Citigroup Issues Pessimistic Forecast for Textron (NYSE:TXT) Stock Price

Textron (NYSE:TXT) had its target price cut by Citigroup from $111.00 to $107.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a buy rating on the aerospace company’s stock.

Several other analysts also recently weighed in on TXT. Bank of America downgraded Textron from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $110.00 to $85.00 in a report on Friday, January 24th. JPMorgan Chase & Co. lowered their price target on shares of Textron from $90.00 to $88.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Vertical Research raised shares of Textron from a “hold” rating to a “buy” rating and set a $91.00 price objective on the stock in a report on Monday, January 6th. Morgan Stanley lowered their target price on Textron from $86.00 to $82.00 and set an “equal weight” rating for the company in a report on Thursday, January 23rd. Finally, Robert W. Baird cut their price target on Textron from $100.00 to $92.00 and set an “outperform” rating on the stock in a report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Textron has an average rating of “Moderate Buy” and an average target price of $93.09.

Textron Trading Down 3.6 %

Shares of TXT opened at $64.39 on Thursday. The company has a current ratio of 1.76, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. Textron has a twelve month low of $57.70 and a twelve month high of $95.86. The company has a market cap of $11.69 billion, a P/E ratio of 14.94, a P/E/G ratio of 1.18 and a beta of 1.06. The company’s fifty day simple moving average is $71.89 and its 200-day simple moving average is $78.61.

Textron (NYSE:TXT) last posted its quarterly earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.07. The firm had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.78 billion. Textron had a net margin of 6.01% and a return on equity of 14.92%. The company’s revenue was down 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.60 earnings per share. As a group, analysts expect that Textron will post 6.12 EPS for the current year.

Textron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.12%. The ex-dividend date of this dividend was Friday, March 14th. Textron’s payout ratio is 1.86%.

Insider Activity at Textron

In other news, VP Mark S. Bamford sold 5,451 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $72.68, for a total value of $396,178.68. Following the sale, the vice president now directly owns 18,223 shares of the company’s stock, valued at $1,324,447.64. This represents a 23.03 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TXT. Balyasny Asset Management L.P. grew its holdings in Textron by 6,785.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,236,441 shares of the aerospace company’s stock worth $94,575,000 after acquiring an additional 1,218,485 shares during the period. Invesco Ltd. grew its stake in shares of Textron by 17.8% during the 4th quarter. Invesco Ltd. now owns 7,733,335 shares of the aerospace company’s stock worth $591,523,000 after purchasing an additional 1,167,105 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Textron during the 4th quarter valued at approximately $41,451,000. D. E. Shaw & Co. Inc. lifted its stake in shares of Textron by 97.9% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,031,144 shares of the aerospace company’s stock valued at $78,872,000 after purchasing an additional 510,085 shares during the period. Finally, Boston Partners boosted its holdings in Textron by 4.7% during the fourth quarter. Boston Partners now owns 7,483,692 shares of the aerospace company’s stock worth $572,465,000 after buying an additional 333,127 shares in the last quarter. 86.03% of the stock is currently owned by institutional investors and hedge funds.

Textron Company Profile

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.