Textron (NYSE:TXT) Shares Gap Down to $94.01

Textron Inc. (NYSE:TXT)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $94.01, but opened at $84.76. Textron shares last traded at $83.11, with a volume of 1,327,636 shares.

Analyst Upgrades and Downgrades

TXT has been the topic of a number of analyst reports. Citigroup increased their price objective on shares of Textron from $104.00 to $111.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th. StockNews.com upgraded shares of Textron from a “buy” rating to a “strong-buy” rating in a report on Thursday, January 25th. UBS Group raised their price objective on shares of Textron from $77.00 to $81.00 and gave the company a “sell” rating in a report on Friday, January 26th. Bank of America upgraded shares of Textron from a “neutral” rating to a “buy” rating and raised their price objective for the company from $85.00 to $105.00 in a report on Friday, March 8th. Finally, The Goldman Sachs Group increased their target price on shares of Textron from $103.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $93.63.

Textron Stock Down 9.7 %

The company has a market capitalization of $16.33 billion, a P/E ratio of 18.58, a PEG ratio of 1.50 and a beta of 1.30. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.03 and a current ratio of 1.92. The stock has a 50 day moving average price of $92.11 and a 200 day moving average price of $83.81.

Textron (NYSE:TXT) last released its earnings results on Wednesday, January 24th. The aerospace company reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $1.53 by $0.07. The company had revenue of $3.89 billion for the quarter, compared to analysts’ expectations of $3.97 billion. Textron had a return on equity of 16.05% and a net margin of 6.73%. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period in the previous year, the business posted $1.07 EPS. Equities research analysts forecast that Textron Inc. will post 6.27 earnings per share for the current fiscal year.

Textron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.09%. The ex-dividend date is Friday, June 14th. Textron’s dividend payout ratio is currently 1.75%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Boston Partners lifted its position in Textron by 2.0% in the 4th quarter. Boston Partners now owns 7,016,363 shares of the aerospace company’s stock worth $564,235,000 after buying an additional 139,927 shares during the last quarter. Victory Capital Management Inc. lifted its position in Textron by 3.4% in the 3rd quarter. Victory Capital Management Inc. now owns 6,756,439 shares of the aerospace company’s stock worth $527,948,000 after buying an additional 220,891 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Textron by 11.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,745,108 shares of the aerospace company’s stock worth $448,923,000 after buying an additional 596,214 shares during the last quarter. Primecap Management Co. CA lifted its position in Textron by 9.7% in the 3rd quarter. Primecap Management Co. CA now owns 5,394,200 shares of the aerospace company’s stock worth $421,503,000 after buying an additional 477,720 shares during the last quarter. Finally, LSV Asset Management lifted its position in Textron by 15.9% in the 4th quarter. LSV Asset Management now owns 3,793,047 shares of the aerospace company’s stock worth $305,037,000 after buying an additional 521,276 shares during the last quarter. Hedge funds and other 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.