fiscal year.

Textron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.09%. The ex-dividend date is Friday, September 13th. Textron’s dividend payout ratio is 1.71%.

Hedge Funds Weigh In On Textron

A number of institutional investors have recently made changes to their positions in TXT. Boston Partners boosted its stake in Textron by 1.4% during the 1st quarter. Boston Partners now owns 7,116,231 shares of the aerospace company’s stock valued at $682,475,000 after purchasing an additional 99,868 shares during the period. LSV Asset Management boosted its position in shares of Textron by 6.9% in the first quarter. LSV Asset Management now owns 4,053,050 shares of the aerospace company’s stock valued at $388,809,000 after acquiring an additional 260,003 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Textron by 6.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,808,600 shares of the aerospace company’s stock worth $241,152,000 after acquiring an additional 160,923 shares during the last quarter. Brandes Investment Partners LP increased its position in Textron by 20.0% during the second quarter. Brandes Investment Partners LP now owns 1,549,551 shares of the aerospace company’s stock worth $133,096,000 after acquiring an additional 258,778 shares during the period. Finally, AQR Capital Management LLC raised its stake in Textron by 18.9% during the 2nd quarter. AQR Capital Management LLC now owns 1,451,293 shares of the aerospace company’s stock valued at $124,608,000 after purchasing an additional 231,173 shares during the last quarter. 86.03% of the stock is currently owned by institutional investors.

Textron Company Profile

Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. It operates through six segments: Textron Aviation, Bell, Textron Systems, Industrial, Textron eAviation, and Finance. The Textron Aviation segment manufactures, sells, and services business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and offers maintenance, inspection, and repair services, as well as sells commercial parts.