Oppenheimer & Co. Inc. Buys 17,672 Shares of Textron Inc. (NYSE:TXT)

Oppenheimer & Co. Inc. increased its stake in shares of Textron Inc. (NYSE:TXT) by 438.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,698 shares of the aerospace company’s stock after purchasing an additional 17,672 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Textron were worth $1,660,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Merit Financial Group LLC increased its position in Textron by 5.9% during the 4th quarter. Merit Financial Group LLC now owns 4,784 shares of the aerospace company’s stock worth $366,000 after purchasing an additional 265 shares in the last quarter. Empowered Funds LLC increased its position in Textron by 28.6% during the 4th quarter. Empowered Funds LLC now owns 20,132 shares of the aerospace company’s stock worth $1,540,000 after purchasing an additional 4,480 shares in the last quarter. Franklin Resources Inc. increased its position in Textron by 10.3% during the 3rd quarter. Franklin Resources Inc. now owns 164,029 shares of the aerospace company’s stock worth $14,505,000 after purchasing an additional 15,294 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Textron by 44.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,390 shares of the aerospace company’s stock worth $1,343,000 after purchasing an additional 5,367 shares in the last quarter. Finally, Todd Asset Management LLC boosted its stake in shares of Textron by 1.8% during the fourth quarter. Todd Asset Management LLC now owns 470,292 shares of the aerospace company’s stock valued at $35,973,000 after purchasing an additional 8,198 shares in the last quarter. 86.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Mark S. Bamford sold 5,451 shares of the company’s stock in a transaction dated 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. This represents a 23.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on TXT shares. Susquehanna cut their price target on Textron from $100.00 to $90.00 and set a “positive” rating on the stock in a research note on Wednesday, January 8th. Citigroup cut their price target on Textron from $118.00 to $111.00 and set a “buy” rating on the stock in a research note on Tuesday, January 21st. Barclays cut their price target on Textron from $104.00 to $95.00 and set an “overweight” rating on the stock in a research note on Monday, December 23rd. Morgan Stanley decreased their price objective on Textron from $86.00 to $82.00 and set an “equal weight” rating for the company in a report on Thursday, January 23rd. Finally, Robert W. Baird decreased their price objective on Textron from $100.00 to $92.00 and set an “outperform” rating for the company in a report on Thursday, January 23rd. One investment 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. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $93.45.

Textron Trading Down 1.0 %

NYSE TXT opened at $73.95 on Tuesday. The business has a 50 day simple moving average of $75.68 and a 200 day simple moving average of $82.17. Textron Inc. has a one year low of $71.67 and a one year high of $97.33. The stock has a market capitalization of $13.50 billion, a P/E ratio of 17.16, a P/E/G ratio of 1.18 and a beta of 1.27. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.76 and a quick ratio of 0.84.

Textron (NYSE:TXT) last released its earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 EPS for the quarter, topping the consensus estimate of $1.27 by $0.07. Textron had a return on equity of 14.92% and a net margin of 6.01%. The business had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $3.78 billion. During the same quarter last year, the firm posted $1.60 earnings per share. The firm’s revenue was down 7.2% on a year-over-year basis. Research analysts expect that Textron Inc. will post 6.12 earnings per share for the current year.

Textron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.08 annualized dividend and a dividend 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.