Textron Inc. (NYSE:TXT) Stake Cut by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio decreased its holdings in shares of Textron Inc. (NYSE:TXT) by 33.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 73,224 shares of the aerospace company’s stock after selling 37,488 shares during the period. Public Employees Retirement System of Ohio’s holdings in Textron were worth $6,486,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its holdings in shares of Textron by 6.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,808,600 shares of the aerospace company’s stock valued at $241,152,000 after buying an additional 160,923 shares during the period. Brandes Investment Partners LP boosted its stake in Textron by 20.0% in the second quarter. Brandes Investment Partners LP now owns 1,549,551 shares of the aerospace company’s stock valued at $133,096,000 after acquiring an additional 258,778 shares during the period. AQR Capital Management LLC grew its holdings in shares of Textron by 18.9% during the second 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. Bank of New York Mellon Corp raised its position in shares of Textron by 0.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,398,779 shares of the aerospace company’s stock worth $120,099,000 after purchasing an additional 6,175 shares during the period. Finally, TD Asset Management Inc lifted its holdings in shares of Textron by 3.2% in the 2nd quarter. TD Asset Management Inc now owns 1,087,342 shares of the aerospace company’s stock worth $93,359,000 after purchasing an additional 33,394 shares during the last quarter. 86.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Robert W. Baird dropped their target price on Textron from $109.00 to $100.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. UBS Group dropped their price objective on shares of Textron from $87.00 to $79.00 and set a “sell” rating on the stock in a report on Friday, October 25th. StockNews.com lowered shares of Textron from a “strong-buy” rating to a “buy” rating in a research note on Thursday, September 12th. JPMorgan Chase & Co. dropped their price target on shares of Textron from $100.00 to $95.00 and set a “neutral” rating on the stock in a research note on Monday, October 14th. Finally, TD Cowen downgraded Textron from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $103.00 to $95.00 in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $101.56.

Textron Stock Performance

TXT opened at $80.91 on Friday. The business has a 50 day moving average price of $84.94 and a two-hundred day moving average price of $86.75. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.83 and a quick ratio of 0.82. The company has a market capitalization of $15.01 billion, a price-to-earnings ratio of 17.78, a price-to-earnings-growth ratio of 1.48 and a beta of 1.25. Textron Inc. has a 1-year low of $76.98 and a 1-year high of $97.33.

Textron (NYSE:TXT) last announced its quarterly earnings data on Thursday, October 24th. The aerospace company reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.09). The firm had revenue of $3.43 billion during the quarter, compared to analyst estimates of $3.50 billion. Textron had a net margin of 6.30% and a return on equity of 16.02%. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.49 EPS. Research analysts predict that Textron Inc. will post 5.52 EPS for the current fiscal year.

Textron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be paid a $0.02 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.08 annualized dividend and a dividend yield of 0.10%. Textron’s dividend payout ratio is currently 1.76%.

About Textron

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.