Textron (NYSE:TXT) Price Target Raised to $97.00

Textron (NYSE:TXT) had its target price hoisted by Citigroup from $86.00 to $97.00 in a research note issued to investors on Monday,Benzinga reports. Citigroup currently has a neutral rating on the aerospace company’s stock.

Other equities analysts have also issued research reports about the company. Weiss Ratings lowered Textron from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, October 27th. Wall Street Zen cut Textron from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. TD Cowen lowered their price target on Textron from $105.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, October 9th. Morgan Stanley raised their price objective on Textron from $86.00 to $95.00 and gave the company an “equal weight” rating in a report on Monday. Finally, UBS Group boosted their price objective on Textron from $86.00 to $94.00 and gave the company a “neutral” rating in a research report on Friday, October 30th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $101.09.

Textron Stock Down 1.2%

Shares of TXT stock opened at $86.66 on Monday. Textron has a twelve month low of $71.87 and a twelve month high of $101.57. The stock has a market cap of $14.68 billion, a P/E ratio of 15.61, a P/E/G ratio of 1.25 and a beta of 0.88. The stock has a 50 day moving average of $78.89 and a 200 day moving average of $88.23. 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 (NYSE:TXT) last announced its quarterly earnings results on Thursday, October 29th. The aerospace company reported $1.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.33. The firm had revenue of $3.75 billion for 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 quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.55 earnings per share. As a group, sell-side analysts expect that Textron will post 6.63 EPS for the current year.

Textron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 1st. Shareholders of record on Friday, December 11th will be paid a $0.02 dividend. 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 dividend payout ratio (DPR) is 1.44%.

Hedge Funds Weigh In On Textron

Several institutional investors and hedge funds have recently bought and sold shares of TXT. Corient Private Wealth LP acquired a new stake in shares of Textron during the 2nd quarter worth approximately $10,329,000. Soltis Investment Advisors LLC lifted its holdings in Textron by 337.4% in the third quarter. Soltis Investment Advisors LLC now owns 15,580 shares of the aerospace company’s stock valued at $1,187,000 after acquiring an additional 12,018 shares during the last quarter. State Street Corp lifted its holdings in Textron by 0.9% in the second quarter. State Street Corp now owns 9,830,439 shares of the aerospace company’s stock valued at $901,942,000 after acquiring an additional 86,141 shares during the last quarter. Bank of America Corp DE purchased a new position in Textron in the second quarter worth approximately $63,076,000. Finally, Jupiter Topco LLC purchased a new position in Textron in the second quarter worth approximately $1,194,000. 86.03% of the stock is currently owned by institutional investors and hedge funds.

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.