Magnetar Financial LLC Makes New $276,000 Investment in Textron Inc. (NYSE:TXT)

Magnetar Financial LLC acquired a new position in Textron Inc. (NYSE:TXT) in the fourth quarter, Holdings Channel reports. The institutional investor acquired 3,612 shares of the aerospace company’s stock, valued at approximately $276,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Merit Financial Group LLC lifted its holdings in shares of Textron by 5.9% in the 4th quarter. Merit Financial Group LLC now owns 4,784 shares of the aerospace company’s stock worth $366,000 after acquiring an additional 265 shares during the last quarter. Empowered Funds LLC boosted its position in Textron by 28.6% in the 4th quarter. Empowered Funds LLC now owns 20,132 shares of the aerospace company’s stock valued at $1,540,000 after buying an additional 4,480 shares during the period. Franklin Resources Inc. boosted its position in Textron by 10.3% in the 3rd quarter. Franklin Resources Inc. now owns 164,029 shares of the aerospace company’s stock valued at $14,505,000 after buying an additional 15,294 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Textron by 44.6% in the 4th 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 during the period. Finally, Todd Asset Management LLC boosted its position in Textron by 1.8% in the 4th quarter. Todd Asset Management LLC now owns 470,292 shares of the aerospace company’s stock valued at $35,973,000 after buying an additional 8,198 shares during the period. 86.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Textron

In other news, VP Mark S. Bamford sold 5,451 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $72.68, for a total value of $396,178.68. Following the sale, the vice president now owns 18,223 shares in the company, valued at $1,324,447.64. This represents a 23.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.70% of the company’s stock.

Wall Street Analyst Weigh In

TXT has been the subject of several research reports. TD Cowen raised shares of Textron to a “hold” rating in a research report on Monday, February 24th. Susquehanna lowered their price target on shares of Textron from $100.00 to $90.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. 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 research report on Thursday, January 16th. Vertical Research raised shares of Textron from a “hold” rating to a “buy” rating and set a $91.00 price target for the company in a research report on Monday, January 6th. Finally, Bank of America cut shares of Textron from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $110.00 to $85.00 in a research report on Friday, January 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $93.45.

Textron Trading Down 0.6 %

NYSE TXT opened at $73.07 on Monday. The company has a quick ratio of 0.84, a current ratio of 1.76 and a debt-to-equity ratio of 0.45. The firm has a market cap of $13.27 billion, a PE ratio of 16.95, a price-to-earnings-growth ratio of 1.18 and a beta of 1.27. The company has a 50 day moving average price of $74.88 and a 200 day moving average price of $80.60. Textron Inc. has a 52 week low of $70.14 and a 52 week high of $97.34.

Textron (NYSE:TXT) last issued its quarterly earnings results 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 net margin of 6.01% and a return on equity of 14.92%. The business had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.78 billion. During the same quarter in the prior year, the business posted $1.60 EPS. Textron’s revenue for the quarter was down 7.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Textron Inc. will post 6.12 EPS for the current fiscal year.

Textron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.11%. Textron’s payout ratio is currently 1.86%.

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.