Citizens Financial Group Inc. RI Decreases Stake in Textron Inc. (NYSE:TXT)

Citizens Financial Group Inc. RI lowered its stake in Textron Inc. (NYSE:TXT) by 2.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 66,057 shares of the aerospace company’s stock after selling 1,499 shares during the period. Citizens Financial Group Inc. RI’s holdings in Textron were worth $5,312,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in TXT. Adage Capital Partners GP L.L.C. raised its holdings in shares of Textron by 93.7% in the third quarter. Adage Capital Partners GP L.L.C. now owns 1,474,191 shares of the aerospace company’s stock worth $115,193,000 after buying an additional 713,169 shares during the last quarter. Swiss National Bank purchased a new position in shares of Textron in the third quarter worth $50,696,000. JPMorgan Chase & Co. raised its holdings in shares of Textron by 11.6% in the third quarter. JPMorgan Chase & Co. now owns 5,745,108 shares of the aerospace company’s stock worth $448,923,000 after buying an additional 596,214 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Textron in the fourth quarter worth $394,347,000. Finally, Primecap Management Co. CA raised its holdings in shares of Textron by 9.7% in the third quarter. Primecap Management Co. CA now owns 5,394,200 shares of the aerospace company’s stock worth $421,503,000 after buying an additional 477,720 shares during the last quarter. Hedge funds and other institutional investors own 86.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Bank of America upgraded shares of Textron from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $85.00 to $105.00 in a research note on Friday, March 8th. The Goldman Sachs Group increased their price objective on shares of Textron from $103.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. StockNews.com lowered shares of Textron from a “strong-buy” rating to a “buy” rating in a research note on Friday. Susquehanna cut their price objective on shares of Textron from $110.00 to $105.00 and set a “positive” rating on the stock in a research note on Friday. Finally, UBS Group increased their price objective on shares of Textron from $77.00 to $81.00 and gave the stock a “sell” rating in a research note on Friday, January 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $95.63.

Textron Stock Performance

TXT stock traded up $1.61 during midday trading on Friday, hitting $86.51. 2,678,528 shares of the stock traded hands, compared to its average volume of 1,219,291. The firm has a market cap of $16.64 billion, a P/E ratio of 18.49, a PEG ratio of 1.33 and a beta of 1.30. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.66 and a quick ratio of 1.03. The stock’s fifty day simple moving average is $92.10 and its 200-day simple moving average is $83.86. Textron Inc. has a 1-year low of $61.27 and a 1-year high of $97.33.

Textron (NYSE:TXT) last released its quarterly earnings results on Thursday, April 25th. The aerospace company reported $1.20 EPS for the quarter, missing the consensus estimate of $1.28 by ($0.08). The firm had revenue of $3.14 billion for the quarter, compared to analyst estimates of $3.29 billion. Textron had a net margin of 6.75% and a return on equity of 16.30%. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.05 EPS. On average, analysts expect that Textron Inc. will post 6.3 earnings per share for the current year.

Textron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a dividend of $0.02 per share. The ex-dividend date is Friday, June 14th. This represents a $0.08 annualized dividend and a yield of 0.09%. Textron’s dividend payout ratio is presently 1.71%.

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.