Textron (NYSE:TXT) Sets New 52-Week High at $58.89


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Textron Inc. (NYSE:TXT)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $58.89 and last traded at $57.88, with a volume of 3323 shares trading hands. The stock had previously closed at $57.07.

Several equities analysts recently commented on TXT shares. The Goldman Sachs Group raised shares of Textron from a “neutral” rating to a “buy” rating and increased their price objective for the company from $45.00 to $71.00 in a research note on Thursday. Barclays upgraded shares of Textron from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $52.00 to $68.00 in a research report on Wednesday, March 31st. Robert W. Baird cut shares of Textron from an “outperform” rating to a “neutral” rating and set a $45.00 price target for the company. in a research report on Thursday, January 7th. Morgan Stanley upped their price target on shares of Textron from $45.00 to $49.00 and gave the company an “equal weight” rating in a research report on Monday, February 8th. Finally, Credit Suisse Group increased their price objective on shares of Textron from $40.00 to $41.00 and gave the stock a “neutral” rating in a research report on Thursday, January 28th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $47.83.

The company has a debt-to-equity ratio of 0.67, a current ratio of 2.33 and a quick ratio of 1.27. The firm has a market capitalization of $13.09 billion, a price-to-earnings ratio of 49.17, a PEG ratio of 6.44 and a beta of 1.77. The business’s fifty day simple moving average is $53.33 and its 200 day simple moving average is $46.08.

Textron (NYSE:TXT) last posted its quarterly earnings results on Wednesday, January 27th. The aerospace company reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.15. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.50 billion. Textron had a net margin of 2.26% and a return on equity of 8.69%. The business’s quarterly revenue was down 8.9% on a year-over-year basis. During the same period last year, the company posted $1.11 earnings per share. Equities research analysts expect that Textron Inc. will post 1.88 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 1st. Shareholders of record on Friday, March 12th were paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date was Thursday, March 11th. Textron’s dividend payout ratio (DPR) is 2.14%.

In other Textron news, VP Mark S. Bamford sold 3,300 shares of the firm’s stock in a transaction on Wednesday, March 3rd. The shares were sold at an average price of $51.75, for a total value of $170,775.00. 1.40% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the business. Pzena Investment Management LLC lifted its stake in shares of Textron by 15.5% in the fourth quarter. Pzena Investment Management LLC now owns 7,811,119 shares of the aerospace company’s stock valued at $377,511,000 after buying an additional 1,049,146 shares in the last quarter. U S Global Investors Inc. lifted its position in shares of Textron by 36.2% during the fourth quarter. U S Global Investors Inc. now owns 1,887,125 shares of the aerospace company’s stock valued at $91,205,000 after purchasing an additional 501,537 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Textron by 1.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,620,261 shares of the aerospace company’s stock valued at $78,308,000 after purchasing an additional 23,483 shares in the last quarter. Rothschild & Co. Asset Management US Inc. lifted its position in shares of Textron by 103.2% during the fourth quarter. Rothschild & Co. Asset Management US Inc. now owns 1,141,388 shares of the aerospace company’s stock valued at $55,163,000 after purchasing an additional 579,819 shares in the last quarter. Finally, Trinity Street Asset Management LLP lifted its position in shares of Textron by 16.6% during the fourth quarter. Trinity Street Asset Management LLP now owns 860,013 shares of the aerospace company’s stock valued at $41,564,000 after purchasing an additional 122,195 shares in the last quarter. 85.57% of the stock is currently owned by hedge funds and other institutional investors.

About Textron (NYSE:TXT)

Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. The company's Textron Aviation segment manufactures, sells, and services business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and commercial parts, as well as offers maintenance, inspection, and repair services.

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