Cornercap Investment Counsel Inc. Lowers Stock Holdings in Textron Inc. (NYSE:TXT)

Cornercap Investment Counsel Inc. lessened its position in Textron Inc. (NYSE:TXT) by 44.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 18,506 shares of the aerospace company’s stock after selling 14,783 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Textron were worth $1,639,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Empowered Funds LLC acquired a new stake in shares of Textron in the first quarter valued at $916,000. Oppenheimer & Co. Inc. raised its holdings in shares of Textron by 11.6% in the 1st quarter. Oppenheimer & Co. Inc. now owns 4,215 shares of the aerospace company’s stock valued at $404,000 after purchasing an additional 439 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of Textron during the first quarter worth $338,000. US Bancorp DE lifted its holdings in Textron by 11.8% during the 1st quarter. US Bancorp DE now owns 26,416 shares of the aerospace company’s stock worth $2,534,000 after buying an additional 2,785 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its holdings in shares of Textron by 3.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 272,893 shares of the aerospace company’s stock valued at $26,179,000 after acquiring an additional 8,919 shares during the last quarter. Institutional investors and hedge funds own 86.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Morgan Stanley downgraded Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 price objective for the company. in a report on Thursday, August 8th. Robert W. Baird cut their target price on Textron from $109.00 to $100.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Bank of America upped their price objective on Textron from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Citigroup boosted their target price on shares of Textron from $111.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Finally, TD Cowen downgraded shares of Textron from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $103.00 to $95.00 in a report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.56.

Textron Stock Down 1.7 %

Shares of NYSE:TXT opened at $86.10 on Friday. The company has a market capitalization of $15.97 billion, a P/E ratio of 18.92, a P/E/G ratio of 1.58 and a beta of 1.24. The stock’s fifty day simple moving average is $86.41 and its 200-day simple moving average is $87.30. Textron Inc. has a 52-week low of $74.13 and a 52-week high of $97.33. 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 quarterly earnings data on Thursday, October 24th. The aerospace company reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.09). Textron had a net margin of 6.30% and a return on equity of 16.02%. The firm had revenue of $3.43 billion during the quarter, compared to analyst estimates of $3.50 billion. During the same period in the prior year, the firm earned $1.49 EPS. The business’s quarterly revenue was up 2.5% on a year-over-year basis. As a group, equities research analysts forecast that Textron Inc. will post 5.52 earnings per share for the current fiscal year.

Textron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.09%. The ex-dividend date is Friday, December 13th. Textron’s dividend payout ratio (DPR) is 1.76%.

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.