Glenmede Trust Co. NA Sells 367 Shares of Textron Inc. (NYSE:TXT)

Glenmede Trust Co. NA trimmed its holdings in shares of Textron Inc. (NYSE:TXT) by 2.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,641 shares of the aerospace company’s stock after selling 367 shares during the quarter. Glenmede Trust Co. NA’s holdings in Textron were worth $1,120,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Lazard Asset Management LLC raised its stake in Textron by 57.2% during the 1st quarter. Lazard Asset Management LLC now owns 695 shares of the aerospace company’s stock valued at $66,000 after purchasing an additional 253 shares during the period. B. Riley Wealth Advisors Inc. raised its position in shares of Textron by 17.0% during the first quarter. B. Riley Wealth Advisors Inc. now owns 4,402 shares of the aerospace company’s stock valued at $422,000 after buying an additional 640 shares during the last quarter. Tidal Investments LLC lifted its holdings in shares of Textron by 57.0% in the first quarter. Tidal Investments LLC now owns 10,868 shares of the aerospace company’s stock worth $1,043,000 after buying an additional 3,946 shares in the last quarter. Atria Investments Inc bought a new position in shares of Textron during the first quarter worth $1,204,000. Finally, Cetera Investment Advisers grew its stake in Textron by 579.5% during the first quarter. Cetera Investment Advisers now owns 50,684 shares of the aerospace company’s stock valued at $4,862,000 after acquiring an additional 43,225 shares in the last quarter. 86.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the stock. StockNews.com downgraded shares of Textron from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 12th. Morgan Stanley lowered Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 price target for the company. in a research note on Thursday, August 8th. JPMorgan Chase & Co. reduced their price objective on Textron from $100.00 to $95.00 and set a “neutral” rating on the stock in a research note on Monday, October 14th. UBS Group lowered their target price on Textron from $87.00 to $79.00 and set a “sell” rating for the company in a research report on Friday, October 25th. Finally, TD Cowen cut shares of Textron from a “buy” rating to a “hold” rating and reduced their price target for the stock from $103.00 to $95.00 in a research report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.56.

Textron Price Performance

Shares of TXT stock opened at $85.44 on Tuesday. The stock has a 50 day moving average price of $85.73 and a 200 day moving average price of $87.11. The firm has a market capitalization of $15.85 billion, a P/E ratio of 18.78, a P/E/G ratio of 1.54 and a beta of 1.24. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.82 and a current ratio of 1.83. Textron Inc. has a 52-week low of $75.70 and a 52-week high of $97.33.

Textron (NYSE:TXT) last released its quarterly earnings data on Thursday, October 24th. The aerospace company reported $1.40 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.09). Textron had a return on equity of 16.02% and a net margin of 6.30%. The firm had revenue of $3.43 billion for the quarter, compared to analysts’ expectations of $3.50 billion. During the same quarter in the previous year, the business earned $1.49 earnings per share. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, sell-side analysts predict that Textron Inc. will post 5.53 earnings per share for the current year.

Textron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.09%. Textron’s dividend payout ratio is presently 1.76%.

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.