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Corebridge Financial Inc. lessened its holdings in shares of Textron Inc. (NYSE:TXT – Free Report) by 5.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,935 shares of the aerospace company’s stock after selling 2,582 shares during the period. Corebridge Financial Inc.’s holdings in Textron were worth $3,361,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of TXT. True Wealth Design LLC purchased a new stake in shares of Textron in the third quarter valued at approximately $26,000. SBI Securities Co. Ltd. acquired a new position in Textron during the fourth quarter worth $31,000. Eastern Bank purchased a new stake in Textron in the 4th quarter valued at $42,000. Golden State Wealth Management LLC acquired a new stake in shares of Textron in the 4th quarter worth $63,000. Finally, McClarren Financial Advisors Inc. purchased a new position in shares of Textron during the 4th quarter worth $68,000. Institutional investors and hedge funds own 86.03% of the company’s stock.
Textron Stock Performance
Shares of Textron stock opened at $72.25 on Tuesday. The stock has a market capitalization of $13.12 billion, a price-to-earnings ratio of 16.76, a price-to-earnings-growth ratio of 1.18 and a beta of 1.27. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.76 and a quick ratio of 0.84. The business has a 50-day moving average of $74.35 and a 200 day moving average of $80.07. Textron Inc. has a 12 month low of $70.14 and a 12 month high of $97.34.
Textron (NYSE:TXT – Get Free Report) last posted its quarterly earnings data on Wednesday, January 22nd. The aerospace company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.27 by $0.07. The business had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.78 billion. Textron had a net margin of 6.01% and a return on equity of 14.92%. The business’s revenue for the quarter was down 7.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.60 earnings per share. As a group, sell-side analysts forecast that Textron Inc. will post 6.12 earnings per share for the current year.
Textron Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a dividend of $0.02 per share. The ex-dividend date is Friday, March 14th. This represents a $0.08 annualized dividend and a yield of 0.11%. Textron’s payout ratio is 1.86%.
Insiders Place Their Bets
In other news, VP Mark S. Bamford sold 5,451 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $72.68, for a total transaction of $396,178.68. Following the completion of the transaction, the vice president now directly owns 18,223 shares of the company’s stock, valued at approximately $1,324,447.64. The trade was a 23.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.70% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on TXT shares. Bank of America cut shares of Textron from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $110.00 to $85.00 in a research report on Friday, January 24th. JPMorgan Chase & Co. cut their price target on shares of Textron from $90.00 to $88.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. TD Cowen upgraded Textron to a “hold” rating in a report on Monday, February 24th. Susquehanna cut their target price on Textron from $100.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Finally, Morgan Stanley decreased their price target on Textron from $86.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Textron presently has a consensus rating of “Moderate Buy” and an average target price of $93.45.
Check Out Our Latest Stock Analysis on Textron
Textron Profile
Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. It operates through six segments: Textron Aviation, Bell, Textron Systems, Industrial, Textron eAviation, and Finance. The Textron Aviation segment manufactures, sells, and services business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and offers maintenance, inspection, and repair services, as well as sells commercial parts.
Further Reading
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