Wakefield Asset Management LLLP Sells 6,869 Shares of Textron Inc. (NYSE:TXT)

Wakefield Asset Management LLLP reduced its stake in shares of Textron Inc. (NYSE:TXT) by 15.2% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 38,228 shares of the aerospace company’s stock after selling 6,869 shares during the period. Wakefield Asset Management LLLP’s holdings in Textron were worth $2,629,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Thompson Siegel & Walmsley LLC increased its holdings in Textron by 2.8% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 5,970 shares of the aerospace company’s stock worth $411,000 after purchasing an additional 164 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of Textron by 0.8% in the second quarter. Fifth Third Bancorp now owns 20,345 shares of the aerospace company’s stock valued at $1,399,000 after acquiring an additional 165 shares in the last quarter. Financial Advocates Investment Management grew its holdings in shares of Textron by 4.1% in the first quarter. Financial Advocates Investment Management now owns 4,458 shares of the aerospace company’s stock valued at $250,000 after acquiring an additional 175 shares in the last quarter. Mutual of America Capital Management LLC grew its holdings in shares of Textron by 0.7% in the second quarter. Mutual of America Capital Management LLC now owns 29,117 shares of the aerospace company’s stock valued at $2,002,000 after acquiring an additional 206 shares in the last quarter. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of Textron by 16.1% in the first quarter. Rockefeller Capital Management L.P. now owns 1,498 shares of the aerospace company’s stock valued at $83,000 after acquiring an additional 208 shares in the last quarter. 85.86% of the stock is owned by hedge funds and other institutional investors.

In related news, VP Mark S. Bamford sold 1,825 shares of the stock in a transaction on Thursday, August 5th. The stock was sold at an average price of $71.81, for a total value of $131,053.25. Following the transaction, the vice president now owns 18,502 shares of the company’s stock, valued at $1,328,628.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.50% of the stock is owned by corporate insiders.

Several equities analysts have weighed in on TXT shares. Cowen raised Textron from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $75.00 to $95.00 in a report on Tuesday, August 31st. Jefferies Financial Group increased their price objective on Textron from $80.00 to $90.00 and gave the company a “buy” rating in a report on Monday, August 2nd. The Goldman Sachs Group reissued a “buy” rating and set a $82.00 price objective on shares of Textron in a report on Friday, July 16th. Morgan Stanley increased their price objective on Textron from $87.00 to $88.00 and gave the company an “overweight” rating in a report on Friday, July 30th. Finally, Credit Suisse Group increased their price objective on Textron from $76.00 to $77.00 and gave the company an “outperform” rating in a report on Friday, July 30th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $78.38.

Shares of TXT stock traded down $0.05 on Wednesday, reaching $69.79. The company’s stock had a trading volume of 7,960 shares, compared to its average volume of 1,167,002. The company has a quick ratio of 1.51, a current ratio of 2.73 and a debt-to-equity ratio of 0.63. Textron Inc. has a 12-month low of $31.82 and a 12-month high of $74.80. The company has a market capitalization of $15.64 billion, a P/E ratio of 22.68, a PEG ratio of 0.76 and a beta of 1.80. The stock’s 50 day simple moving average is $70.40 and its 200-day simple moving average is $64.94.

Textron (NYSE:TXT) last issued its quarterly earnings data on Thursday, July 29th. The aerospace company reported $0.81 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.20. Textron had a return on equity of 11.99% and a net margin of 5.65%. The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $2.92 billion. Research analysts expect that Textron Inc. will post 3.28 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Investors of record on Friday, September 10th will be paid a $0.02 dividend. The ex-dividend date is Thursday, September 9th. This represents a $0.08 dividend on an annualized basis and a yield of 0.11%. Textron’s dividend payout ratio is presently 3.86%.

About Textron

Textron, Inc is a multi-industry company, which leverages global network of aircraft, defense, industrial, and finance businesses to provide customers innovative solutions and services. The company operates its business through the following segments: Textron Aviation, Bell, Textron Systems, Industrial, and Finance.

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Institutional Ownership by Quarter for Textron (NYSE:TXT)

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