Grimes & Company Inc. Sells 6,230 Shares of Textron Inc. (NYSE:TXT)

Grimes & Company Inc. reduced its stake in shares of Textron Inc. (NYSE:TXT) by 8.8% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 64,464 shares of the aerospace company’s stock after selling 6,230 shares during the period. Grimes & Company Inc.’s holdings in Textron were worth $6,184,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Lindbrook Capital LLC boosted its stake in shares of Textron by 18.6% in the 4th quarter. Lindbrook Capital LLC now owns 777 shares of the aerospace company’s stock worth $62,000 after buying an additional 122 shares during the last quarter. Allworth Financial LP boosted its stake in shares of Textron by 12.0% in the 4th quarter. Allworth Financial LP now owns 1,283 shares of the aerospace company’s stock worth $103,000 after buying an additional 137 shares during the last quarter. Quent Capital LLC boosted its stake in shares of Textron by 29.2% in the 4th quarter. Quent Capital LLC now owns 633 shares of the aerospace company’s stock worth $51,000 after buying an additional 143 shares during the last quarter. Czech National Bank lifted its stake in Textron by 0.5% in the first quarter. Czech National Bank now owns 34,487 shares of the aerospace company’s stock valued at $3,308,000 after purchasing an additional 157 shares during the last quarter. Finally, Altman Advisors Inc. lifted its stake in Textron by 0.8% in the fourth quarter. Altman Advisors Inc. now owns 21,357 shares of the aerospace company’s stock valued at $1,718,000 after purchasing an additional 159 shares during the last quarter. 86.03% of the stock is owned by institutional investors.

Insider Activity at Textron

In related news, Director Kathleen M. Bader sold 11,870 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $87.91, for a total value of $1,043,491.70. Following the transaction, the director now owns 3,756 shares of the company’s stock, valued at $330,189.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on TXT shares. Citigroup upped their price objective on Textron from $104.00 to $111.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. Bank of America upgraded Textron from a “neutral” rating to a “buy” rating and upped their price objective for the company from $85.00 to $105.00 in a research note on Friday, March 8th. Susquehanna dropped their target price on Textron from $110.00 to $105.00 and set a “positive” rating on the stock in a research report on Friday, April 26th. The Goldman Sachs Group increased their target price on Textron from $103.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Finally, StockNews.com downgraded Textron from a “strong-buy” rating to a “buy” rating in a research report on Friday, April 26th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $99.29.

Textron Price Performance

Shares of Textron stock traded down $0.48 during trading on Friday, hitting $85.86. The stock had a trading volume of 1,845,273 shares, compared to its average volume of 959,773. The firm has a market cap of $16.37 billion, a price-to-earnings ratio of 18.35, a P/E/G ratio of 1.37 and a beta of 1.28. Textron Inc. has a 12 month low of $66.43 and a 12 month high of $97.33. The business’s 50-day moving average is $87.28 and its 200 day moving average is $86.96. The company has a current ratio of 1.81, a quick ratio of 0.84 and a debt-to-equity ratio of 0.46.

Textron (NYSE:TXT) last released its quarterly earnings results on Thursday, April 25th. The aerospace company reported $1.20 earnings per share for the quarter, missing the consensus estimate of $1.28 by ($0.08). The firm had revenue of $3.14 billion during the quarter, compared to the consensus estimate of $3.29 billion. Textron had a return on equity of 16.30% and a net margin of 6.75%. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.05 EPS. As a group, sell-side analysts anticipate that Textron Inc. will post 6.27 earnings per share for the current year.

Textron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.02 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.08 dividend on an annualized basis 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.