Textron Inc. (NYSE:TXT) Stock Position Lowered by Victory Capital Management Inc.

Victory Capital Management Inc. lessened its stake in shares of Textron Inc. (NYSE:TXT) by 9.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,576,323 shares of the aerospace company’s stock after selling 558,955 shares during the period. Textron comprises 0.5% of Victory Capital Management Inc.’s investment portfolio, making the stock its 26th largest holding. Victory Capital Management Inc. owned about 3.01% of Textron worth $493,951,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of TXT. Innealta Capital LLC bought a new position in Textron in the 2nd quarter worth $25,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Textron during the 2nd quarter worth approximately $30,000. Oakworth Capital Inc. acquired a new stake in shares of Textron in the second quarter valued at $31,000. Family Firm Inc. bought a new position in shares of Textron in the second quarter worth about $40,000. Finally, Capital Performance Advisors LLP bought a new position in Textron in the 3rd quarter valued at $42,000. Hedge funds and other institutional investors own 86.03% of the company’s stock.

Textron Price Performance

Shares of TXT traded down $0.96 during midday trading on Tuesday, hitting $87.14. The company’s stock had a trading volume of 127,995 shares, compared to its average volume of 1,078,900. The company has a quick ratio of 0.82, a current ratio of 1.83 and a debt-to-equity ratio of 0.46. Textron Inc. has a one year low of $74.13 and a one year high of $97.33. The stock has a market capitalization of $16.17 billion, a price-to-earnings ratio of 19.36, a price-to-earnings-growth ratio of 1.58 and a beta of 1.24. The company’s fifty day simple moving average is $86.49 and its two-hundred day simple moving average is $87.31.

Textron (NYSE:TXT) last posted its earnings results on Thursday, October 24th. The aerospace company reported $1.40 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.09). The company had revenue of $3.43 billion during the quarter, compared to the consensus estimate of $3.50 billion. Textron had a return on equity of 16.02% and a net margin of 6.30%. The firm’s revenue was up 2.5% compared to the same quarter last year. During the same period last year, the company posted $1.49 EPS. As a group, equities analysts expect that Textron Inc. will post 5.52 earnings per share for the current fiscal year.

Textron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.09%. The ex-dividend date is Friday, December 13th. Textron’s dividend payout ratio (DPR) is 1.76%.

Analysts Set New Price Targets

A number of analysts have recently commented on TXT shares. Bank of America upped their price target on Textron from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. UBS Group dropped their price objective on Textron from $87.00 to $79.00 and set a “sell” rating on the stock in a research note on Friday, October 25th. Robert W. Baird cut their target price on shares of Textron from $109.00 to $100.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Citigroup upped their price target on shares of Textron from $111.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Finally, StockNews.com cut Textron from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $101.56.

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.