Zacks Investment Research upgraded shares of Textron Inc. (NYSE:TXT) from a hold rating to a buy rating in a research report sent to investors on Tuesday, July 18th. They currently have $55.00 price objective on the aerospace company’s stock.
According to Zacks, “Textron’s geographically diverse network of businesses negates any specific business risk. Its systematic inorganic growth strategy, along with its focus on strengthening international presence, will improve its growth trajectory. Textron’s latest acquisition of Arctic Cat has boosted its position in the power-sports segment as well as utility vehicle market, courtesy of Arctic Cat’s established dealer network. Going forward, management expects Arctic Cat to contribute $400-$500 million of sales for the company in 2017. In terms of new product offerings, the company began delivering on its new ELiTE series lithium golf cars recently. However, Textron’s Bell continues to be a drag on the company’s overall top-line performance.”
Several other equities research analysts have also recently weighed in on the company. BidaskClub upgraded Textron from a sell rating to a hold rating in a report on Wednesday, July 12th. Credit Suisse Group reissued a buy rating and issued a $50.00 target price on shares of Textron in a research report on Wednesday, May 24th. Jefferies Group LLC reissued a buy rating and issued a $60.00 target price on shares of Textron in a research report on Thursday, May 18th. Cowen and Company reissued an outperform rating and issued a $60.00 target price on shares of Textron in a research report on Saturday, April 22nd. Finally, Stephens began coverage on Textron in a research report on Thursday, April 13th. They issued an equal weight rating and a $54.00 target price for the company. Three analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $53.60.
Shares of Textron (TXT) opened at 49.31 on Tuesday. Textron has a one year low of $37.19 and a one year high of $50.93. The company has a market capitalization of $13.05 billion, a P/E ratio of 15.07 and a beta of 1.56. The firm has a 50-day moving average price of $47.98 and a 200-day moving average price of $47.66.
Textron (NYSE:TXT) last released its quarterly earnings data on Wednesday, July 19th. The aerospace company reported $0.60 earnings per share for the quarter, topping the 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 during the quarter, compared to analysts’ expectations of $3.57 billion. During the same quarter last year, the business posted $0.66 EPS. The business’s revenue was up 2.6% on a year-over-year basis. Equities analysts forecast that Textron will post $2.52 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 15th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date is Thursday, September 14th. Textron’s dividend payout ratio (DPR) is presently 2.45%.
A number of hedge funds and other institutional investors have recently bought and sold shares of TXT. Bessemer Group Inc. raised its position in Textron by 66.7% in the second quarter. Bessemer Group Inc. now owns 2,607 shares of the aerospace company’s stock worth $123,000 after buying an additional 1,043 shares during the period. Global X Management Co. LLC raised its position in Textron by 30.2% in the first quarter. Global X Management Co. LLC now owns 2,620 shares of the aerospace company’s stock worth $125,000 after buying an additional 607 shares during the period. Financial Architects Inc bought a new position in Textron during the first quarter worth $126,000. Parkside Financial Bank & Trust raised its position in Textron by 0.8% in the second quarter. Parkside Financial Bank & Trust now owns 3,226 shares of the aerospace company’s stock worth $152,000 after buying an additional 26 shares during the period. Finally, Koch Industries Inc. bought a new position in Textron during the first quarter worth $203,000. 82.67% of the stock is owned by institutional investors.
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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