First Allied Advisory Services Inc. Boosts Holdings in Textron Inc. (TXT)
First Allied Advisory Services Inc. raised its holdings in shares of Textron Inc. (NYSE:TXT) by 40.5% during the second quarter, according to its most recent filing with the SEC. The firm owned 12,758 shares of the aerospace company’s stock after purchasing an additional 3,675 shares during the period. First Allied Advisory Services Inc.’s holdings in Textron were worth $600,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of TXT. UBS Asset Management Americas Inc. increased its position in Textron by 5.9% during the 1st quarter. UBS Asset Management Americas Inc. now owns 501,260 shares of the aerospace company’s stock valued at $23,855,000 after purchasing an additional 27,746 shares during the period. Oxford Asset Management purchased a new position in Textron during the 1st quarter valued at about $648,000. Pacer Advisors Inc. increased its position in Textron by 3.3% during the 1st quarter. Pacer Advisors Inc. now owns 5,209 shares of the aerospace company’s stock valued at $248,000 after purchasing an additional 165 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Textron during the 1st quarter valued at about $365,000. Finally, Cadence Capital Management LLC increased its position in Textron by 1.7% during the 1st quarter. Cadence Capital Management LLC now owns 7,952 shares of the aerospace company’s stock valued at $378,000 after purchasing an additional 135 shares during the period. 81.49% of the stock is currently owned by institutional investors and hedge funds.
Shares of Textron Inc. (NYSE TXT) opened at 54.99 on Thursday. Textron Inc. has a 12-month low of $37.19 and a 12-month high of $55.01. The stock has a 50 day moving average of $50.84 and a 200-day moving average of $48.40. The company has a market capitalization of $14.56 billion, a PE ratio of 16.81 and a beta of 1.59.
Textron (NYSE:TXT) last released its earnings results on Wednesday, July 19th. The aerospace company reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.05. Textron had a net margin of 6.45% and a return on equity of 11.97%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same period in the prior year, the firm earned $0.66 earnings per share. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. Analysts predict that Textron Inc. will post $2.53 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Sunday, October 1st. Investors of record on Friday, September 15th were paid a dividend of $0.02 per share. The ex-dividend date was Thursday, September 14th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.15%. Textron’s payout ratio is 2.45%.
A number of research analysts have commented on TXT shares. ValuEngine raised shares of Textron from a “hold” rating to a “buy” rating in a research report on Friday, September 8th. Zacks Investment Research raised shares of Textron from a “hold” rating to a “buy” rating and set a $59.00 target price on the stock in a research report on Thursday, September 21st. Credit Suisse Group reissued an “outperform” rating and set a $55.00 target price (up previously from $50.00) on shares of Textron in a research report on Thursday, July 20th. Bank of America Corporation downgraded shares of Textron from a “buy” rating to an “underperform” rating and cut their target price for the company from $53.00 to $45.00 in a research report on Friday, July 21st. Finally, Jefferies Group LLC reissued a “buy” rating and set a $60.00 target price on shares of Textron in a research report on Tuesday, September 26th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $53.75.
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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. The Textron Aviation segment is engaged in general aviation.
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