State Treasurer State of Michigan Reduces Position in Textron Inc. (TXT)

State Treasurer State of Michigan decreased its stake in Textron Inc. (NYSE:TXT) by 0.9% during the second quarter, according to its most recent filing with the SEC. The fund owned 87,937 shares of the aerospace company’s stock after selling 800 shares during the period. State Treasurer State of Michigan’s holdings in Textron were worth $4,142,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Cleararc Capital Inc. raised its stake in shares of Textron by 0.3% in the first quarter. Cleararc Capital Inc. now owns 6,098 shares of the aerospace company’s stock valued at $290,000 after buying an additional 16 shares in the last quarter. YHB Investment Advisors Inc. raised its stake in shares of Textron by 1.3% in the first quarter. YHB Investment Advisors Inc. now owns 7,398 shares of the aerospace company’s stock valued at $345,000 after buying an additional 98 shares in the last quarter. Meadow Creek Investment Management LLC raised its stake in shares of Textron by 2.2% in the first quarter. Meadow Creek Investment Management LLC now owns 5,840 shares of the aerospace company’s stock valued at $278,000 after buying an additional 128 shares in the last quarter. Cadence Capital Management LLC raised its stake in shares of Textron by 1.7% in the first quarter. Cadence Capital Management LLC now owns 7,952 shares of the aerospace company’s stock valued at $378,000 after buying an additional 135 shares in the last quarter. Finally, Pacer Advisors Inc. raised its stake in shares of Textron by 3.3% in the first quarter. Pacer Advisors Inc. now owns 5,209 shares of the aerospace company’s stock valued at $248,000 after buying an additional 165 shares in the last quarter. 82.67% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Textron Inc. (NYSE TXT) traded up 0.55% on Friday, reaching $49.31. The company’s stock had a trading volume of 808,450 shares. The company’s 50 day moving average is $47.98 and its 200-day moving average is $47.66. The firm has a market cap of $13.05 billion, a price-to-earnings ratio of 15.07 and a beta of 1.56. Textron Inc. has a 1-year low of $37.19 and a 1-year high of $50.93.

Textron (NYSE:TXT) last released its earnings results on Wednesday, July 19th. The aerospace company reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.05. Textron had a return on equity of 11.97% and a net margin of 6.45%. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.57 billion. During the same quarter in the prior year, the firm earned $0.66 earnings per share. The firm’s revenue was up 2.6% on a year-over-year basis. Equities research analysts expect that Textron Inc. will post $2.52 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 15th will be given a dividend of $0.02 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.08 annualized dividend and a yield of 0.16%. Textron’s payout ratio is 2.45%.

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A number of research analysts have recently commented on TXT shares. Zacks Investment Research raised Textron from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Tuesday, July 18th. Credit Suisse Group reissued a “buy” rating and set a $50.00 price target on shares of Textron in a report on Wednesday, May 24th. Jefferies Group LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of Textron in a report on Thursday, May 18th. Stephens initiated coverage on Textron in a report on Thursday, April 13th. They set an “equal weight” rating and a $54.00 target price on the stock. Finally, BidaskClub upgraded Textron from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Three equities research 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. The stock presently 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.