Primecap Management Co. CA Decreases Stock Position in Textron Inc. (NYSE:TXT)

Primecap Management Co. CA lessened its stake in shares of Textron Inc. (NYSE:TXT) by 7.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 4,874,615 shares of the aerospace company’s stock after selling 405,740 shares during the quarter. Primecap Management Co. CA’s holdings in Textron were worth $372,859,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of TXT. Raymond James Financial Inc. purchased a new stake in Textron in the fourth quarter worth $41,451,000. Brandes Investment Partners LP increased its stake in Textron by 19.4% in the fourth quarter. Brandes Investment Partners LP now owns 1,859,703 shares of the aerospace company’s stock worth $142,249,000 after purchasing an additional 302,712 shares during the period. International Assets Investment Management LLC purchased a new stake in Textron in the fourth quarter worth $11,523,000. Wealthfront Advisers LLC increased its stake in Textron by 384.7% in the fourth quarter. Wealthfront Advisers LLC now owns 175,347 shares of the aerospace company’s stock worth $13,412,000 after purchasing an additional 139,173 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Textron by 7.9% in the fourth quarter. Bank of New York Mellon Corp now owns 1,428,377 shares of the aerospace company’s stock worth $109,257,000 after purchasing an additional 104,982 shares during the period. Hedge funds and other institutional investors own 86.03% of the company’s stock.

Textron Price Performance

Shares of TXT stock opened at $74.64 on Tuesday. Textron Inc. has a 1-year low of $70.14 and a 1-year high of $97.34. The stock’s 50-day moving average is $75.04 and its 200 day moving average is $81.05. The company has a market cap of $13.56 billion, a P/E ratio of 17.32, a PEG ratio of 1.18 and a beta of 1.27. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.76 and a quick ratio of 0.84.

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 business had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.78 billion. Textron had a return on equity of 14.92% and a net margin of 6.01%. The company’s quarterly revenue was down 7.2% on a year-over-year basis. During the same quarter last year, the company earned $1.60 earnings per share. Research analysts predict that Textron Inc. will post 6.12 earnings per share for the current fiscal year.

Textron Dividend Announcement

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

Insiders Place Their Bets

In related news, VP Mark S. Bamford sold 5,451 shares of Textron stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $72.68, for a total transaction of $396,178.68. Following the completion of the sale, the vice president now owns 18,223 shares of the company’s stock, valued at $1,324,447.64. The trade was a 23.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on TXT shares. Susquehanna reduced their target price on Textron from $100.00 to $90.00 and set a “positive” rating on the stock in a research note on Wednesday, January 8th. Citigroup cut their price target on Textron from $118.00 to $111.00 and set a “buy” rating on the stock in a research note on Tuesday, January 21st. Morgan Stanley cut their price target 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. TD Cowen upgraded Textron to a “hold” rating in a research note on Monday, February 24th. Finally, Bank of America lowered Textron from a “buy” rating to a “neutral” rating and cut their price target for the company from $110.00 to $85.00 in a research note on Friday, January 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $93.45.

Textron 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.