Textron Inc. (TXT) Stake Raised by Prudential Financial Inc.
Prudential Financial Inc. raised its position in Textron Inc. (NYSE:TXT) by 74.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 951,536 shares of the company’s stock after buying an additional 407,284 shares during the period. Prudential Financial Inc. owned approximately 0.35% of Textron worth $34,788,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Conning Inc. raised its position in Textron by 0.3% in the second quarter. Conning Inc. now owns 6,409 shares of the company’s stock worth $234,000 after buying an additional 20 shares during the period. World Asset Management Inc raised its position in Textron by 0.4% in the second quarter. World Asset Management Inc now owns 26,636 shares of the company’s stock worth $974,000 after buying an additional 93 shares during the period. Dalton Greiner Hartman Maher & Co. raised its position in Textron by 1.1% in the second quarter. Dalton Greiner Hartman Maher & Co. now owns 11,404 shares of the company’s stock worth $417,000 after buying an additional 125 shares during the period. Norinchukin Bank The raised its position in Textron by 1.3% in the second quarter. Norinchukin Bank The now owns 14,101 shares of the company’s stock worth $516,000 after buying an additional 184 shares during the period. Finally, Blue Fin Capital Inc. raised its position in Textron by 2.7% in the second quarter. Blue Fin Capital Inc. now owns 7,488 shares of the company’s stock worth $274,000 after buying an additional 200 shares during the period. 80.67% of the stock is owned by hedge funds and other institutional investors.
Textron Inc. (NYSE:TXT) traded up 0.15% during midday trading on Tuesday, hitting $39.15. The stock had a trading volume of 217,948 shares. The company has a market cap of $10.55 billion, a PE ratio of 14.77 and a beta of 1.44. Textron Inc. has a 12-month low of $30.69 and a 12-month high of $43.93. The firm has a 50-day moving average of $39.99 and a 200-day moving average of $38.13.
Textron (NYSE:TXT) last released its quarterly earnings data on Friday, July 22nd. The company reported $0.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.02. The business earned $3.50 billion during the quarter, compared to analyst estimates of $3.36 billion. Textron had a return on equity of 14.72% and a net margin of 5.28%. The company’s revenue was up 8.1% on a year-over-year basis. During the same quarter last year, the business posted $0.60 EPS. Equities research analysts forecast 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. Shareholders of record on Friday, September 9th will be paid a dividend of $0.02 per share. The ex-dividend date is Wednesday, September 7th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.20%. Textron’s payout ratio is currently 3.02%.
A number of research firms have recently weighed in on TXT. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Textron in a research note on Saturday, July 9th. Zacks Investment Research raised Textron from a “sell” rating to a “hold” rating in a research note on Tuesday, July 26th. Jefferies Group reaffirmed a “buy” rating and issued a $50.00 price objective on shares of Textron in a research note on Wednesday, August 31st. Bank of America Corp. set a $45.00 price objective on Textron and gave the stock a “buy” rating in a research note on Monday, July 25th. Finally, Morgan Stanley initiated coverage on Textron in a research note on Thursday, June 23rd. They issued an “underweight” rating and a $39.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $46.62.
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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