Textron Inc. (NYSE:TXT) Shares Sold by Studio Investment Management LLC

Studio Investment Management LLC trimmed its position in Textron Inc. (NYSE:TXT) by 4.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,395 shares of the aerospace company’s stock after selling 677 shares during the quarter. Studio Investment Management LLC’s holdings in Textron were worth $1,187,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Raymond James Trust N.A. increased its position in shares of Textron by 105.1% during the 3rd quarter. Raymond James Trust N.A. now owns 7,376 shares of the aerospace company’s stock worth $653,000 after purchasing an additional 3,779 shares during the last quarter. Blackhawk Capital Partners LLC. acquired a new stake in shares of Textron during the third quarter valued at about $204,000. Massachusetts Financial Services Co. MA raised its stake in shares of Textron by 5.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 79,973 shares of the aerospace company’s stock valued at $7,084,000 after acquiring an additional 4,023 shares during the period. Intech Investment Management LLC lifted its holdings in shares of Textron by 116.5% in the 3rd quarter. Intech Investment Management LLC now owns 16,718 shares of the aerospace company’s stock worth $1,481,000 after acquiring an additional 8,997 shares during the last quarter. Finally, Avior Wealth Management LLC boosted its position in shares of Textron by 4,705.6% during the 3rd quarter. Avior Wealth Management LLC now owns 3,460 shares of the aerospace company’s stock worth $306,000 after purchasing an additional 3,388 shares during the period. Hedge funds and other institutional investors own 86.03% of the company’s stock.

Textron Stock Up 2.6 %

TXT stock opened at $83.96 on Friday. The company’s 50 day moving average price is $86.07 and its 200 day moving average price is $87.22. The firm has a market capitalization of $15.58 billion, a price-to-earnings ratio of 18.45, a PEG ratio of 1.46 and a beta of 1.24. Textron Inc. has a fifty-two week low of $74.13 and a fifty-two week high of $97.33. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.82 and a current ratio of 1.83.

Textron (NYSE:TXT) last announced its quarterly earnings data on Thursday, October 24th. The aerospace company reported $1.40 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.09). The firm had revenue of $3.43 billion during the quarter, compared to analysts’ expectations of $3.50 billion. Textron had a net margin of 6.30% and a return on equity of 16.02%. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.49 earnings per share. On average, equities research analysts anticipate that Textron Inc. will post 5.53 EPS for the current fiscal year.

Textron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.08 annualized dividend and a dividend yield of 0.10%. Textron’s dividend payout ratio is currently 1.76%.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Robert W. Baird cut their target price on Textron from $109.00 to $100.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. TD Cowen lowered Textron from a “buy” rating to a “hold” rating and decreased their target price for the stock from $103.00 to $95.00 in a research note on Wednesday, September 25th. Morgan Stanley downgraded Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 target price for the company. in a research report on Thursday, August 8th. StockNews.com cut shares of Textron from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 12th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Textron from $100.00 to $95.00 and set a “neutral” rating for the company in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Textron currently has an average rating of “Moderate Buy” and a consensus price target of $101.56.

About Textron

Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. It operates through six segments: Textron Aviation, Bell, Textron Systems, Industrial, Textron eAviation, and Finance. The Textron Aviation segment manufactures, sells, and services business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and offers maintenance, inspection, and repair services, as well as sells commercial parts.