Textron Inc. (NYSE:TXT) announced its earnings results on Wednesday, July 19th. The aerospace company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.05, Bloomberg Earnings reports. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.57 billion. Textron had a net margin of 6.45% and a return on equity of 11.97%. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period last year, the firm posted $0.66 earnings per share. Textron updated its FY17 guidance to $2.40-2.60 EPS.
Shares of Textron (TXT) traded down 0.26% during mid-day trading on Monday, hitting $49.12. The stock had a trading volume of 362,286 shares. The company has a 50-day moving average of $47.87 and a 200 day moving average of $47.70. Textron has a one year low of $37.19 and a one year high of $50.93. The firm has a market cap of $13.00 billion, a price-to-earnings ratio of 15.02 and a beta of 1.56.
The company also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, September 14th. Textron’s payout ratio is currently 2.45%.
A number of hedge funds have recently added to or reduced their stakes in the stock. Bank of Nova Scotia raised its stake in Textron by 939.6% in the first quarter. Bank of Nova Scotia now owns 61,719 shares of the aerospace company’s stock worth $2,937,000 after buying an additional 55,782 shares during the period. Mason Street Advisors LLC raised its stake in Textron by 1.0% in the first quarter. Mason Street Advisors LLC now owns 37,324 shares of the aerospace company’s stock worth $1,776,000 after buying an additional 361 shares during the period. Pictet Asset Management Ltd. raised its stake in Textron by 1.3% in the first quarter. Pictet Asset Management Ltd. now owns 137,288 shares of the aerospace company’s stock worth $6,534,000 after buying an additional 1,700 shares during the period. Bank of Montreal Can raised its stake in Textron by 0.5% in the first quarter. Bank of Montreal Can now owns 132,775 shares of the aerospace company’s stock worth $6,317,000 after buying an additional 644 shares during the period. Finally, Highbridge Capital Management LLC raised its stake in Textron by 153.1% in the first quarter. Highbridge Capital Management LLC now owns 5,308 shares of the aerospace company’s stock worth $253,000 after buying an additional 15,308 shares during the period. 82.67% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently issued reports on TXT shares. Zacks Investment Research upgraded shares of Textron from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research report on Tuesday, July 18th. Credit Suisse Group reiterated a “buy” rating and issued a $50.00 price objective on shares of Textron in a research report on Wednesday, May 24th. Jefferies Group LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Textron in a research note on Thursday, May 18th. Stephens assumed coverage on Textron in a research note on Thursday, April 13th. They set an “equal weight” rating and a $54.00 price target for the company. Finally, BidaskClub raised Textron from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Three analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. Textron has a consensus rating of “Hold” and an average target price of $53.60.
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.
Receive News & Ratings for Textron Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Textron Inc. and related companies with MarketBeat.com's FREE daily email newsletter.
