Zacks Investment Research Upgrades Textron (NYSE:TXT) to “Hold”

Textron (NYSE:TXT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday, January 12th.

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.”

Other equities analysts have also issued reports about the stock. Jefferies Group reaffirmed a “buy” rating and set a $60.00 target price on shares of Textron in a report on Tuesday, September 26th. Cowen reissued a “buy” rating and issued a $70.00 price target on shares of Textron in a research note on Monday, January 8th. ValuEngine raised shares of Textron from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Citigroup lifted their price target on shares of Textron from $54.00 to $61.00 and gave the company a “buy” rating in a research note on Friday, October 20th. Finally, Stephens reaffirmed an “equal weight” rating and set a $63.00 target price (up previously from $54.00) on shares of Textron in a research note on Friday, October 13th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $59.64.

Textron (TXT) traded up $0.09 on Friday, reaching $58.90. 1,196,958 shares of the company’s stock were exchanged, compared to its average volume of 879,973. The company has a quick ratio of 0.96, a current ratio of 2.08 and a debt-to-equity ratio of 0.67. The stock has a market cap of $15,491.75, a price-to-earnings ratio of 25.39, a PEG ratio of 2.36 and a beta of 1.57. Textron has a 12 month low of $43.66 and a 12 month high of $60.54.

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

Several hedge funds have recently made changes to their positions in the company. State of Alaska Department of Revenue boosted its position in shares of Textron by 76.5% during the 4th quarter. State of Alaska Department of Revenue now owns 34,857 shares of the aerospace company’s stock valued at $1,971,000 after acquiring an additional 15,110 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in Textron by 4.3% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,060,306 shares of the aerospace company’s stock valued at $60,003,000 after buying an additional 43,588 shares during the period. National Pension Service raised its holdings in Textron by 3.9% in the 4th quarter. National Pension Service now owns 297,548 shares of the aerospace company’s stock valued at $16,838,000 after buying an additional 11,175 shares during the period. Bank of Montreal Can raised its holdings in Textron by 15.2% in the 4th quarter. Bank of Montreal Can now owns 131,147 shares of the aerospace company’s stock valued at $7,421,000 after buying an additional 17,277 shares during the period. Finally, Franklin Street Advisors Inc. NC purchased a new stake in Textron in the 4th quarter valued at about $207,000. 81.91% of the stock is currently owned by hedge funds and other institutional investors.

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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.

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