State of New Jersey Common Pension Fund D Sells 4,482 Shares of Textron Inc. (NYSE:TXT)

State of New Jersey Common Pension Fund D cut its stake in shares of Textron Inc. (NYSE:TXT) by 6.7% in the fourth quarter, Holdings Channel reports. The fund owned 62,353 shares of the aerospace company’s stock after selling 4,482 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Textron were worth $4,769,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in TXT. Merit Financial Group LLC lifted 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 valued at $366,000 after purchasing an additional 265 shares during the last quarter. Empowered Funds LLC raised its stake in shares of Textron by 28.6% in the fourth quarter. Empowered Funds LLC now owns 20,132 shares of the aerospace company’s stock valued at $1,540,000 after acquiring an additional 4,480 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of 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 acquiring an additional 15,294 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew 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 acquiring an additional 5,367 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in Textron by 0.9% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 475,420 shares of the aerospace company’s stock valued at $36,365,000 after purchasing an additional 4,381 shares in the last quarter. Institutional investors and hedge funds own 86.03% of the company’s stock.

Textron Price Performance

Shares of TXT stock opened at $72.62 on Thursday. The firm’s 50 day moving average price is $76.55 and its two-hundred day moving average price is $82.86. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.76. Textron Inc. has a 52-week low of $71.94 and a 52-week high of $97.33. The stock has a market cap of $13.26 billion, a PE ratio of 16.85, a PEG ratio of 1.18 and a beta of 1.27.

Textron (NYSE:TXT) last posted its quarterly earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.07. The business had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.78 billion. Textron had a return on equity of 14.92% and a net margin of 6.01%. The firm’s revenue was down 7.2% on a year-over-year basis. During the same period last year, the company earned $1.60 EPS. As a group, analysts forecast that Textron Inc. will post 6.11 EPS for the current year.

Analyst Ratings Changes

TXT has been the topic of a number of recent analyst reports. Bank of America lowered Textron from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $110.00 to $85.00 in a research note on Friday, January 24th. TD Cowen upgraded shares of Textron to a “hold” rating in a research report on Thursday, December 19th. Barclays lowered their price objective on shares of Textron from $104.00 to $95.00 and set an “overweight” rating for the company in a research report on Monday, December 23rd. Vertical Research upgraded shares of Textron from a “hold” rating to a “buy” rating and set a $91.00 target price on the stock in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Textron from $90.00 to $88.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $93.45.

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.