Textron (NYSE:TXT) Downgraded by StockNews.com to Buy

Textron (NYSE:TXT) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Friday.

Other equities research analysts also recently issued reports about the company. Citigroup increased their price objective on Textron from $104.00 to $111.00 and gave the company a “buy” rating in a report on Thursday, April 4th. Susquehanna decreased their price objective on Textron from $110.00 to $105.00 and set a “positive” rating for the company in a report on Friday. UBS Group increased their price objective on Textron from $77.00 to $81.00 and gave the company a “sell” rating in a report on Friday, January 26th. Bank of America raised Textron from a “neutral” rating to a “buy” rating and increased their price objective for the company from $85.00 to $105.00 in a report on Friday, March 8th. Finally, The Goldman Sachs Group increased their price objective on Textron from $103.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Textron has an average rating of “Moderate Buy” and a consensus target price of $95.63.

Textron Stock Performance

Shares of Textron stock opened at $86.51 on Friday. The firm has a market capitalization of $16.64 billion, a P/E ratio of 18.49, a P/E/G ratio of 1.33 and a beta of 1.30. Textron 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. The firm’s 50 day moving average is $92.10 and its two-hundred day moving average is $83.90.

Textron (NYSE:TXT) last announced its quarterly earnings results on Thursday, April 25th. The aerospace company reported $1.20 EPS for the quarter, missing the consensus estimate of $1.28 by ($0.08). The company had revenue of $3.14 billion during the quarter, compared to analysts’ expectations of $3.29 billion. Textron had a net margin of 6.75% and a return on equity of 16.30%. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.05 earnings per share. Research analysts forecast that Textron will post 6.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Textron

Hedge funds have recently modified their holdings of the stock. Boston Partners lifted its holdings in Textron by 2.0% in the fourth quarter. Boston Partners now owns 7,016,363 shares of the aerospace company’s stock valued at $564,235,000 after acquiring an additional 139,927 shares during the period. Victory Capital Management Inc. increased its position in shares of Textron by 3.4% in the third quarter. Victory Capital Management Inc. now owns 6,756,439 shares of the aerospace company’s stock valued at $527,948,000 after buying an additional 220,891 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Textron by 11.6% in the third quarter. JPMorgan Chase & Co. now owns 5,745,108 shares of the aerospace company’s stock valued at $448,923,000 after buying an additional 596,214 shares in the last quarter. Primecap Management Co. CA increased its position in shares of Textron by 9.7% in the third quarter. Primecap Management Co. CA now owns 5,394,200 shares of the aerospace company’s stock valued at $421,503,000 after buying an additional 477,720 shares in the last quarter. Finally, LSV Asset Management increased its position in shares of Textron by 15.9% in the fourth quarter. LSV Asset Management now owns 3,793,047 shares of the aerospace company’s stock valued at $305,037,000 after buying an additional 521,276 shares in the last quarter. 86.03% of the stock is owned by institutional investors and hedge funds.

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.