Iridian Asset Management LLC CT acquired a new position in Textron Inc. (NYSE:TXT) during the first quarter, Holdings Channel reports. The fund acquired 3,639 shares of the aerospace company’s stock, valued at approximately $184,000.
Several other institutional investors have also recently modified their holdings of TXT. Osborn Williams & Donohoe LLC purchased a new stake in Textron during the 1st quarter worth approximately $25,000. Oregon Public Employees Retirement Fund grew its position in Textron by 4,444.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,274,199 shares of the aerospace company’s stock worth $28,000 after purchasing an additional 1,246,159 shares during the last quarter. Lake Point Wealth Management purchased a new stake in Textron during the 4th quarter worth approximately $28,000. Essex Savings Bank purchased a new stake in Textron during the 4th quarter worth approximately $29,000. Finally, North Star Investment Management Corp. purchased a new stake in Textron during the 1st quarter worth approximately $36,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.
TXT stock opened at $49.46 on Wednesday. The firm has a market capitalization of $11.43 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 1.06 and a beta of 1.65. The company has a current ratio of 2.17, a quick ratio of 0.99 and a debt-to-equity ratio of 0.67. Textron Inc. has a 12 month low of $43.27 and a 12 month high of $72.87.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.16%. The ex-dividend date is Thursday, June 13th. Textron’s dividend payout ratio is currently 2.40%.
In related news, CFO Frank T. Connor sold 72,732 shares of the business’s stock in a transaction on Monday, February 25th. The shares were sold at an average price of $55.17, for a total value of $4,012,624.44. Following the completion of the transaction, the chief financial officer now directly owns 186,456 shares in the company, valued at approximately $10,286,777.52. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Mark S. Bamford sold 4,500 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $54.75, for a total transaction of $246,375.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 458,112 shares of company stock valued at $25,222,635. Company insiders own 1.40% of the company’s stock.
Several analysts have recently commented on TXT shares. ValuEngine downgraded shares of Textron from a “hold” rating to a “sell” rating in a report on Thursday, March 7th. Credit Suisse Group started coverage on shares of Textron in a report on Monday, April 1st. They issued a “neutral” rating and a $50.00 price objective on the stock. Cowen reaffirmed a “buy” rating and issued a $62.00 price objective on shares of Textron in a report on Wednesday, February 27th. TheStreet raised shares of Textron from a “c+” rating to a “b” rating in a report on Thursday, January 31st. Finally, Zacks Investment Research raised shares of Textron from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a report on Saturday, February 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. Textron presently has an average rating of “Hold” and an average target price of $64.60.
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Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. The company's Textron Aviation segment manufactures and sells business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and commercial parts, as well as provides maintenance, inspection, and repair services.
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