QRG Capital Management Inc. Reduces Stake in Textron Inc. (NYSE:TXT)

QRG Capital Management Inc. trimmed its position in shares of Textron Inc. (NYSE:TXT) by 14.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 96,064 shares of the aerospace company’s stock after selling 16,029 shares during the quarter. QRG Capital Management Inc.’s holdings in Textron were worth $7,348,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of TXT. Empirical Finance LLC raised its stake in shares of Textron by 1.7% during the 3rd quarter. Empirical Finance LLC now owns 7,047 shares of the aerospace company’s stock worth $624,000 after buying an additional 115 shares during the last quarter. Apollon Wealth Management LLC grew its stake in Textron by 4.9% in the 3rd quarter. Apollon Wealth Management LLC now owns 2,655 shares of the aerospace company’s stock valued at $235,000 after acquiring an additional 125 shares during the last quarter. Pflug Koory LLC increased its holdings in Textron by 0.9% during the 4th quarter. Pflug Koory LLC now owns 13,778 shares of the aerospace company’s stock valued at $1,054,000 after acquiring an additional 125 shares in the last quarter. V Square Quantitative Management LLC raised its position in Textron by 5.7% during the fourth quarter. V Square Quantitative Management LLC now owns 2,611 shares of the aerospace company’s stock worth $200,000 after acquiring an additional 141 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC lifted its holdings in shares of Textron by 5.8% in the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 2,977 shares of the aerospace company’s stock valued at $228,000 after purchasing an additional 163 shares in the last quarter. Institutional investors and hedge funds own 86.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on TXT shares. Barclays dropped their price objective on shares of Textron from $104.00 to $95.00 and set an “overweight” rating for the company in a research note on Monday, December 23rd. Robert W. Baird dropped their price target on Textron from $100.00 to $92.00 and set an “outperform” rating for the company in a research report on Thursday, January 23rd. Bank of America downgraded Textron from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $110.00 to $85.00 in a research report on Friday, January 24th. Citigroup dropped their price objective on Textron from $118.00 to $111.00 and set a “buy” rating for the company in a research report on Tuesday, January 21st. Finally, JPMorgan Chase & Co. cut their target price on shares of Textron from $90.00 to $88.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Textron has a consensus rating of “Moderate Buy” and an average price target of $93.45.

Insider Transactions at Textron

In related news, VP Mark S. Bamford sold 5,451 shares of Textron stock in a transaction on Monday, February 24th. The shares were sold at an average price of $72.68, for a total transaction of $396,178.68. Following the transaction, the vice president now owns 18,223 shares in the company, valued at approximately $1,324,447.64. The trade was a 23.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.70% of the company’s stock.

Textron Trading Up 2.1 %

Shares of TXT opened at $74.76 on Friday. Textron Inc. has a twelve month low of $71.67 and a twelve month high of $97.33. The firm has a market capitalization of $13.65 billion, a P/E ratio of 17.34, a price-to-earnings-growth ratio of 1.18 and a beta of 1.27. The company has a current ratio of 1.76, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The stock’s fifty day simple moving average is $75.73 and its 200 day simple moving average is $82.32.

Textron (NYSE:TXT) last released its quarterly earnings data on Wednesday, January 22nd. The aerospace company reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.07. Textron had a return on equity of 14.92% and a net margin of 6.01%. The company had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.78 billion. During the same period last year, the business posted $1.60 EPS. The company’s quarterly revenue was down 7.2% compared to the same quarter last year. On average, equities research analysts forecast that Textron Inc. will post 6.12 earnings per share for the current year.

Textron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.02 per share. The ex-dividend date is Friday, March 14th. This represents a $0.08 annualized dividend and a yield of 0.11%. Textron’s dividend payout ratio is currently 1.86%.

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.