Textron Inc. (NYSE:TXT) posted its earnings results on Wednesday. The aerospace company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.05, Bloomberg Earnings reports. Textron had a return on equity of 11.97% and a net margin of 6.45%. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same quarter in the previous year, the firm earned $0.66 earnings per share. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. Textron updated its FY17 guidance to $2.40-2.60 EPS.
Shares of Textron (TXT) opened at 48.63 on Friday. Textron has a 52 week low of $37.19 and a 52 week high of $50.93. The stock’s 50 day moving average price is $47.58 and its 200-day moving average price is $47.73. The stock has a market cap of $13.02 billion, a price-to-earnings ratio of 14.50 and a beta of 1.56.
The firm also recently declared a quarterly dividend, which was paid on Saturday, July 1st. Stockholders of record on Friday, June 9th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Wednesday, June 7th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.16%. Textron’s payout ratio is 2.45%.
Several equities analysts have issued reports on TXT shares. Stephens started coverage on Textron in a research note on Thursday, April 13th. They issued an “equal weight” rating and a $54.00 target price on the stock. Credit Suisse Group reiterated a “buy” rating and issued a $50.00 target price on shares of Textron in a research note on Tuesday, April 11th. Zacks Investment Research lowered Textron from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Cowen and Company reiterated an “outperform” rating and issued a $60.00 target price on shares of Textron in a research note on Saturday, April 22nd. Finally, BidaskClub lowered Textron from a “sell” rating to a “strong sell” rating in a research note on Tuesday, June 27th. Two analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. Textron has an average rating of “Hold” and an average price target of $53.56.
Large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Textron by 3.4% in the first quarter. Vanguard Group Inc. now owns 24,537,994 shares of the aerospace company’s stock valued at $1,167,763,000 after buying an additional 812,940 shares during the period. BlackRock Inc. raised its stake in shares of Textron by 3,689.9% in the first quarter. BlackRock Inc. now owns 17,144,765 shares of the aerospace company’s stock valued at $815,921,000 after buying an additional 16,692,390 shares during the period. State Street Corp raised its stake in shares of Textron by 3.3% in the first quarter. State Street Corp now owns 11,562,285 shares of the aerospace company’s stock valued at $550,256,000 after buying an additional 370,189 shares during the period. American Century Companies Inc. raised its stake in shares of Textron by 8.7% in the first quarter. American Century Companies Inc. now owns 5,204,734 shares of the aerospace company’s stock valued at $247,693,000 after buying an additional 415,861 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Textron by 17.6% in the first quarter. Dimensional Fund Advisors LP now owns 3,503,099 shares of the aerospace company’s stock valued at $166,712,000 after buying an additional 524,664 shares during the period. 82.68% of the stock is currently owned by institutional investors and hedge funds.
About Textron
Textron Inc is a multi-industry company engaged in aircraft, defense, industrial and finance businesses to provide customers with products and services across the world. The Company operates through five segments: Textron Aviation, Bell, Textron Systems, Industrial and Finance. The Textron Aviation segment is engaged in general aviation.
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