Mirae Asset Global Investments Co. Ltd. Makes New Investment in Textron Inc. $TXT

Mirae Asset Global Investments Co. Ltd. bought a new position in Textron Inc. (NYSE:TXT) during the third quarter, Holdings Channel reports. The fund bought 44,475 shares of the aerospace company’s stock, valued at approximately $3,389,000.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Textron during the second quarter worth about $1,434,125,000. Primecap Management Co. CA bought a new stake in shares of Textron in the 2nd quarter worth approximately $111,723,000. Bank of New York Mellon Corp purchased a new stake in shares of Textron in the 2nd quarter worth approximately $105,946,000. Great Lakes Advisors LLC purchased a new stake in shares of Textron in the 2nd quarter worth approximately $81,224,000. Finally, Legal & General Group Plc bought a new position in Textron during the 2nd quarter valued at approximately $78,431,000. 86.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Freedom Broker reduced their price target on Textron from $108.00 to $101.00 and set a “buy” rating for the company in a report on Monday, November 2nd. Citigroup lifted their target price on shares of Textron from $86.00 to $97.00 and gave the stock a “neutral” rating in a report on Monday, November 2nd. Wall Street Zen downgraded shares of Textron from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Morgan Stanley raised their price target on shares of Textron from $86.00 to $95.00 and gave the company an “equal weight” rating in a research report on Monday, November 2nd. Finally, Bank of America reaffirmed a “neutral” rating and issued a $100.00 price objective on shares of Textron in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, Textron has an average rating of “Hold” and an average price target of $101.09.

Textron Stock Performance

TXT stock traded down $1.57 on Friday, hitting $83.66. The company had a trading volume of 1,691,492 shares, compared to its average volume of 1,789,642. Textron Inc. has a 12-month low of $71.87 and a 12-month high of $101.57. The company has a current ratio of 1.80, a quick ratio of 0.82 and a debt-to-equity ratio of 0.42. The stock’s 50-day simple moving average is $78.96 and its 200 day simple moving average is $88.14. The stock has a market cap of $14.17 billion, a price-to-earnings ratio of 15.07, a P/E/G ratio of 1.26 and a beta of 0.88.

Textron (NYSE:TXT) last released its quarterly earnings results on Thursday, October 29th. The aerospace company reported $1.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.33. Textron had a return on equity of 14.34% and a net margin of 6.30%. The firm had revenue of $3.75 billion for the quarter, compared to the consensus estimate of $3.77 billion. During the same period last year, the business posted $1.55 EPS. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. As a group, equities research analysts expect that Textron Inc. will post 6.63 earnings per share for the current fiscal year.

Textron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 1st. Investors of record on Friday, December 11th will be issued a $0.02 dividend. The ex-dividend date of this dividend is Friday, December 11th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.1%. Textron’s dividend payout ratio (DPR) is presently 1.44%.

Textron Profile

Textron Inc (NYSE:TXT) is a diversified industrial company that develops and manufactures aircraft, helicopters, specialized vehicles, defense systems and other industrial products. Founded in 1923 by Royal Little, the company has grown through the development and acquisition of businesses serving commercial, government and consumer markets.

Textron Aviation produces business jets, turboprop aircraft and general aviation aircraft under the Cessna and Beechcraft brands. Bell designs and manufactures military and commercial helicopters, tiltrotor aircraft and related support services.