Prudential Financial Inc. Sells 15,019 Shares of Textron Inc. (NYSE:TXT)

Prudential Financial Inc. reduced its position in Textron Inc. (NYSE:TXT) by 12.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 110,233 shares of the aerospace company’s stock after selling 15,019 shares during the quarter. Prudential Financial Inc. owned approximately 0.06% of Textron worth $8,432,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of TXT. Merit Financial Group LLC boosted its holdings in Textron by 5.9% in the 4th quarter. Merit Financial Group LLC now owns 4,784 shares of the aerospace company’s stock worth $366,000 after buying an additional 265 shares during the period. Empowered Funds LLC boosted its stake in shares of Textron by 28.6% in the fourth quarter. Empowered Funds LLC now owns 20,132 shares of the aerospace company’s stock worth $1,540,000 after acquiring an additional 4,480 shares during the period. Franklin Resources Inc. grew its position in shares of Textron by 10.3% during the third quarter. Franklin Resources Inc. now owns 164,029 shares of the aerospace company’s stock worth $14,505,000 after purchasing an additional 15,294 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Textron by 44.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,390 shares of the aerospace company’s stock valued at $1,343,000 after purchasing an additional 5,367 shares during the period. Finally, Todd Asset Management LLC boosted its stake in Textron by 1.8% in the 4th quarter. Todd Asset Management LLC now owns 470,292 shares of the aerospace company’s stock worth $35,973,000 after purchasing an additional 8,198 shares during the period. 86.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on TXT. TD Cowen raised shares of Textron to a “hold” rating in a report on Monday, February 24th. 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 report on Tuesday, January 21st. Vertical Research raised Textron from a “hold” rating to a “buy” rating and set a $91.00 target price on the stock in a report on Monday, January 6th. Barclays dropped their price target on Textron from $104.00 to $95.00 and set an “overweight” rating for the company in a research note on Monday, December 23rd. Finally, JPMorgan Chase & Co. reduced their price objective on Textron from $90.00 to $88.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Textron presently has an average rating of “Moderate Buy” and an average price target of $93.45.

Textron Stock Performance

Textron stock opened at $72.92 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.76. The company has a market capitalization of $13.24 billion, a PE ratio of 16.92, a P/E/G ratio of 1.18 and a beta of 1.27. The company has a 50 day moving average price of $74.49 and a 200-day moving average price of $80.21. Textron Inc. has a fifty-two week low of $70.14 and a fifty-two week high of $97.34.

Textron (NYSE:TXT) last issued its earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.07. Textron had a net margin of 6.01% and a return on equity of 14.92%. The company had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.78 billion. During the same period in the prior year, the business earned $1.60 EPS. The firm’s quarterly revenue was down 7.2% on a year-over-year basis. As a group, equities analysts forecast that Textron Inc. will post 6.12 earnings per share for the current year.

Textron Dividend Announcement

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

Insider Transactions at Textron

In other Textron news, VP Mark S. Bamford sold 5,451 shares of Textron stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $72.68, for a total value of $396,178.68. Following the transaction, the vice president now owns 18,223 shares in the company, valued at $1,324,447.64. The trade was a 23.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.70% of the company’s stock.

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.