Advisors Asset Management Inc. Decreases Holdings in Textron Inc. (TXT)
Advisors Asset Management Inc. cut its holdings in shares of Textron Inc. (NYSE:TXT) by 92.6% in the second quarter, HoldingsChannel.com reports. The fund owned 2,407 shares of the aerospace company’s stock after selling 29,966 shares during the quarter. Advisors Asset Management Inc.’s holdings in Textron were worth $2,661,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in TXT. Centaurus Financial Inc. purchased a new stake in shares of Textron during the 2nd quarter worth about $105,000. BlueMountain Capital Management LLC purchased a new stake in shares of Textron during the 2nd quarter worth about $139,000. Piedmont Investment Advisors LLC purchased a new stake in shares of Textron during the 2nd quarter worth about $197,000. Colony Group LLC purchased a new stake in shares of Textron during the 2nd quarter worth about $202,000. Finally, Legacy Financial Advisors Inc. purchased a new stake in shares of Textron during the 2nd quarter worth about $203,000. Hedge funds and other institutional investors own 82.91% of the company’s stock.
Shares of TXT stock opened at $71.52 on Thursday. The company has a current ratio of 2.27, a quick ratio of 1.11 and a debt-to-equity ratio of 0.72. Textron Inc. has a twelve month low of $51.07 and a twelve month high of $72.87. The company has a market capitalization of $17.73 billion, a P/E ratio of 29.20, a P/E/G ratio of 1.88 and a beta of 1.40.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 14th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.11%. The ex-dividend date of this dividend is Thursday, September 13th. Textron’s payout ratio is 3.27%.
In related news, EVP E Robert Lupone sold 45,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 31st. The stock was sold at an average price of $67.50, for a total value of $3,037,500.00. Following the transaction, the executive vice president now directly owns 121,838 shares of the company’s stock, valued at approximately $8,224,065. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Scott C. Donnelly sold 82,647 shares of the firm’s stock in a transaction that occurred on Friday, July 27th. The shares were sold at an average price of $67.17, for a total value of $5,551,398.99. Following the completion of the transaction, the chairman now directly owns 639,916 shares in the company, valued at $42,983,157.72. The disclosure for this sale can be found here. Insiders sold a total of 134,209 shares of company stock worth $9,035,968 over the last three months. 1.20% of the stock is owned by company insiders.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research raised Textron from a “hold” rating to a “buy” rating and set a $74.00 price target for the company in a research note on Monday, August 13th. Cowen reaffirmed a “$66.44” rating and set a $73.00 price target on shares of Textron in a research note on Wednesday, July 18th. Bank of America set a $78.00 price target on Textron and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Citigroup raised their price target on Textron to $76.00 and gave the stock a “buy” rating in a research note on Thursday, July 19th. Finally, Morgan Stanley raised their price target on Textron from $64.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 12th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Textron presently has an average rating of “Buy” and an average target price of $72.67.
Textron Company Profile
Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. The company's Textron Aviation segment manufactures and sells business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and commercial parts, as well as provides maintenance, inspection, and repair services.
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