Citigroup Inc. Reduces Stake in Textron Inc. (NYSE:TXT)

Citigroup Inc. cut its holdings in shares of Textron Inc. (NYSE:TXT) by 16.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 223,242 shares of the aerospace company’s stock after selling 43,271 shares during the period. Citigroup Inc. owned 0.12% of Textron worth $19,775,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Raymond James Trust N.A. increased its position in Textron by 105.1% during the 3rd quarter. Raymond James Trust N.A. now owns 7,376 shares of the aerospace company’s stock valued at $653,000 after purchasing an additional 3,779 shares during the period. Blackhawk Capital Partners LLC. purchased a new stake in Textron in the third quarter worth about $204,000. Massachusetts Financial Services Co. MA boosted its position in Textron by 5.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 79,973 shares of the aerospace company’s stock valued at $7,084,000 after acquiring an additional 4,023 shares in the last quarter. Intech Investment Management LLC grew its holdings in shares of Textron by 116.5% during the 3rd quarter. Intech Investment Management LLC now owns 16,718 shares of the aerospace company’s stock worth $1,481,000 after acquiring an additional 8,997 shares during the period. Finally, Avior Wealth Management LLC raised its position in shares of Textron by 4,705.6% in the 3rd quarter. Avior Wealth Management LLC now owns 3,460 shares of the aerospace company’s stock worth $306,000 after acquiring an additional 3,388 shares in the last quarter. 86.03% of the stock is owned by hedge funds and other institutional investors.

Textron Price Performance

Shares of TXT opened at $85.13 on Wednesday. Textron Inc. has a twelve month low of $74.13 and a twelve month high of $97.33. The company has a market capitalization of $15.79 billion, a P/E ratio of 18.71, a price-to-earnings-growth ratio of 1.54 and a beta of 1.24. The firm has a 50 day moving average of $85.97 and a 200 day moving average of $87.19. The company has a quick ratio of 0.82, a current ratio of 1.83 and a debt-to-equity ratio of 0.46.

Textron (NYSE:TXT) last posted its earnings results on Thursday, October 24th. The aerospace company reported $1.40 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.09). Textron had a return on equity of 16.02% and a net margin of 6.30%. The business had revenue of $3.43 billion during the quarter, compared to the consensus estimate of $3.50 billion. During the same period in the previous year, the business posted $1.49 EPS. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. As a group, equities research analysts anticipate that Textron Inc. will post 5.53 earnings per share for the current fiscal year.

Textron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be given 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 yield of 0.09%. Textron’s dividend payout ratio (DPR) is 1.76%.

Analysts Set New Price Targets

TXT has been the topic of several research reports. JPMorgan Chase & Co. dropped their price target on Textron from $100.00 to $95.00 and set a “neutral” rating on the stock in a research report on Monday, October 14th. Robert W. Baird dropped their target price on shares of Textron from $109.00 to $100.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. UBS Group decreased their price target on shares of Textron from $87.00 to $79.00 and set a “sell” rating for the company in a research note on Friday, October 25th. Morgan Stanley cut shares of Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 price target for the company. in a research report on Thursday, August 8th. Finally, TD Cowen cut shares of Textron from a “buy” rating to a “hold” rating and cut their price objective for the stock from $103.00 to $95.00 in a 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 company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $101.56.

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.