Pinnacle Associates Ltd. Sells 276 Shares of Textron Inc. (NYSE:TXT)

Pinnacle Associates Ltd. decreased its stake in shares of Textron Inc. (NYSE:TXT) by 0.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 30,338 shares of the aerospace company’s stock after selling 276 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Textron were worth $2,605,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Innealta Capital LLC purchased a new stake in Textron during the second quarter valued at $25,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Textron in the 2nd quarter valued at about $30,000. Oakworth Capital Inc. purchased a new position in Textron in the second quarter worth about $31,000. Family Firm Inc. bought a new stake in Textron during the second quarter worth approximately $40,000. Finally, Truvestments Capital LLC purchased a new stake in Textron during the first quarter valued at approximately $48,000. 86.03% of the stock is owned by hedge funds and other institutional investors.

Textron Stock Up 1.1 %

Shares of TXT traded up $1.00 during midday trading on Friday, reaching $91.20. 1,057,413 shares of the stock were exchanged, compared to its average volume of 1,084,389. The company has a market capitalization of $17.09 billion, a P/E ratio of 19.49, a PEG ratio of 1.43 and a beta of 1.25. The company has a current ratio of 1.79, a quick ratio of 0.81 and a debt-to-equity ratio of 0.47. Textron Inc. has a 52 week low of $74.13 and a 52 week high of $97.33. The company’s 50 day moving average is $88.35 and its two-hundred day moving average is $89.20.

Textron (NYSE:TXT) last issued its quarterly earnings data on Thursday, July 18th. The aerospace company reported $1.54 earnings per share for the quarter, topping analysts’ consensus estimates of $1.48 by $0.06. Textron had a return on equity of 16.41% and a net margin of 6.67%. The firm had revenue of $3.53 billion during the quarter, compared to analysts’ expectations of $3.56 billion. During the same period in the prior year, the business posted $1.46 EPS. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. On average, sell-side analysts anticipate 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. Stockholders 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 dividend yield of 0.09%. The ex-dividend date is Friday, September 13th. Textron’s payout ratio is presently 1.71%.

Analyst Upgrades and Downgrades

TXT has been the topic of several recent research reports. TD Cowen increased their price target on Textron from $100.00 to $103.00 and gave the company a “buy” rating in a report on Friday, July 19th. Bank of America increased their target price on shares of Textron from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Morgan Stanley cut shares of Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 price target for the company. in a research note on Thursday, August 8th. Citigroup increased their price objective on shares of Textron from $111.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Finally, UBS Group boosted their target price on Textron from $84.00 to $87.00 and gave the company a “sell” rating in a research report on Friday, July 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus 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.