Xponance Inc. raised its stake in shares of Textron Inc. (NYSE:TXT) by 889.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 96,798 shares of the aerospace company’s stock after acquiring an additional 87,015 shares during the period. Xponance Inc.’s holdings in Textron were worth $6,657,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of TXT. The PNC Financial Services Group Inc. raised its stake in shares of Textron by 4.1% during the 1st quarter. The PNC Financial Services Group Inc. now owns 48,029 shares of the aerospace company’s stock worth $2,693,000 after buying an additional 1,896 shares in the last quarter. BlackRock Inc. increased its stake in Textron by 1.5% in the 1st quarter. BlackRock Inc. now owns 17,284,832 shares of the aerospace company’s stock valued at $969,334,000 after purchasing an additional 258,583 shares in the last quarter. Atlas Capital Advisors LLC purchased a new position in Textron in the 1st quarter valued at approximately $53,000. Shell Asset Management Co. purchased a new position in Textron in the 1st quarter valued at approximately $60,000. Finally, Rafferty Asset Management LLC increased its stake in Textron by 6.5% in the 1st quarter. Rafferty Asset Management LLC now owns 160,116 shares of the aerospace company’s stock valued at $8,979,000 after purchasing an additional 9,838 shares in the last quarter. 85.86% of the stock is owned by institutional investors and hedge funds.
Several research firms have recently issued reports on TXT. The Goldman Sachs Group restated a “buy” rating and set a $82.00 price objective on shares of Textron in a report on Friday, July 16th. Credit Suisse Group increased their target price on Textron from $76.00 to $77.00 and gave the stock an “outperform” rating in a research report on Friday, July 30th. Morgan Stanley increased their target price on Textron from $87.00 to $88.00 and gave the stock an “overweight” rating in a research report on Friday, July 30th. Jefferies Financial Group increased their target price on Textron from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Monday, August 2nd. Finally, Cowen raised Textron from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $75.00 to $95.00 in a research report on Tuesday, August 31st. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $78.38.
Textron (NYSE:TXT) last posted its quarterly earnings results on Thursday, July 29th. The aerospace company reported $0.81 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.20. Textron had a return on equity of 11.99% and a net margin of 5.65%. The company had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $2.92 billion. Sell-side analysts forecast that Textron Inc. will post 3.28 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 1st. Stockholders of record on Friday, September 10th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.11%. The ex-dividend date of this dividend is Thursday, September 9th. Textron’s dividend payout ratio is currently 3.86%.
In related news, VP Mark S. Bamford sold 1,825 shares of the company’s stock in a transaction on Thursday, August 5th. The shares were sold at an average price of $71.81, for a total value of $131,053.25. Following the completion of the sale, the vice president now directly owns 18,502 shares in the company, valued at $1,328,628.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.50% of the company’s stock.
Textron, Inc is a multi-industry company, which leverages global network of aircraft, defense, industrial, and finance businesses to provide customers innovative solutions and services. The company operates its business through the following segments: Textron Aviation, Bell, Textron Systems, Industrial, and Finance.
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