Textron Inc. (NYSE:TXT) was the recipient of a significant drop in short interest in August. As of August 31st, there was short interest totalling 6,347,900 shares, a drop of 9.5% from the July 31st total of 7,012,300 shares. Currently, 2.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,530,000 shares, the short-interest ratio is currently 4.1 days.
Separately, ValuEngine upgraded shares of Textron from a “sell” rating to a “hold” rating in a research report on Tuesday. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Textron has a consensus rating of “Hold” and an average price target of $59.29.
Hedge funds have recently added to or reduced their stakes in the company. Janus Henderson Group PLC raised its stake in shares of Textron by 44.5% during the second quarter. Janus Henderson Group PLC now owns 545,839 shares of the aerospace company’s stock valued at $28,950,000 after acquiring an additional 168,171 shares during the last quarter. Gamco Investors INC. ET AL raised its stake in Textron by 3.7% during the second quarter. Gamco Investors INC. ET AL now owns 2,560,352 shares of the aerospace company’s stock worth $135,801,000 after buying an additional 92,426 shares during the last quarter. Oakbrook Investments LLC bought a new position in Textron during the second quarter worth $615,000. Carroll Financial Associates Inc. bought a new position in Textron during the second quarter worth $196,000. Finally, PNC Financial Services Group Inc. raised its stake in Textron by 19.0% during the first quarter. PNC Financial Services Group Inc. now owns 78,867 shares of the aerospace company’s stock worth $3,995,000 after buying an additional 12,571 shares during the last quarter. 82.62% of the stock is owned by hedge funds and other institutional investors.
Shares of TXT stock traded up $0.51 during trading hours on Friday, hitting $51.40. 1,119,108 shares of the company’s stock traded hands, compared to its average volume of 1,640,769. The stock’s 50 day simple moving average is $46.35 and its 200 day simple moving average is $50.05. The stock has a market cap of $11.85 billion, a PE ratio of 15.39, a price-to-earnings-growth ratio of 1.35 and a beta of 1.77. Textron has a 12 month low of $42.30 and a 12 month high of $72.87. The company has a quick ratio of 0.97, a current ratio of 2.17 and a debt-to-equity ratio of 0.68.
Textron (NYSE:TXT) last released its quarterly earnings results on Wednesday, July 17th. The aerospace company reported $0.93 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.07. The firm had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.43 billion. Textron had a net margin of 9.07% and a return on equity of 15.55%. The company’s revenue for the quarter was down 13.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.87 earnings per share. As a group, equities research analysts expect that Textron will post 3.75 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, September 12th. Textron’s payout ratio is currently 2.40%.
Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. The company's Textron Aviation segment manufactures and sells business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and commercial parts, as well as provides maintenance, inspection, and repair services.
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