NGAM Advisors L.P. Purchases 12,530 Shares of Textron Inc. (TXT)
NGAM Advisors L.P. boosted its position in Textron Inc. (NYSE:TXT) by 28.5% during the second quarter, Holdings Channel reports. The institutional investor owned 56,449 shares of the aerospace company’s stock after buying an additional 12,530 shares during the period. NGAM Advisors L.P.’s holdings in Textron were worth $2,659,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of TXT. Global X Management Co. LLC increased its position in shares of Textron by 30.2% in the first quarter. Global X Management Co. LLC now owns 2,620 shares of the aerospace company’s stock worth $125,000 after buying an additional 607 shares in the last quarter. Financial Architects Inc purchased a new position in shares of Textron during the first quarter worth about $126,000. Koch Industries Inc. purchased a new position in shares of Textron during the first quarter worth about $203,000. Two Sigma Securities LLC purchased a new position in shares of Textron during the first quarter worth about $210,000. Finally, State of Alaska Department of Revenue purchased a new position in shares of Textron during the first quarter worth about $220,000. Institutional investors own 83.55% of the company’s stock.
Shares of Textron Inc. (NYSE TXT) opened at 48.48 on Friday. The firm has a market cap of $12.83 billion, a PE ratio of 14.82 and a beta of 1.56. The firm’s 50-day moving average is $48.43 and its 200-day moving average is $47.69. Textron Inc. has a 12-month low of $37.19 and a 12-month high of $50.93.
Textron (NYSE:TXT) last released its earnings results on Wednesday, July 19th. The aerospace company reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.05. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.57 billion. Textron had a return on equity of 11.97% and a net margin of 6.45%. The business’s revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.66 EPS. Equities analysts expect that Textron Inc. will post $2.52 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.17%. The ex-dividend date of this dividend is Thursday, September 14th. Textron’s dividend payout ratio (DPR) is currently 2.45%.
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A number of brokerages recently issued reports on TXT. BidaskClub downgraded shares of Textron from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 5th. Jefferies Group LLC reiterated a “buy” rating and issued a $60.00 price target on shares of Textron in a research note on Thursday, May 18th. Bank of America Corporation downgraded shares of Textron from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $53.00 to $45.00 in a research note on Friday, July 21st. Credit Suisse Group reissued a “buy” rating and set a $50.00 price objective on shares of Textron in a report on Wednesday, May 24th. Finally, Wells Fargo & Company reissued an “outperform” rating and set a $54.00 price objective (up previously from $52.00) on shares of Textron in a report on Saturday, July 22nd. Three research analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. Textron presently has an average rating of “Hold” and an average price target of $53.60.
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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