Bank of America Corp Lowers Textron Inc. (TXT) to Underperform

Textron Inc. (NYSE:TXT) was downgraded by equities research analysts at Bank of America Corp from a “buy” rating to an “underperform” rating in a research note issued on Friday, July 21st, Marketbeat.com reports. They currently have a $45.00 price target on the aerospace company’s stock, down from their previous price target of $53.00. Bank of America Corp’s target price would suggest a potential downside of 8.89% from the stock’s current price.

Several other analysts have also weighed in on the company. Zacks Investment Research lowered Textron from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Stephens initiated coverage on Textron in a report on Thursday, April 13th. They issued an “equal weight” rating and a $54.00 price objective for the company. Credit Suisse Group reissued a “buy” rating and issued a $50.00 price objective on shares of Textron in a report on Tuesday, April 11th. BidaskClub lowered Textron from a “sell” rating to a “strong sell” rating in a report on Tuesday, June 27th. Finally, Cowen and Company reissued an “outperform” rating and issued a $60.00 price objective on shares of Textron in a report on Saturday, April 22nd. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $53.60.

Shares of Textron (NYSE TXT) traded up 0.53% during mid-day trading on Friday, hitting $49.39. The company had a trading volume of 1,086,868 shares. The stock’s 50-day moving average is $47.92 and its 200-day moving average is $47.66. Textron has a 52-week low of $37.19 and a 52-week high of $50.93. The stock has a market cap of $13.07 billion, a price-to-earnings ratio of 15.10 and a beta of 1.56.

Textron (NYSE:TXT) last announced its quarterly earnings data on Wednesday, July 19th. The aerospace company reported $0.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.05. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.57 billion. Textron had a return on equity of 11.97% and a net margin of 6.45%. Textron’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.66 earnings per share. Equities analysts forecast that Textron will post $2.52 earnings per share for the current year.

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Institutional investors have recently modified their holdings of the company. Bessemer Group Inc. increased its position in shares of Textron by 66.7% in the second quarter. Bessemer Group Inc. now owns 2,607 shares of the aerospace company’s stock valued at $123,000 after buying an additional 1,043 shares in the last quarter. Global X Management Co. LLC increased its position in shares of Textron by 30.2% in the first quarter. Global X Management Co. LLC now owns 2,620 shares of the aerospace company’s stock valued at $125,000 after buying an additional 607 shares in the last quarter. Financial Architects Inc acquired a new position in shares of Textron during the first quarter valued at about $126,000. Parkside Financial Bank & Trust increased its position in shares of Textron by 0.8% in the second quarter. Parkside Financial Bank & Trust now owns 3,226 shares of the aerospace company’s stock valued at $152,000 after buying an additional 26 shares in the last quarter. Finally, Koch Industries Inc. purchased a new stake in shares of Textron during the first quarter valued at approximately $203,000. Institutional investors and hedge funds own 82.67% of the company’s stock.

Textron Company Profile

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.