Plato Investment Management Ltd purchased a new stake in Textron Inc. (NYSE:TXT – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 18,505 shares of the aerospace company’s stock, valued at approximately $1,688,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in TXT. Wilkerson Advisory Group LLC bought a new stake in Textron in the 4th quarter valued at $26,000. Activest Wealth Management increased its holdings in Textron by 3,255.6% during the 4th quarter. Activest Wealth Management now owns 302 shares of the aerospace company’s stock worth $26,000 after purchasing an additional 293 shares in the last quarter. Cedar Mountain Advisors LLC bought a new position in Textron during the 1st quarter worth about $29,000. Elyxium Wealth LLC acquired a new stake in shares of Textron in the 4th quarter valued at about $30,000. Finally, Strive Financial Group LLC acquired a new stake in shares of Textron in the 4th quarter valued at about $31,000. 86.03% of the stock is currently owned by institutional investors and hedge funds.
Textron Trading Down 1.5%
Shares of Textron stock opened at $87.68 on Tuesday. The stock has a market cap of $15.08 billion, a P/E ratio of 16.54, a P/E/G ratio of 1.29 and a beta of 0.91. The company has a quick ratio of 0.85, a current ratio of 1.86 and a debt-to-equity ratio of 0.43. Textron Inc. has a 12-month low of $78.12 and a 12-month high of $101.57. The business’s 50 day moving average is $90.26 and its 200-day moving average is $91.50.
Textron Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend is Friday, September 11th. Textron’s dividend payout ratio (DPR) is 1.51%.
Analyst Upgrades and Downgrades
TXT has been the subject of several recent research reports. UBS Group reaffirmed a “neutral” rating and set a $95.00 price objective on shares of Textron in a research report on Wednesday, July 29th. Weiss Ratings raised Textron from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, July 13th. Wall Street Zen cut Textron from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Morgan Stanley set a $98.00 price target on Textron in a research report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. raised their price target on shares of Textron from $90.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $102.44.
About Textron
Textron Inc is a global, multi-industry manufacturing company headquartered in Providence, Rhode Island. The company designs, manufactures and services a diverse range of products for the aerospace, defense and industrial markets. Textron operates through four primary business segments—Textron Aviation, Bell, Textron Systems and Industrial—each of which serves customers around the world.
Textron Aviation is known for its Cessna and Beechcraft branded business jets and turboprop aircraft, offering models that range from light jets and turboprops to larger cabin aircraft designed for corporate and charter use.
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