Great Lakes Advisors LLC Trims Stake in Textron Inc. (NYSE:TXT)

Great Lakes Advisors LLC lowered its position in Textron Inc. (NYSE:TXT) by 2.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,029,944 shares of the aerospace company’s stock after selling 28,449 shares during the quarter. Great Lakes Advisors LLC owned about 0.54% of Textron worth $88,431,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in TXT. Wedge Capital Management L L P NC purchased a new stake in shares of Textron in the second quarter valued at $64,319,000. Ferguson Wellman Capital Management Inc. bought a new position in Textron during the 1st quarter worth about $45,932,000. Brandes Investment Partners LP grew its holdings in Textron by 49.3% during the 4th quarter. Brandes Investment Partners LP now owns 1,235,966 shares of the aerospace company’s stock worth $99,396,000 after acquiring an additional 408,290 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in Textron by 1,611.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 433,100 shares of the aerospace company’s stock worth $41,547,000 after acquiring an additional 407,800 shares in the last quarter. Finally, LSV Asset Management grew its holdings in Textron by 6.9% during the 1st quarter. LSV Asset Management now owns 4,053,050 shares of the aerospace company’s stock worth $388,809,000 after acquiring an additional 260,003 shares in the last quarter. Hedge funds and other institutional investors own 86.03% of the company’s stock.

Textron Stock Performance

TXT stock traded down $1.52 during trading on Friday, reaching $85.71. The company had a trading volume of 900,955 shares, compared to its average volume of 1,080,340. The firm has a 50-day simple moving average of $88.54 and a 200-day simple moving average of $89.28. The company has a market cap of $16.34 billion, a price-to-earnings ratio of 18.32, a price-to-earnings-growth ratio of 1.41 and a beta of 1.23. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.81 and a current ratio of 1.79. Textron Inc. has a twelve month low of $74.13 and a twelve month high of $97.33.

Textron (NYSE:TXT) last released its earnings results on Thursday, July 18th. The aerospace company reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.48 by $0.06. The company had revenue of $3.53 billion during the quarter, compared to analysts’ expectations of $3.56 billion. Textron had a net margin of 6.67% and a return on equity of 16.41%. Textron’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period last year, the business earned $1.46 EPS. As a group, sell-side analysts expect that Textron Inc. will post 6.27 earnings per share for the current year.

Textron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.09%. The ex-dividend date is Friday, September 13th. Textron’s dividend payout ratio is presently 1.71%.

Analyst Ratings Changes

Several research analysts have issued reports on TXT shares. StockNews.com upgraded shares of Textron from a “buy” rating to a “strong-buy” rating in a report on Wednesday. UBS Group raised their price target on shares of Textron from $84.00 to $87.00 and gave the company a “sell” rating in a report on Friday, July 19th. Citigroup raised their price target on shares of Textron from $111.00 to $115.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Morgan Stanley cut shares of Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 price target on the stock. in a report on Thursday, August 8th. Finally, TD Cowen raised their price target on shares of Textron from $100.00 to $103.00 and gave the company a “buy” rating in a report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Textron currently has a consensus rating of “Moderate Buy” and an average price target of $102.50.

About Textron

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.