State of Michigan Retirement System Sells 1,800 Shares of Textron Inc. (NYSE:TXT)

State of Michigan Retirement System decreased its stake in shares of Textron Inc. (NYSE:TXT) by 3.0% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 58,671 shares of the aerospace company’s stock after selling 1,800 shares during the period. State of Michigan Retirement System’s holdings in Textron were worth $5,037,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. Wedge Capital Management L L P NC bought a new stake in shares of Textron in the 2nd quarter valued at about $64,319,000. LSV Asset Management raised its stake in Textron by 15.9% during the fourth quarter. LSV Asset Management now owns 3,793,047 shares of the aerospace company’s stock valued at $305,037,000 after buying an additional 521,276 shares during the last quarter. Ferguson Wellman Capital Management Inc. purchased a new stake in Textron during the 1st quarter valued at about $45,932,000. Brandes Investment Partners LP increased its position in shares of Textron by 49.3% during the fourth quarter. Brandes Investment Partners LP now owns 1,235,966 shares of the aerospace company’s stock valued at $99,396,000 after acquiring an additional 408,290 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake 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 valued at $41,547,000 after acquiring an additional 407,800 shares during the period. Institutional investors own 86.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on TXT. 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 research note on Friday, July 19th. Bank of America raised their price target on Textron from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Morgan Stanley downgraded Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 price target for the company. in a research report on Thursday, August 8th. Citigroup lifted their target price on Textron from $111.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Finally, TD Cowen lifted their price objective on Textron from $100.00 to $103.00 and gave the company a “buy” rating in a report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $102.50.

Textron Stock Performance

NYSE TXT traded down $0.35 during trading hours on Tuesday, reaching $89.71. The stock had a trading volume of 16,059 shares, compared to its average volume of 1,088,459. Textron Inc. has a 52-week low of $74.13 and a 52-week high of $97.33. The stock has a market cap of $16.81 billion, a P/E ratio of 19.24, a price-to-earnings-growth ratio of 1.41 and a beta of 1.25. The stock has a fifty day moving average of $88.03 and a 200 day moving average of $89.14. 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 (NYSE:TXT) last announced its quarterly earnings results on Thursday, July 18th. The aerospace company reported $1.54 earnings per share (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 company had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.56 billion. During the same period in the previous year, the company posted $1.46 earnings per share. Textron’s revenue for the quarter was up 3.0% on a year-over-year basis. Sell-side analysts predict that Textron Inc. will post 6.27 earnings per share for the current year.

Textron Announces Dividend

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

Textron Company 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.