Stoneridge Investment Partners LLC Has $2.99 Million Position in Textron Inc. (NYSE:TXT)
Stoneridge Investment Partners LLC cut its stake in shares of Textron Inc. (NYSE:TXT) by 0.3% during the second quarter, according to its most recent filing with the SEC. The fund owned 63,384 shares of the aerospace company’s stock after selling 180 shares during the period. Stoneridge Investment Partners LLC’s holdings in Textron were worth $2,985,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in TXT. Bank of Nova Scotia boosted its stake in shares of Textron by 939.6% in the first quarter. Bank of Nova Scotia now owns 61,719 shares of the aerospace company’s stock valued at $2,937,000 after buying an additional 55,782 shares during the last quarter. Highbridge Capital Management LLC boosted its stake in shares of Textron by 153.1% in the first quarter. Highbridge Capital Management LLC now owns 5,308 shares of the aerospace company’s stock valued at $253,000 after buying an additional 15,308 shares during the last quarter. Mason Street Advisors LLC boosted its stake in shares of Textron by 1.0% in the first quarter. Mason Street Advisors LLC now owns 37,324 shares of the aerospace company’s stock valued at $1,776,000 after buying an additional 361 shares during the last quarter. Pictet Asset Management Ltd. boosted its stake in shares of Textron by 1.3% in the first quarter. Pictet Asset Management Ltd. now owns 137,288 shares of the aerospace company’s stock valued at $6,534,000 after buying an additional 1,700 shares during the last quarter. Finally, Bank of Montreal Can boosted its stake in shares of Textron by 0.5% in the first quarter. Bank of Montreal Can now owns 132,775 shares of the aerospace company’s stock valued at $6,317,000 after buying an additional 644 shares during the last quarter. Institutional investors and hedge funds own 83.55% of the company’s stock.
Textron Inc. (NYSE TXT) opened at 49.13 on Thursday. The firm has a market capitalization of $13.01 billion, a price-to-earnings ratio of 15.02 and a beta of 1.56. The stock’s 50 day moving average price is $48.28 and its 200-day moving average price 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 quarterly earnings results on Wednesday, July 19th. The aerospace company reported $0.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.05. Textron had a return on equity of 11.97% and a net margin of 6.45%. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same period in the previous year, the company posted $0.66 earnings per share. The firm’s revenue was up 2.6% on a year-over-year basis. Equities analysts anticipate that Textron Inc. will post $2.52 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 15th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.08 annualized dividend and a dividend yield of 0.16%. Textron’s dividend payout ratio is presently 2.45%.
TXT has been the topic of several analyst reports. Credit Suisse Group reiterated a “buy” rating and issued a $50.00 target price on shares of Textron in a report on Wednesday, May 24th. Jefferies Group LLC reissued 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 lowered 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. BidaskClub lowered Textron from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Finally, Stephens initiated coverage on Textron in a research note on Thursday, April 13th. They issued an “equal weight” rating and a $54.00 price target on the stock. Three analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price 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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