Textron Inc. (NYSE:TXT) Shares Sold by Primecap Management Co. CA

Primecap Management Co. CA cut its position in Textron Inc. (NYSE:TXT) by 0.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,280,355 shares of the aerospace company’s stock after selling 30,370 shares during the quarter. Primecap Management Co. CA owned 2.85% of Textron worth $467,734,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Wedge Capital Management L L P NC purchased a new stake in Textron during the 2nd quarter valued at approximately $64,319,000. Canada Pension Plan Investment Board lifted its stake in shares of Textron by 1,611.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 433,100 shares of the aerospace company’s stock worth $41,547,000 after purchasing an additional 407,800 shares during the period. Brandes Investment Partners LP lifted its stake in shares of Textron by 20.0% during the 2nd quarter. Brandes Investment Partners LP now owns 1,549,551 shares of the aerospace company’s stock worth $133,096,000 after purchasing an additional 258,778 shares during the period. AQR Capital Management LLC raised its position in shares of Textron by 18.9% in the 2nd quarter. AQR Capital Management LLC now owns 1,451,293 shares of the aerospace company’s stock worth $124,608,000 after buying an additional 231,173 shares during the period. Finally, Fidelity National Financial Inc. purchased a new position in shares of Textron in the 2nd quarter worth $19,748,000. 86.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TXT has been the subject of several recent analyst reports. TD Cowen downgraded Textron from a “buy” rating to a “hold” rating and lowered their target price for the company from $103.00 to $95.00 in a research note on Wednesday, September 25th. Morgan Stanley cut shares of Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 target price on the stock. in a report on Thursday, August 8th. UBS Group cut their price target on Textron from $87.00 to $79.00 and set a “sell” rating on the stock in a report on Friday, October 25th. JPMorgan Chase & Co. dropped their target price on Textron from $100.00 to $95.00 and set a “neutral” rating on the stock in a report on Monday, October 14th. Finally, 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 report on Friday, October 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $101.56.

Textron Trading Up 0.7 %

Shares of NYSE:TXT opened at $81.86 on Thursday. Textron Inc. has a 12 month low of $74.13 and a 12 month high of $97.33. The company has a quick ratio of 0.82, a current ratio of 1.83 and a debt-to-equity ratio of 0.46. The company’s fifty day simple moving average is $86.13 and its 200 day simple moving average is $87.25. The firm has a market cap of $15.19 billion, a price-to-earnings ratio of 17.99, a PEG ratio of 1.46 and a beta of 1.24.

Textron (NYSE:TXT) last issued its quarterly earnings results on Thursday, October 24th. The aerospace company reported $1.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.09). Textron had a net margin of 6.30% and a return on equity of 16.02%. The business had revenue of $3.43 billion during the quarter, compared to analyst estimates of $3.50 billion. During the same quarter in the previous year, the firm posted $1.49 earnings per share. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. As a group, research analysts forecast that Textron Inc. will post 5.53 EPS for the current fiscal year.

Textron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.10%. The ex-dividend date is Friday, December 13th. Textron’s payout ratio is 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.