Textron (TXT) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of Textron (NYSE:TXT) from a sell rating to a hold rating in a report issued on Friday.

According to Zacks, “Textron is known globally for its most recognizable and valuable brand names, such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, E-Z-GO and Greenlee. Its geographically diverse network of aircraft, defense & intelligence, industrial and finance businesses negates any specific business risk. The company is known to acquire assets in the same line of business as its own, thus helping it to expand its core offerings. However, shares of Textron have returned lower than the industry in last one year. Textron’s Aviation segment has been exhibiting weak performance due to lack of orders for a few of its products. Also, the company needs to increase investments to stay afloat in a highly competitive aerospace and defense market.”

A number of other research analysts have also issued reports on TXT. Cowen restated a buy rating and set a $70.00 price target on shares of Textron in a research note on Monday, January 8th. Stephens set a $65.00 price target on shares of Textron and gave the company a hold rating in a research note on Thursday. Jefferies Group restated a buy rating and set a $60.00 price target on shares of Textron in a research note on Tuesday, September 26th. ValuEngine lowered shares of Textron from a buy rating to a hold rating in a research note on Monday, October 2nd. Finally, Citigroup upped their price objective on shares of Textron from $54.00 to $61.00 and gave the company a buy rating in a report on Friday, October 20th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $58.91.

Shares of Textron (NYSE:TXT) traded up $1.06 during trading on Friday, reaching $60.15. 1,213,732 shares of the company’s stock were exchanged, compared to its average volume of 1,088,336. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.08 and a quick ratio of 0.96. Textron has a twelve month low of $43.66 and a twelve month high of $60.19. The firm has a market cap of $15,565.51, a price-to-earnings ratio of 25.93, a price-to-earnings-growth ratio of 2.40 and a beta of 1.57.

Textron (NYSE:TXT) last issued its quarterly earnings results on Thursday, October 19th. The aerospace company reported $0.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.03. Textron had a net margin of 4.48% and a return on equity of 12.02%. The business had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter in the prior year, the business posted $0.61 EPS. Textron’s revenue for the quarter was up 7.2% compared to the same quarter last year. equities research analysts anticipate that Textron will post 2.47 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 1st. Stockholders of record on Friday, December 15th were issued a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.13%. The ex-dividend date was Thursday, December 14th. Textron’s dividend payout ratio (DPR) is currently 3.45%.

Several hedge funds have recently added to or reduced their stakes in TXT. Steward Partners Investment Advisory LLC purchased a new stake in shares of Textron in the 3rd quarter valued at $110,000. Invictus RG purchased a new stake in shares of Textron in the 3rd quarter valued at $115,000. Commerzbank Aktiengesellschaft FI purchased a new stake in shares of Textron in the 3rd quarter valued at $201,000. BB&T Securities LLC purchased a new stake in shares of Textron in the 3rd quarter valued at $203,000. Finally, Franklin Street Advisors Inc. NC purchased a new stake in shares of Textron in the 4th quarter valued at $207,000. 81.91% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Textron (NYSE:TXT)

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