Textron Inc. (TXT) Downgraded by Zacks Investment Research
Textron Inc. (NYSE:TXT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday.
According to Zacks, “Textron posted mixed results in the third quarter of 2017. While the company’s earnings surpassed the Zacks Consensus Estimate, its sales numbers failed to meet the consensus mark. However, year-over-year results remained impressive on both top and bottom-line fronts. Nevertheless, Textron’s Aviation segment has been exhibiting weak performance due to lack of orders for a few of its products. Also, the company needs to increase investments to stay afloat in a highly competitive market. Moreover, it underperformed its broader industry over a year. Further, the company operates in a highly competitive market, wherein some of its peers may have more extensive or specialized business segments. Textron is known globally for its most recognizable and valuable brand names, such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, E-Z-GO and Greenlee.”
A number of other equities analysts also recently weighed in on TXT. Cowen and Company reissued a “buy” rating and set a $60.00 price target on shares of Textron in a research report on Tuesday. Jefferies Group LLC reissued a “buy” rating and set a $60.00 price target on shares of Textron in a research report on Tuesday, September 26th. ValuEngine cut Textron from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. BidaskClub cut Textron from a “sell” rating to a “strong sell” rating in a report on Saturday, August 5th. Finally, Stephens restated an “equal weight” rating and set a $63.00 price objective (up previously from $54.00) on shares of Textron in a report on Friday, October 13th. Four analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $56.92.
Shares of Textron (TXT) traded up $0.43 during midday trading on Friday, reaching $52.90. The company’s stock had a trading volume of 1,631,200 shares, compared to its average volume of 1,562,785. The firm has a market capitalization of $13,821.67, a P/E ratio of 20.90, a PEG ratio of 2.41 and a beta of 1.58. The company has a current ratio of 2.08, a quick ratio of 0.96 and a debt-to-equity ratio of 0.67. Textron has a 1 year low of $43.66 and a 1 year high of $55.80.
Textron (NYSE:TXT) last announced its quarterly earnings results on Thursday, October 19th. The aerospace company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.03. The firm had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.55 billion. Textron had a return on equity of 12.02% and a net margin of 4.48%. The business’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.61 earnings per share. equities analysts forecast that Textron will post 2.47 EPS for the current fiscal year.
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Hedge funds have recently modified their holdings of the stock. MRJ Capital Inc. bought a new stake in shares of Textron in the second quarter valued at approximately $3,589,000. Airain ltd bought a new stake in shares of Textron in the second quarter valued at approximately $2,608,000. NBT Bank N A NY boosted its stake in shares of Textron by 0.8% in the second quarter. NBT Bank N A NY now owns 19,598 shares of the aerospace company’s stock valued at $923,000 after buying an additional 158 shares during the period. Boston Advisors LLC boosted its stake in shares of Textron by 0.7% in the second quarter. Boston Advisors LLC now owns 243,512 shares of the aerospace company’s stock valued at $11,469,000 after buying an additional 1,680 shares during the period. Finally, Eaton Vance Management boosted its stake in shares of Textron by 26.1% in the second quarter. Eaton Vance Management now owns 280,815 shares of the aerospace company’s stock valued at $13,226,000 after buying an additional 58,080 shares during the period. Institutional investors and hedge funds own 81.49% of the company’s stock.
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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