State of Michigan Retirement System Sells 400 Shares of Textron Inc. (NYSE:TXT)

State of Michigan Retirement System cut its holdings in Textron Inc. (NYSE:TXT) by 0.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 57,071 shares of the aerospace company’s stock after selling 400 shares during the period. State of Michigan Retirement System’s holdings in Textron were worth $4,365,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in TXT. Empirical Finance LLC increased its holdings in shares of Textron by 1.7% in the third quarter. Empirical Finance LLC now owns 7,047 shares of the aerospace company’s stock worth $624,000 after buying an additional 115 shares during the period. Apollon Wealth Management LLC grew its position in Textron by 4.9% during the 3rd quarter. Apollon Wealth Management LLC now owns 2,655 shares of the aerospace company’s stock worth $235,000 after acquiring an additional 125 shares during the last quarter. Pflug Koory LLC increased its stake in Textron by 0.9% in the 4th quarter. Pflug Koory LLC now owns 13,778 shares of the aerospace company’s stock worth $1,054,000 after purchasing an additional 125 shares during the period. V Square Quantitative Management LLC lifted its position in Textron by 5.7% in the fourth quarter. V Square Quantitative Management LLC now owns 2,611 shares of the aerospace company’s stock valued at $200,000 after purchasing an additional 141 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC boosted its stake in shares of Textron by 5.8% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 2,977 shares of the aerospace company’s stock valued at $228,000 after purchasing an additional 163 shares during the period. 86.03% of the stock is currently owned by hedge funds and other institutional investors.

Textron Stock Up 2.9 %

TXT stock opened at $75.50 on Friday. Textron Inc. has a fifty-two week low of $70.14 and a fifty-two week high of $97.33. The company has a market capitalization of $13.71 billion, a price-to-earnings ratio of 17.52, a price-to-earnings-growth ratio of 1.18 and a beta of 1.27. The business’s 50 day moving average price is $75.37 and its two-hundred day moving average price is $81.91. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.76.

Textron (NYSE:TXT) last issued its quarterly earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.07. The company had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.78 billion. Textron had a return on equity of 14.92% and a net margin of 6.01%. The firm’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.60 earnings per share. As a group, analysts forecast that Textron Inc. will post 6.12 earnings per share for the current fiscal year.

Textron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a $0.02 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.08 annualized dividend and a dividend yield of 0.11%. Textron’s payout ratio is 1.86%.

Insider Activity at Textron

In other Textron news, VP Mark S. Bamford sold 5,451 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $72.68, for a total transaction of $396,178.68. Following the completion of the transaction, the vice president now owns 18,223 shares of the company’s stock, valued at approximately $1,324,447.64. This trade represents a 23.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently commented on TXT shares. Bank of America downgraded shares of Textron from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $110.00 to $85.00 in a research note on Friday, January 24th. JPMorgan Chase & Co. decreased their price objective on shares of Textron from $90.00 to $88.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Barclays dropped their target price on shares of Textron from $104.00 to $95.00 and set an “overweight” rating for the company in a report on Monday, December 23rd. Morgan Stanley cut their target price on Textron from $86.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 23rd. Finally, TD Cowen raised Textron to a “hold” rating in a research report on Monday, February 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $93.45.

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.