Textron Inc. (TXT) Position Decreased by Stoneridge Investment Partners LLC
Stoneridge Investment Partners LLC reduced its position in Textron Inc. (NYSE:TXT) by 24.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 65,792 shares of the company’s stock after selling 21,730 shares during the period. Stoneridge Investment Partners LLC’s holdings in Textron were worth $2,405,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Meeder Asset Management Inc. increased its position in shares of Textron by 225.8% in the second quarter. Meeder Asset Management Inc. now owns 3,323 shares of the company’s stock worth $121,000 after buying an additional 2,303 shares in the last quarter. IFP Advisors Inc increased its position in shares of Textron by 245.7% in the first quarter. IFP Advisors Inc now owns 5,082 shares of the company’s stock worth $185,000 after buying an additional 3,612 shares in the last quarter. Creative Planning increased its position in shares of Textron by 24.7% in the second quarter. Creative Planning now owns 5,485 shares of the company’s stock worth $201,000 after buying an additional 1,087 shares in the last quarter. ING Groep NV bought a new position in shares of Textron during the first quarter worth $227,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in shares of Textron during the first quarter worth $267,000. 80.63% of the stock is owned by institutional investors.
Shares of Textron Inc. (NYSE:TXT) traded up 0.95% on Wednesday, reaching $39.28. 852,756 shares of the company were exchanged. The company’s 50-day moving average price is $40.03 and its 200 day moving average price is $38.18. The company has a market cap of $10.58 billion, a price-to-earnings ratio of 14.82 and a beta of 1.44. Textron Inc. has a 12 month low of $30.69 and a 12 month high of $43.93.
Textron (NYSE:TXT) last released its quarterly earnings results on Friday, July 22nd. The company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.02. Textron had a net margin of 5.28% and a return on equity of 14.72%. The firm earned $3.50 billion during the quarter, compared to analyst estimates of $3.36 billion. During the same quarter last year, the business earned $0.60 EPS. The company’s revenue was up 8.1% compared to the same quarter last year. On average, equities research analysts expect that Textron Inc. will post $2.72 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, October 1st. Stockholders of record on Friday, September 9th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.20%. The ex-dividend date of this dividend is Wednesday, September 7th. Textron’s dividend payout ratio (DPR) is 3.02%.
A number of equities analysts have weighed in on TXT shares. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Textron in a research note on Saturday, July 9th. Bank of America Corp. set a $45.00 target price on shares of Textron and gave the stock a “buy” rating in a research note on Monday, July 25th. Jefferies Group reaffirmed a “buy” rating and issued a $50.00 target price on shares of Textron in a research note on Wednesday, August 31st. Drexel Hamilton reaffirmed a “hold” rating on shares of Textron in a research note on Wednesday, August 31st. Finally, Zacks Investment Research raised shares of Textron from a “sell” rating to a “hold” rating in a research note on Tuesday, July 26th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $46.62.
Textron Company Profile
Textron Inc is a multi-industry company engaged in aircraft, defense, industrial and finance businesses to provide customers with products and services across the world. The Company operates through five segments: Textron Aviation, Bell, Textron Systems, Industrial and Finance. Textron Aviation manufactures, sells and services Beechcraft and Cessna aircraft, and services the Hawker brand of business jets.
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