Gotham Asset Management LLC Has $10.80 Million Stake in Textron Inc. (TXT)
Gotham Asset Management LLC lowered its holdings in shares of Textron Inc. (NYSE:TXT) by 59.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 229,385 shares of the aerospace company’s stock after selling 332,586 shares during the period. Gotham Asset Management LLC owned about 0.09% of Textron worth $10,804,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. MRJ Capital Inc. bought a new position in shares of Textron during the second quarter valued at $3,589,000. Airain ltd bought a new position in shares of Textron during the second quarter valued at $2,608,000. Bank of Nova Scotia raised its stake in shares of Textron by 939.6% during the first quarter. Bank of Nova Scotia now owns 61,719 shares of the aerospace company’s stock valued at $2,937,000 after acquiring an additional 55,782 shares during the last quarter. Highbridge Capital Management LLC raised its stake in shares of Textron by 153.1% during the first quarter. Highbridge Capital Management LLC now owns 5,308 shares of the aerospace company’s stock valued at $253,000 after acquiring an additional 15,308 shares during the last quarter. Finally, NBT Bank N A NY raised its stake in shares of Textron by 0.8% during the second quarter. NBT Bank N A NY now owns 19,598 shares of the aerospace company’s stock valued at $923,000 after acquiring an additional 158 shares during the last quarter. 81.49% of the stock is owned by hedge funds and other institutional investors.
Textron Inc. (NYSE:TXT) traded down 0.29% during midday trading on Friday, hitting $55.49. 855,884 shares of the stock traded hands. The stock’s 50-day moving average price is $51.24 and its 200 day moving average price is $48.50. Textron Inc. has a 52 week low of $37.19 and a 52 week high of $55.79. The company has a market capitalization of $14.69 billion, a price-to-earnings ratio of 16.96 and a beta of 1.59.
Textron (NYSE:TXT) last posted its quarterly earnings results on Wednesday, July 19th. The aerospace company reported $0.60 EPS for the quarter, beating 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 company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same period in the prior year, the business posted $0.66 EPS. The firm’s revenue was up 2.6% compared to the same quarter last year. On average, equities research analysts predict that Textron Inc. will post $2.53 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Sunday, October 1st. Investors of record on Friday, September 15th were issued a dividend of $0.02 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $0.08 dividend on an annualized basis and a yield of 0.14%. Textron’s dividend payout ratio is currently 2.45%.
Several equities analysts have recently issued reports on TXT shares. BidaskClub downgraded shares of Textron from a “sell” rating to a “strong sell” rating in a research note on Tuesday, June 27th. Zacks Investment Research raised shares of Textron from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research note on Tuesday, July 18th. Credit Suisse Group reaffirmed an “outperform” rating and set a $55.00 price target (up previously from $50.00) on shares of Textron in a research note on Thursday, July 20th. Bank of America Corporation downgraded shares of Textron from a “buy” rating to an “underperform” rating and dropped their price target for the company from $53.00 to $45.00 in a research note on Friday, July 21st. Finally, Wells Fargo & Company reaffirmed an “outperform” rating and set a $54.00 price target (up previously from $52.00) on shares of Textron in a research note on Saturday, July 22nd. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $53.75.
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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. The Textron Aviation segment is engaged in general aviation.
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