Great Lakes Advisors LLC Sells 235,499 Shares of Textron Inc. (NYSE:TXT)

Great Lakes Advisors LLC lowered its stake in Textron Inc. (NYSE:TXT) by 21.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 840,929 shares of the aerospace company’s stock after selling 235,499 shares during the period. Great Lakes Advisors LLC’s holdings in Textron were worth $64,323,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of TXT. Raymond James Financial Inc. bought a new position in Textron in the fourth quarter valued at approximately $41,451,000. International Assets Investment Management LLC acquired a new stake in shares of Textron in the fourth quarter valued at approximately $11,523,000. Wealthfront Advisers LLC boosted its stake in shares of Textron by 384.7% during the 4th quarter. Wealthfront Advisers LLC now owns 175,347 shares of the aerospace company’s stock worth $13,412,000 after acquiring an additional 139,173 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Textron by 7.9% during the 4th quarter. Bank of New York Mellon Corp now owns 1,428,377 shares of the aerospace company’s stock worth $109,257,000 after acquiring an additional 104,982 shares during the last quarter. Finally, National Bank of Canada FI raised its stake in Textron by 161.8% in the 3rd quarter. National Bank of Canada FI now owns 145,174 shares of the aerospace company’s stock valued at $12,860,000 after acquiring an additional 89,724 shares during the period. Institutional investors own 86.03% of the company’s stock.

Insider Activity at Textron

In other Textron 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 transaction, the vice president now directly owns 18,223 shares of the company’s stock, valued at approximately $1,324,447.64. The trade was a 23.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.70% of the stock is currently owned by company insiders.

Textron Price Performance

Shares of TXT opened at $73.67 on Wednesday. The company has a quick ratio of 0.84, a current ratio of 1.76 and a debt-to-equity ratio of 0.45. The stock has a market cap of $13.38 billion, a PE ratio of 17.09, a PEG ratio of 1.18 and a beta of 1.26. Textron Inc. has a 12-month low of $70.14 and a 12-month high of $97.34. The business has a 50-day simple moving average of $75.25 and a two-hundred day simple moving average of $81.52.

Textron (NYSE:TXT) last released its quarterly earnings data on Wednesday, January 22nd. The aerospace company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.07. Textron had a return on equity of 14.92% and a net margin of 6.01%. The company had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.78 billion. During the same quarter in the prior year, the firm posted $1.60 earnings per share. The firm’s revenue was down 7.2% compared to the same quarter last year. Analysts anticipate that Textron Inc. will post 6.12 earnings per share for the current fiscal year.

Textron Dividend Announcement

The firm also recently disclosed 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 dividend payout ratio is 1.86%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on TXT shares. Robert W. Baird reduced their price objective on shares of Textron from $100.00 to $92.00 and set an “outperform” rating for the company in a research report on Thursday, January 23rd. Bank of America lowered shares of Textron from a “buy” rating to a “neutral” rating and decreased their price target for the company from $110.00 to $85.00 in a research note on Friday, January 24th. Citigroup cut their price objective on shares of Textron from $118.00 to $111.00 and set a “buy” rating for the company in a research report on Tuesday, January 21st. Morgan Stanley decreased their target price on Textron from $86.00 to $82.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 23rd. Finally, JPMorgan Chase & Co. reduced their price target on Textron from $90.00 to $88.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $93.45.

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.