Textron Inc. (NYSE:TXT) Stake Boosted by abrdn plc

abrdn plc increased its position in shares of Textron Inc. (NYSE:TXT) by 63.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 81,365 shares of the aerospace company’s stock after purchasing an additional 31,702 shares during the quarter. abrdn plc’s holdings in Textron were worth $6,543,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. CVA Family Office LLC acquired a new stake in Textron in the fourth quarter worth $29,000. Trust Co. of Vermont acquired a new stake in Textron in the third quarter worth $37,000. Global Retirement Partners LLC increased its position in Textron by 393.9% in the third quarter. Global Retirement Partners LLC now owns 489 shares of the aerospace company’s stock worth $37,000 after buying an additional 390 shares during the period. Morton Brown Family Wealth LLC acquired a new stake in Textron in the fourth quarter worth $40,000. Finally, Provence Wealth Management Group acquired a new stake in Textron in the third quarter worth $39,000. 86.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TXT has been the topic of several analyst reports. Susquehanna dropped their target price on Textron from $110.00 to $105.00 and set a “positive” rating on the stock in a research report on Friday. Citigroup increased their target price on Textron from $104.00 to $111.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. Bank of America raised Textron from a “neutral” rating to a “buy” rating and raised their price target for the company from $85.00 to $105.00 in a report on Friday, March 8th. The Goldman Sachs Group raised their price target on Textron from $103.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Finally, StockNews.com lowered Textron from a “strong-buy” rating to a “buy” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Textron has a consensus rating of “Moderate Buy” and an average target price of $95.63.

Textron Price Performance

NYSE:TXT opened at $86.51 on Friday. The business’s 50-day moving average price is $92.10 and its 200 day moving average price is $83.90. The firm has a market cap of $16.64 billion, a P/E ratio of 18.49, a PEG ratio of 1.36 and a beta of 1.30. Textron Inc. has a 52-week low of $61.27 and a 52-week high of $97.33. The company has a quick ratio of 1.03, a current ratio of 1.66 and a debt-to-equity ratio of 0.41.

Textron (NYSE:TXT) last released its earnings results on Thursday, April 25th. The aerospace company reported $1.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.08). The firm had revenue of $3.14 billion for the quarter, compared to analyst estimates of $3.29 billion. Textron had a return on equity of 16.30% and a net margin of 6.75%. Textron’s revenue was up 3.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.05 earnings per share. As a group, sell-side analysts predict that Textron Inc. will post 6.29 earnings per share for the current fiscal year.

Textron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.09%. The ex-dividend date of this dividend is Friday, June 14th. Textron’s payout ratio is currently 1.71%.

Textron Company 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.