Textron (NYSE:TXT) Issues Quarterly Earnings Results, Beats Expectations By $0.14 EPS

Textron (NYSE:TXT – Get Rating) announced its earnings results on Thursday. The aerospace company reported $0.88 EPS for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.14, MarketWatch Earnings reports. Textron had a net margin of 6.02% and a return on equity of 11.99%. The firm had revenue of $3 billion for the quarter, compared to analysts’ expectations of $2.97 billion. During the same quarter in the previous year, the business posted $0.70 EPS. The company’s quarterly revenue was up 4.2% on a year-over-year basis.

Shares of NYSE:TXT opened at $72.05 on Friday. Textron has a fifty-two week low of $61.86 and a fifty-two week high of $79.45. The business has a 50-day simple moving average of $71.10 and a two-hundred day simple moving average of $72.84. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.46 and a current ratio of 2.57. The firm has a market cap of $15.59 billion, a price-to-earnings ratio of 21.83, a price-to-earnings-growth ratio of 1.49 and a beta of 1.71.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 1st. Shareholders of record on Friday, June 10th will be given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.11%. The ex-dividend date of this dividend is Thursday, June 9th. Textron’s dividend payout ratio (DPR) is 2.42%.

In other news, CEO Scott C. Donnelly sold 243,157 shares of the company’s stock in a transaction dated Tuesday, February 22nd. The shares were sold at an average price of $68.56, for a total transaction of $16,670,843.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Mark S. Bamford sold 2,701 shares of the company’s stock in a transaction dated Wednesday, March 2nd. The shares were sold at an average price of $72.90, for a total transaction of $196,902.90. The disclosure for this sale can be found here. In the last three months, insiders sold 347,610 shares of company stock valued at $23,965,675. 1.50% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the stock. HB Wealth Management LLC bought a new position in shares of Textron during the 4th quarter valued at approximately $235,000. Belpointe Asset Management LLC grew its stake in shares of Textron by 10.6% during the 4th quarter. Belpointe Asset Management LLC now owns 3,128 shares of the aerospace company’s stock valued at $241,000 after acquiring an additional 300 shares during the period. Toroso Investments LLC bought a new position in shares of Textron during the 4th quarter valued at approximately $331,000. Forum Financial Management LP bought a new position in shares of Textron during the 4th quarter valued at approximately $402,000. Finally, Integrated Wealth Concepts LLC bought a new position in shares of Textron during the 4th quarter valued at approximately $524,000. Institutional investors own 83.55% of the company’s stock.

A number of analysts have recently commented on the stock. Zacks Investment Research upgraded shares of Textron from a “sell” rating to a “hold” rating and set a $75.00 target price on the stock in a report on Thursday, April 7th. StockNews.com assumed coverage on shares of Textron in a report on Thursday, March 31st. They set a “buy” rating on the stock. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $83.56.

Textron Company Profile (Get Rating)

Textron Inc operates in the aircraft, defense, industrial, and finance businesses. The company's 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.

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