Textron (NYSE:TXT) Price Target Raised to $94.00

Textron (NYSE:TXT) had its target price hoisted by UBS Group from $86.00 to $94.00 in a research report report published on Friday morning,Benzinga reports. They currently have a neutral rating on the aerospace company’s stock.

A number of other brokerages also recently issued reports on TXT. Citigroup decreased their price objective on Textron from $99.00 to $86.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 7th. Weiss Ratings cut Textron from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, October 27th. TD Cowen dropped their target price on Textron from $105.00 to $100.00 and set a “buy” rating for the company in a report on Friday, October 9th. Wall Street Zen downgraded Textron from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Morgan Stanley cut their target price on Textron from $98.00 to $86.00 and set an “equal weight” rating on the stock in a research report on Friday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $99.00.

Textron Stock Down 0.0%

Shares of NYSE TXT opened at $85.68 on Friday. The company has a current ratio of 1.80, a quick ratio of 0.82 and a debt-to-equity ratio of 0.42. Textron has a 12-month low of $71.87 and a 12-month high of $101.57. The firm’s 50-day moving average price is $78.57 and its 200-day moving average price is $88.32. The stock has a market capitalization of $14.51 billion, a price-to-earnings ratio of 15.44, a P/E/G ratio of 1.23 and a beta of 0.88.

Textron (NYSE:TXT) last announced its quarterly earnings results on Thursday, October 29th. The aerospace company reported $1.76 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.33. The firm had revenue of $3.75 billion during the quarter, compared to the consensus estimate of $3.77 billion. Textron had a net margin of 6.30% and a return on equity of 14.34%. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.55 EPS. On average, equities research analysts anticipate that Textron will post 6.60 EPS for the current fiscal year.

Textron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 1st. Investors of record on Friday, December 11th will be paid a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, December 11th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.1%. Textron’s payout ratio is currently 1.44%.

Hedge Funds Weigh In On Textron

Hedge funds have recently added to or reduced their stakes in the company. Verity Asset Management Inc. grew its stake in shares of Textron by 2.4% during the third quarter. Verity Asset Management Inc. now owns 21,681 shares of the aerospace company’s stock valued at $1,652,000 after buying an additional 504 shares during the last quarter. Rakuten Investment Management Inc. raised its holdings in shares of Textron by 8.9% in the third quarter. Rakuten Investment Management Inc. now owns 30,993 shares of the aerospace company’s stock worth $2,406,000 after buying an additional 2,540 shares during the period. Putney Financial Group LLC bought a new stake in shares of Textron during the 3rd quarter worth approximately $61,000. Garner Asset Management Corp lifted its stake in shares of Textron by 16.1% during the 3rd quarter. Garner Asset Management Corp now owns 4,819 shares of the aerospace company’s stock worth $376,000 after acquiring an additional 668 shares during the last quarter. Finally, GRIMES & Co WEALTH MANAGEMENT LLC boosted its holdings in Textron by 0.9% during the 3rd quarter. GRIMES & Co WEALTH MANAGEMENT LLC now owns 93,751 shares of the aerospace company’s stock valued at $7,144,000 after acquiring an additional 845 shares during the period. 86.03% of the stock is currently owned by institutional investors.

Textron Company Profile

Textron Inc (NYSE:TXT) is a diversified industrial company that develops and manufactures aircraft, helicopters, specialized vehicles, defense systems and other industrial products. Founded in 1923 by Royal Little, the company has grown through the development and acquisition of businesses serving commercial, government and consumer markets.

Textron Aviation produces business jets, turboprop aircraft and general aviation aircraft under the Cessna and Beechcraft brands. Bell designs and manufactures military and commercial helicopters, tiltrotor aircraft and related support services.