Tower Research Capital LLC TRC Purchases Shares of 8,043 Textron Inc. (TXT)
Tower Research Capital LLC TRC purchased a new stake in Textron Inc. (NYSE:TXT) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 8,043 shares of the aerospace company’s stock, valued at approximately $530,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TXT. Levin Capital Strategies L.P. increased its position in Textron by 446.3% during the 1st quarter. Levin Capital Strategies L.P. now owns 1,034,266 shares of the aerospace company’s stock worth $60,991,000 after purchasing an additional 844,945 shares during the period. Janus Henderson Group PLC increased its position in Textron by 439.9% during the 2nd quarter. Janus Henderson Group PLC now owns 560,129 shares of the aerospace company’s stock worth $36,919,000 after purchasing an additional 456,384 shares during the period. Acadian Asset Management LLC acquired a new position in Textron during the 2nd quarter worth approximately $25,458,000. BlackRock Inc. increased its position in Textron by 2.0% during the 1st quarter. BlackRock Inc. now owns 19,225,987 shares of the aerospace company’s stock worth $1,133,757,000 after purchasing an additional 374,087 shares during the period. Finally, Carillon Tower Advisers Inc. acquired a new position in Textron during the 1st quarter worth approximately $205,501,000. Institutional investors own 83.26% of the company’s stock.
Several equities analysts have issued reports on the company. Zacks Investment Research upgraded Textron from a “hold” rating to a “buy” rating and set a $74.00 target price on the stock in a research report on Monday, August 13th. Cowen reiterated a “$66.44” rating and set a $73.00 target price on shares of Textron in a research report on Wednesday, July 18th. Bank of America set a $78.00 target price on Textron and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Citigroup boosted their target price on Textron to $76.00 and gave the stock a “buy” rating in a research report on Thursday, July 19th. Finally, Morgan Stanley boosted their target price on Textron from $64.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 12th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $72.00.
Textron (NYSE:TXT) last released its quarterly earnings results on Wednesday, July 18th. The aerospace company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.17. The business had revenue of $3.73 billion for the quarter, compared to analysts’ expectations of $3.51 billion. Textron had a return on equity of 13.93% and a net margin of 3.21%. The company’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.60 EPS. equities research analysts forecast that Textron Inc. will post 3.33 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 14th will be issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.11%. The ex-dividend date is Thursday, September 13th. Textron’s dividend payout ratio is currently 3.27%.
In related news, Chairman Scott C. Donnelly sold 82,647 shares of the company’s stock in a transaction that occurred on Friday, July 27th. The stock was sold at an average price of $67.17, for a total value of $5,551,398.99. Following the sale, the chairman now owns 639,916 shares in the company, valued at approximately $42,983,157.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP E Robert Lupone sold 45,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 31st. The stock was sold at an average price of $67.50, for a total value of $3,037,500.00. Following the completion of the sale, the executive vice president now owns 121,838 shares in the company, valued at approximately $8,224,065. The disclosure for this sale can be found here. In the last 90 days, insiders sold 134,209 shares of company stock worth $9,035,968. Insiders own 1.20% of the company’s stock.
Textron Company Profile
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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