Riverhead Capital Management LLC Has $8.98 Million Holdings in Textron Inc. (NYSE:TXT)
Riverhead Capital Management LLC boosted its stake in Textron Inc. (NYSE:TXT) by 104.2% in the first quarter, HoldingsChannel.com reports. The fund owned 177,190 shares of the aerospace company’s stock after buying an additional 90,400 shares during the quarter. Riverhead Capital Management LLC’s holdings in Textron were worth $8,976,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Osborn Williams & Donohoe LLC purchased a new position in Textron in the 1st quarter worth approximately $25,000. Oregon Public Employees Retirement Fund boosted its holdings in Textron by 4,444.2% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,274,199 shares of the aerospace company’s stock worth $28,000 after acquiring an additional 1,246,159 shares during the period. Lake Point Wealth Management purchased a new position in Textron in the 4th quarter worth approximately $28,000. North Star Investment Management Corp. purchased a new position in Textron in the 1st quarter worth approximately $36,000. Finally, Rational Advisors LLC boosted its holdings in Textron by 120.1% in the 1st quarter. Rational Advisors LLC now owns 929 shares of the aerospace company’s stock worth $47,000 after acquiring an additional 507 shares during the period. Hedge funds and other institutional investors own 83.98% of the company’s stock.
TXT has been the subject of a number of analyst reports. Zacks Investment Research upgraded Textron from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a report on Wednesday, February 13th. Cowen restated a “buy” rating and issued a $62.00 price target on shares of Textron in a report on Wednesday, February 27th. ValuEngine cut Textron from a “hold” rating to a “sell” rating in a report on Thursday, March 7th. Finally, Credit Suisse Group initiated coverage on Textron in a report on Monday, April 1st. They issued a “neutral” rating and a $50.00 price target for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $64.60.
Textron (NYSE:TXT) last released its earnings results on Wednesday, April 17th. The aerospace company reported $0.76 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.06. The company had revenue of $31.09 million during the quarter, compared to analysts’ expectations of $3.17 billion. Textron had a return on equity of 15.66% and a net margin of 8.79%. The business’s revenue was down 99.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.72 EPS. As a group, equities analysts predict that Textron Inc. will post 3.7 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, June 13th. Textron’s dividend payout ratio (DPR) is currently 2.40%.
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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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