Wedge Capital Management L L P NC Decreases Position in Textron Inc. (NYSE:TXT)

Wedge Capital Management L L P NC reduced its holdings in shares of Textron Inc. (NYSE:TXT) by 13.8% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 645,531 shares of the aerospace company’s stock after selling 103,582 shares during the quarter. Textron makes up approximately 1.0% of Wedge Capital Management L L P NC’s holdings, making the stock its 25th largest holding. Wedge Capital Management L L P NC’s holdings in Textron were worth $57,181,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TXT. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Textron by 263.6% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 13,369 shares of the aerospace company’s stock valued at $1,283,000 after acquiring an additional 9,692 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of Textron by 461.1% during the first quarter. SG Americas Securities LLC now owns 117,257 shares of the aerospace company’s stock worth $11,248,000 after buying an additional 96,361 shares during the period. LSV Asset Management grew its holdings in shares of Textron by 6.9% during the first quarter. LSV Asset Management now owns 4,053,050 shares of the aerospace company’s stock valued at $388,809,000 after buying an additional 260,003 shares during the last quarter. Cetera Investment Advisers increased its position in shares of Textron by 579.5% in the 1st quarter. Cetera Investment Advisers now owns 50,684 shares of the aerospace company’s stock valued at $4,862,000 after acquiring an additional 43,225 shares during the period. Finally, Virtu Financial LLC raised its stake in Textron by 259.2% in the 1st quarter. Virtu Financial LLC now owns 17,367 shares of the aerospace company’s stock worth $1,666,000 after acquiring an additional 12,532 shares during the last quarter. 86.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Morgan Stanley lowered Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 price objective on the stock. in a report on Thursday, August 8th. TD Cowen cut shares of Textron from a “buy” rating to a “hold” rating and decreased their price objective for the company from $103.00 to $95.00 in a research note on Wednesday, September 25th. JPMorgan Chase & Co. cut their price objective on shares of Textron from $100.00 to $95.00 and set a “neutral” rating on the stock in a research note on Monday. UBS Group raised their target price on shares of Textron from $84.00 to $87.00 and gave the stock a “sell” rating in a report on Friday, July 19th. Finally, StockNews.com lowered shares of Textron from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $102.75.

Textron Price Performance

Shares of NYSE:TXT traded up $0.03 during trading on Monday, reaching $87.99. 118,071 shares of the company’s stock traded hands, compared to its average volume of 1,064,771. The firm has a market cap of $16.49 billion, a PE ratio of 18.63, a P/E/G ratio of 1.40 and a beta of 1.23. Textron Inc. has a fifty-two week low of $74.13 and a fifty-two week high of $97.33. The company has a quick ratio of 0.81, a current ratio of 1.79 and a debt-to-equity ratio of 0.47. The company has a 50-day simple moving average of $87.37 and a 200-day simple moving average of $88.57.

Textron (NYSE:TXT) last posted its quarterly earnings data on Thursday, July 18th. The aerospace company reported $1.54 EPS for the quarter, beating 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 business had revenue of $3.53 billion during the quarter, compared to analysts’ expectations of $3.56 billion. During the same period in the previous year, the business earned $1.46 earnings per share. The business’s revenue was up 3.0% compared to the same quarter last year. As a group, analysts predict that Textron Inc. will post 6.15 earnings per share for the current year.

Textron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.09%. Textron’s dividend payout ratio is currently 1.69%.

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.