Arizona State Retirement System Cuts Stock Holdings in Textron Inc. (NYSE:TXT)

Arizona State Retirement System lowered its stake in shares of Textron Inc. (NYSE:TXT) by 0.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 54,421 shares of the aerospace company’s stock after selling 215 shares during the period. Arizona State Retirement System’s holdings in Textron were worth $4,163,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. raised its stake in Textron by 0.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,678,854 shares of the aerospace company’s stock worth $128,416,000 after purchasing an additional 7,610 shares during the period. Bank of New York Mellon Corp raised its stake in Textron by 7.9% during the fourth quarter. Bank of New York Mellon Corp now owns 1,428,377 shares of the aerospace company’s stock worth $109,257,000 after purchasing an additional 104,982 shares during the period. Robeco Institutional Asset Management B.V. raised its stake in Textron by 3.3% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 511,770 shares of the aerospace company’s stock worth $39,145,000 after purchasing an additional 16,359 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in Textron by 0.9% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 475,420 shares of the aerospace company’s stock worth $36,365,000 after purchasing an additional 4,381 shares during the period. Finally, Todd Asset Management LLC increased its position in shares of Textron by 1.8% in the fourth quarter. Todd Asset Management LLC now owns 470,292 shares of the aerospace company’s stock worth $35,973,000 after acquiring an additional 8,198 shares in the last quarter. Hedge funds and other institutional investors own 86.03% of the company’s stock.

Wall Street Analyst Weigh In

TXT has been the subject of several recent research reports. JPMorgan Chase & Co. dropped their price objective on shares of Textron from $90.00 to $88.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Barclays dropped their price objective on shares of Textron from $104.00 to $95.00 and set an “overweight” rating for the company in a research report on Monday, December 23rd. Bank of America lowered shares of Textron from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $110.00 to $85.00 in a research report on Friday, January 24th. Vertical Research raised shares of Textron from a “hold” rating to a “buy” rating and set a $91.00 price objective for the company in a research report on Monday, January 6th. Finally, Citigroup dropped their price objective on shares of Textron from $118.00 to $111.00 and set a “buy” rating for the company in a research report on Tuesday, January 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Textron has a consensus rating of “Moderate Buy” and a consensus price target of $93.45.

Textron Price Performance

TXT opened at $75.50 on Friday. The company has a fifty day simple moving average of $75.33 and a 200 day simple moving average of $81.78. The firm has a market cap of $13.71 billion, a price-to-earnings ratio of 17.52, a PEG ratio of 1.18 and a beta of 1.27. Textron Inc. has a twelve month low of $70.14 and a twelve month high of $97.33. The company has a current ratio of 1.76, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45.

Textron (NYSE:TXT) last released its quarterly earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.07. The business had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.78 billion. Textron had a net margin of 6.01% and a return on equity of 14.92%. The business’s revenue was down 7.2% on a year-over-year basis. During the same period last year, the business earned $1.60 EPS. Equities research analysts expect that Textron Inc. will post 6.12 EPS for the current fiscal year.

Textron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.11%. The ex-dividend date of this dividend is Friday, March 14th. Textron’s dividend payout ratio is currently 1.86%.

Insiders Place Their Bets

In other Textron news, VP Mark S. Bamford sold 5,451 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $72.68, for a total transaction of $396,178.68. Following the completion of the transaction, the vice president now directly owns 18,223 shares of the company’s stock, valued at $1,324,447.64. This trade represents a 23.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.70% of the stock is owned by company insiders.

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.