Panagora Asset Management Inc. decreased its stake in Textron Inc. (NYSE:TXT) by 49.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,263 shares of the aerospace company’s stock after selling 20,793 shares during the period. Panagora Asset Management Inc.’s holdings in Textron were worth $1,128,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of the stock. Parallel Advisors LLC raised its stake in shares of Textron by 73.1% during the second quarter. Parallel Advisors LLC now owns 509 shares of the aerospace company’s stock valued at $27,000 after acquiring an additional 215 shares during the last quarter. Bessemer Group Inc. raised its stake in shares of Textron by 12.4% during the second quarter. Bessemer Group Inc. now owns 1,991 shares of the aerospace company’s stock valued at $106,000 after acquiring an additional 220 shares during the last quarter. First Allied Advisory Services Inc. raised its stake in shares of Textron by 2.9% during the first quarter. First Allied Advisory Services Inc. now owns 12,879 shares of the aerospace company’s stock valued at $653,000 after acquiring an additional 357 shares during the last quarter. Aviva PLC raised its stake in shares of Textron by 8.8% during the second quarter. Aviva PLC now owns 5,300 shares of the aerospace company’s stock valued at $281,000 after acquiring an additional 430 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV raised its stake in shares of Textron by 2.3% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 19,530 shares of the aerospace company’s stock valued at $989,000 after acquiring an additional 440 shares during the last quarter. 82.62% of the stock is owned by institutional investors and hedge funds.
Separately, ValuEngine raised shares of Textron from a “sell” rating to a “hold” rating in a research note on Tuesday. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $59.29.
NYSE TXT traded down $0.12 during mid-day trading on Thursday, reaching $51.06. 532,292 shares of the stock were exchanged, compared to its average volume of 1,645,219. Textron Inc. has a one year low of $42.30 and a one year high of $72.87. The stock has a 50 day simple moving average of $46.35 and a 200-day simple moving average of $50.05. The stock has a market cap of $11.56 billion, a P/E ratio of 15.29, a P/E/G ratio of 1.29 and a beta of 1.77. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.17 and a quick ratio of 0.97.
Textron (NYSE:TXT) last announced its earnings results on Wednesday, July 17th. The aerospace company reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.07. Textron had a net margin of 9.07% and a return on equity of 15.55%. The business had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter last year, the firm earned $0.87 earnings per share. Textron’s quarterly revenue was down 13.4% on a year-over-year basis. Sell-side analysts anticipate that Textron Inc. will post 3.75 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date is Thursday, September 12th. Textron’s dividend payout ratio is presently 2.40%.
Textron Company Profile
Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. The company's Textron Aviation segment manufactures and sells business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and commercial parts, as well as provides maintenance, inspection, and repair services.
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