Great Lakes Advisors LLC Cuts Stock Holdings in Textron Inc. (NYSE:TXT)

Great Lakes Advisors LLC trimmed its position in shares of Textron Inc. (NYSE:TXT) by 2.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,029,944 shares of the aerospace company’s stock after selling 28,449 shares during the quarter. Great Lakes Advisors LLC’s holdings in Textron were worth $88,431,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Innealta Capital LLC purchased a new position in shares of Textron during the 2nd quarter valued at approximately $25,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Textron in the 2nd quarter worth $30,000. Oakworth Capital Inc. purchased a new stake in Textron in the 2nd quarter worth $31,000. Family Firm Inc. purchased a new stake in Textron in the 2nd quarter worth $40,000. Finally, Jones Financial Companies Lllp increased its holdings in Textron by 200.0% in the 4th quarter. Jones Financial Companies Lllp now owns 507 shares of the aerospace company’s stock worth $41,000 after acquiring an additional 338 shares in the last quarter. 86.03% of the stock is owned by hedge funds and other institutional investors.

Textron Trading Down 1.7 %

TXT traded down $1.52 on Friday, hitting $85.71. The company had a trading volume of 900,955 shares, compared to its average volume of 1,080,340. The firm has a market cap of $16.34 billion, a P/E ratio of 18.32, a PEG ratio of 1.41 and a beta of 1.23. Textron Inc. has a 1 year low of $74.13 and a 1 year high of $97.33. The company’s fifty day moving average price is $88.54 and its 200 day moving average price is $89.28. The company has a current ratio of 1.79, a quick ratio of 0.81 and a debt-to-equity ratio of 0.47.

Textron (NYSE:TXT) last issued its quarterly earnings results on Thursday, July 18th. The aerospace company reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.48 by $0.06. The company had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.56 billion. Textron had a net margin of 6.67% and a return on equity of 16.41%. The business’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.46 earnings per share. As a group, equities analysts expect that Textron Inc. will post 6.27 earnings per share for the current year.

Textron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.02 per share. The ex-dividend date is Friday, September 13th. This represents a $0.08 dividend on an annualized basis and a yield of 0.09%. Textron’s dividend payout ratio (DPR) is presently 1.71%.

Analyst Upgrades and Downgrades

TXT has been the subject of several recent analyst reports. UBS Group boosted their price target on shares of Textron from $84.00 to $87.00 and gave the stock a “sell” rating in a report on Friday, July 19th. StockNews.com raised shares of Textron from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Bank of America lifted their target price on shares of Textron from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Morgan Stanley cut shares of Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 target price on the stock. in a research note on Thursday, August 8th. Finally, TD Cowen lifted their target price on shares of Textron from $100.00 to $103.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Textron has an average rating of “Moderate Buy” and a consensus price target of $102.50.

Textron 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.