Teachers Retirement System of The State of Kentucky decreased its holdings in Textron Inc. (NYSE:TXT – Get Rating) by 4.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 15,861 shares of the aerospace company’s stock after selling 690 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Textron were worth $1,180,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of TXT. Quent Capital LLC acquired a new stake in Textron in the 4th quarter valued at about $40,000. Lazard Asset Management LLC acquired a new stake in shares of Textron during the 1st quarter worth approximately $40,000. Bank of New Hampshire acquired a new stake in shares of Textron during the 1st quarter worth approximately $43,000. IndexIQ Advisors LLC acquired a new stake in shares of Textron during the 1st quarter worth approximately $55,000. Finally, Prospera Financial Services Inc acquired a new stake in shares of Textron during the 1st quarter worth approximately $60,000. Institutional investors and hedge funds own 87.80% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have recently issued reports on the stock. Cowen set a $86.00 price target on shares of Textron in a report on Tuesday, July 19th. StockNews.com raised shares of Textron from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, September 13th. Cfra increased their price objective on shares of Textron to $73.00 in a research report on Tuesday, August 9th. Susquehanna Bancshares lowered their price objective on shares of Textron from $90.00 to $84.00 and set a “positive” rating for the company in a research report on Friday, July 29th. Finally, Bank of America decreased their price target on shares of Textron from $74.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday, July 28th. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $81.33.
Textron Stock Performance
Textron (NYSE:TXT – Get Rating) last announced its quarterly earnings results on Thursday, July 28th. The aerospace company reported $1.00 EPS for the quarter, topping the consensus estimate of $0.88 by $0.12. Textron had a net margin of 6.43% and a return on equity of 12.25%. The firm had revenue of $3.15 billion for the quarter, compared to analyst estimates of $3.22 billion. During the same period last year, the business earned $0.81 EPS. Textron’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, research analysts predict that Textron Inc. will post 3.97 EPS for the current fiscal year.
Textron Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Saturday, October 1st. Stockholders of record on Friday, September 9th will be issued a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.13%. The ex-dividend date is Thursday, September 8th. Textron’s payout ratio is 2.20%.
Textron Inc operates in the aircraft, defense, industrial, and finance businesses. The company's 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.
- Get a free copy of the StockNews.com research report on Textron (TXT)
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