Textron (NYSE:TXT) Shares Gap Down After Analyst Downgrade

Shares of Textron Inc. (NYSE:TXT) gapped down prior to trading on Wednesday after Citigroup lowered their price target on the stock from $118.00 to $111.00. The stock had previously closed at $81.20, but opened at $77.79. Citigroup currently has a buy rating on the stock. Textron shares last traded at $76.90, with a volume of 225,977 shares trading hands.

Several other analysts also recently weighed in on TXT. Vertical Research raised Textron from a “hold” rating to a “buy” rating and set a $91.00 target price for the company in a report on Monday, January 6th. Susquehanna decreased their price objective on Textron from $100.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Robert W. Baird cut their target price on shares of Textron from $109.00 to $100.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. UBS Group decreased their price target on shares of Textron from $87.00 to $79.00 and set a “sell” rating for the company in a research note on Friday, October 25th. Finally, Barclays dropped their price objective on shares of Textron from $104.00 to $95.00 and set an “overweight” rating on the stock in a research note on Monday, December 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $97.64.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Empirical Finance LLC raised its holdings in shares of Textron by 1.7% in the 3rd quarter. Empirical Finance LLC now owns 7,047 shares of the aerospace company’s stock worth $624,000 after purchasing an additional 115 shares during the period. Davis Investment Partners LLC raised its holdings in Textron by 0.8% in the third quarter. Davis Investment Partners LLC now owns 14,828 shares of the aerospace company’s stock valued at $1,290,000 after buying an additional 118 shares during the period. Apollon Wealth Management LLC lifted its position in Textron by 4.9% during the third quarter. Apollon Wealth Management LLC now owns 2,655 shares of the aerospace company’s stock valued at $235,000 after buying an additional 125 shares in the last quarter. Pflug Koory LLC grew its stake in Textron by 0.9% during the fourth quarter. Pflug Koory LLC now owns 13,778 shares of the aerospace company’s stock worth $1,054,000 after buying an additional 125 shares during the period. Finally, Creative Planning increased its position in shares of Textron by 0.4% in the third quarter. Creative Planning now owns 37,304 shares of the aerospace company’s stock worth $3,304,000 after acquiring an additional 165 shares in the last quarter. Institutional investors and hedge funds own 86.03% of the company’s stock.

Textron Trading Down 5.5 %

The stock has a market capitalization of $14.24 billion, a PE ratio of 16.94, a PEG ratio of 1.21 and a beta of 1.27. The company has a current ratio of 1.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.46. The business’s 50-day moving average is $80.37 and its two-hundred day moving average is $85.06.

Textron (NYSE:TXT) last issued its quarterly earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.07. Textron had a return on equity of 16.02% and a net margin of 6.30%. The firm had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3,778,060 billion. During the same quarter in the prior year, the business posted $1.60 earnings per share. Textron’s revenue for the quarter was down 7.2% on a year-over-year basis. On average, analysts predict that Textron Inc. will post 5.42 earnings per share for the current year.

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.