Textron Inc. (NYSE:TXT) Shares Sold by Cottage Street Advisors LLC

Cottage Street Advisors LLC lowered its position in Textron Inc. (NYSE:TXT) by 22.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,200 shares of the aerospace company’s stock after selling 3,169 shares during the quarter. Cottage Street Advisors LLC’s holdings in Textron were worth $857,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on TXT. Bank of America downgraded Textron from a “buy” rating to a “neutral” rating and dropped their target price for the company from $110.00 to $85.00 in a report on Friday, January 24th. Morgan Stanley reduced their price objective on shares of Textron from $86.00 to $82.00 and set an “equal weight” rating for the company in a research note on Thursday, January 23rd. Susquehanna lowered their price target on Textron from $100.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. Citigroup reduced their price target on shares of Textron from $118.00 to $111.00 and set a “buy” rating for the company in a report on Tuesday, January 21st. Finally, TD Cowen raised shares of Textron to a “hold” rating in a research report on Monday, February 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Textron currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.45.

Insider Transactions at Textron

In other Textron news, VP Mark S. Bamford sold 5,451 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 18,223 shares in the company, valued at $1,324,447.64. This trade represents a 23.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

Textron Stock Up 0.3 %

NYSE:TXT opened at $74.50 on Wednesday. The stock has a 50-day moving average price of $74.76 and a two-hundred day moving average price of $80.43. Textron Inc. has a 1 year low of $70.14 and a 1 year high of $97.34. 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 has a market cap of $13.53 billion, a price-to-earnings ratio of 17.29, a PEG ratio of 1.18 and a beta of 1.27.

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

Textron Dividend Announcement

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 $0.02 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.08 annualized dividend and a yield of 0.11%. Textron’s dividend payout ratio is 1.86%.

Textron Profile

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.