QRG Capital Management Inc. Sells 6,473 Shares of Textron Inc. (NYSE:TXT)

QRG Capital Management Inc. cut its stake in shares of Textron Inc. (NYSE:TXT) by 6.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 89,591 shares of the aerospace company’s stock after selling 6,473 shares during the quarter. QRG Capital Management Inc.’s holdings in Textron were worth $6,473,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Exchange Traded Concepts LLC grew its stake in shares of Textron by 7.4% during the 1st quarter. Exchange Traded Concepts LLC now owns 2,869 shares of the aerospace company’s stock valued at $207,000 after acquiring an additional 197 shares during the period. CX Institutional bought a new position in shares of Textron during the 1st quarter valued at approximately $152,000. Charter Oak Capital Management LLC bought a new position in shares of Textron during the 1st quarter valued at approximately $308,000. Hennion & Walsh Asset Management Inc. grew its stake in shares of Textron by 12.7% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 13,092 shares of the aerospace company’s stock valued at $946,000 after acquiring an additional 1,475 shares during the period. Finally, Kwmg LLC grew its stake in shares of Textron by 1.7% during the 1st quarter. Kwmg LLC now owns 84,047 shares of the aerospace company’s stock valued at $6,072,000 after acquiring an additional 1,405 shares during the period. 86.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on TXT shares. Citigroup cut their price objective on Textron from $111.00 to $107.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. Morgan Stanley lowered their price target on Textron from $82.00 to $71.00 and set an “equal weight” rating on the stock in a report on Friday, April 11th. UBS Group boosted their price target on Textron from $62.00 to $63.00 and gave the stock a “sell” rating in a report on Monday, April 28th. TD Cowen raised Textron to a “hold” rating in a report on Monday, February 24th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $95.00 price target (up from $85.00) on shares of Textron in a report on Thursday, June 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.36.

Textron Stock Down 0.3%

Shares of TXT opened at $76.97 on Wednesday. The stock has a market capitalization of $13.90 billion, a price-to-earnings ratio of 17.45, a price-to-earnings-growth ratio of 1.26 and a beta of 1.16. Textron Inc. has a 1 year low of $57.70 and a 1 year high of $94.57. The business’s 50 day simple moving average is $72.03 and its 200-day simple moving average is $74.15. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.80 and a quick ratio of 0.83.

Textron (NYSE:TXT) last issued its quarterly earnings data on Thursday, April 24th. The aerospace company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.11. The business had revenue of $3.31 billion for the quarter, compared to analysts’ expectations of $3.26 billion. Textron had a return on equity of 14.77% and a net margin of 5.98%. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.20 EPS. As a group, equities analysts expect that Textron Inc. will post 6.12 earnings per share for the current fiscal year.

Textron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.10%. The ex-dividend date of this dividend is Friday, June 13th. Textron’s dividend payout ratio is currently 1.81%.

About Textron

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.