Textron (NYSE:TXT) Lowered to Neutral Rating by Bank of America

Bank of America cut shares of Textron (NYSE:TXT) from a buy rating to a neutral rating in a report issued on Friday morning, MarketBeat.com reports. The brokerage currently has $85.00 target price on the aerospace company’s stock, down from their prior target price of $110.00.

Other analysts have also recently issued reports about the company. Robert W. Baird cut their price objective on Textron from $100.00 to $92.00 and set an “outperform” rating for the company in a research report on Thursday. Barclays dropped their price target on Textron from $104.00 to $95.00 and set an “overweight” rating for the company in a report on Monday, December 23rd. Citigroup dropped their price target on Textron from $118.00 to $111.00 and set a “buy” rating for the company in a report on Tuesday, January 21st. JPMorgan Chase & Co. dropped their price target on Textron from $90.00 to $88.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Finally, Susquehanna dropped their price target on Textron from $100.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $93.45.

Textron Stock Performance

Shares of NYSE TXT opened at $77.22 on Friday. The stock has a 50 day moving average price of $79.88 and a 200 day moving average price of $84.89. Textron has a 52 week low of $74.89 and a 52 week high of $97.33. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.82 and a current ratio of 1.83. The stock has a market capitalization of $14.33 billion, a PE ratio of 17.92, a price-to-earnings-growth ratio of 1.27 and a beta of 1.27.

Textron (NYSE:TXT) last released its quarterly earnings data on Wednesday, January 22nd. The aerospace company reported $1.34 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $3,778,060 billion. During the same period last year, the firm posted $1.60 earnings per share. The business’s revenue was down 7.2% on a year-over-year basis. Analysts predict that Textron will post 6.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Textron

A number of hedge funds have recently added to or reduced their stakes in the stock. Empirical Finance LLC increased its stake in 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 acquiring an additional 115 shares during the period. Davis Investment Partners LLC increased its stake in shares of Textron by 0.8% in the 3rd quarter. Davis Investment Partners LLC now owns 14,828 shares of the aerospace company’s stock valued at $1,290,000 after purchasing an additional 118 shares during the last quarter. Apollon Wealth Management LLC increased its stake in shares of 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 purchasing an additional 125 shares during the last quarter. Pflug Koory LLC increased its stake in shares of Textron by 0.9% in the 4th quarter. Pflug Koory LLC now owns 13,778 shares of the aerospace company’s stock valued at $1,054,000 after purchasing an additional 125 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC increased its stake in shares of Textron by 5.8% in the 4th 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 during the last quarter. Institutional investors own 86.03% of the company’s stock.

Textron Company 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.