Textron (NYSE:TXT) Hits New 12-Month Low – Here’s Why

Textron Inc. (NYSE:TXT) hit a new 52-week low on Monday . The stock traded as low as $73.92 and last traded at $74.65, with a volume of 62121 shares changing hands. The stock had previously closed at $74.52.

Analysts Set New Price Targets

A number of research firms recently weighed in on TXT. Bank of America lowered shares of Textron from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $110.00 to $85.00 in a research note on Friday, January 24th. Citigroup lowered their price objective on Textron from $118.00 to $111.00 and set a “buy” rating on the stock in a research report on Tuesday, January 21st. JPMorgan Chase & Co. decreased their target price on Textron from $90.00 to $88.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. TD Cowen upgraded shares of Textron to a “hold” rating in a research report on Thursday, December 19th. Finally, Susquehanna decreased their price target on shares of Textron from $100.00 to $90.00 and set a “positive” rating on the stock in a report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Textron currently has a consensus rating of “Moderate Buy” and a consensus price target of $93.45.

Textron Price Performance

The company has a market capitalization of $13.73 billion, a P/E ratio of 17.18, a P/E/G ratio of 1.23 and a beta of 1.27. The firm has a fifty day moving average of $77.78 and a 200 day moving average of $83.58. The company has a current ratio of 1.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.40.

Textron (NYSE:TXT) last released its quarterly earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.07. The company had revenue of $3.61 billion for 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%. Textron’s revenue was down 7.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.60 earnings per share. On average, equities research analysts anticipate that Textron Inc. will post 6.1 EPS for the current year.

Institutional Trading of Textron

Several hedge funds and other institutional investors have recently bought and sold shares of TXT. Merit Financial Group LLC raised its holdings in shares of Textron by 5.9% during the fourth quarter. Merit Financial Group LLC now owns 4,784 shares of the aerospace company’s stock worth $366,000 after purchasing an additional 265 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Textron by 10.3% during the 3rd quarter. Franklin Resources Inc. now owns 164,029 shares of the aerospace company’s stock valued at $14,505,000 after buying an additional 15,294 shares during the last quarter. International Assets Investment Management LLC acquired a new position in shares of Textron in the 4th quarter valued at about $11,523,000. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Textron in the third quarter worth about $828,000. Finally, Easterly Investment Partners LLC grew its holdings in Textron by 87.7% during the third quarter. Easterly Investment Partners LLC now owns 41,305 shares of the aerospace company’s stock worth $3,659,000 after acquiring an additional 19,304 shares during the period. Institutional investors own 86.03% of the company’s stock.

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.