New York State Teachers Retirement System lessened its holdings in Textron Inc. (NYSE:TXT) by 9.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 324,712 shares of the aerospace company’s stock after selling 32,714 shares during the period. New York State Teachers Retirement System’s holdings in Textron were worth $16,450,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. lifted its position in shares of Textron by 117.3% in the third quarter. JPMorgan Chase & Co. now owns 620,660 shares of the aerospace company’s stock valued at $44,357,000 after acquiring an additional 335,095 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Textron by 7.1% in the third quarter. Legal & General Group Plc now owns 1,117,894 shares of the aerospace company’s stock valued at $79,895,000 after acquiring an additional 74,399 shares in the last quarter. Virtu Financial LLC lifted its position in shares of Textron by 163.0% in the fourth quarter. Virtu Financial LLC now owns 17,650 shares of the aerospace company’s stock valued at $812,000 after acquiring an additional 10,939 shares in the last quarter. NuWave Investment Management LLC lifted its position in shares of Textron by 489.6% in the fourth quarter. NuWave Investment Management LLC now owns 6,079 shares of the aerospace company’s stock valued at $279,000 after acquiring an additional 5,048 shares in the last quarter. Finally, Strs Ohio lifted its position in shares of Textron by 4.7% in the fourth quarter. Strs Ohio now owns 196,623 shares of the aerospace company’s stock valued at $9,042,000 after acquiring an additional 8,841 shares in the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.
TXT has been the topic of several recent research reports. TheStreet upgraded Textron from a “c+” rating to a “b” rating in a research report on Thursday, January 31st. Zacks Investment Research upgraded Textron from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a research report on Saturday, February 2nd. Cowen restated a “buy” rating and issued a $62.00 price objective on shares of Textron in a research report on Wednesday, February 27th. Credit Suisse Group initiated coverage on Textron in a research report on Monday, April 1st. They issued a “neutral” rating and a $50.00 price objective on the stock. Finally, ValuEngine downgraded Textron from a “hold” rating to a “sell” rating in a research report on Thursday, March 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $64.60.
Textron (NYSE:TXT) last announced its quarterly earnings results on Wednesday, April 17th. The aerospace company reported $0.76 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.06. The company had revenue of $31.09 million during the quarter, compared to analyst estimates of $3.17 billion. Textron had a return on equity of 15.66% and a net margin of 8.79%. The firm’s revenue was down 99.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.72 earnings per share. Research analysts predict that Textron Inc. will post 3.7 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.02 per share. The ex-dividend date is Thursday, June 13th. This represents a $0.08 annualized dividend and a yield of 0.16%. Textron’s dividend payout ratio is presently 2.40%.
In other Textron news, CFO Frank T. Connor sold 72,732 shares of the company’s stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $55.17, for a total transaction of $4,012,624.44. Following the completion of the sale, the chief financial officer now directly owns 186,456 shares in the company, valued at $10,286,777.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Mark S. Bamford sold 4,500 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $54.75, for a total value of $246,375.00. The disclosure for this sale can be found here. Insiders have sold 458,112 shares of company stock valued at $25,222,635 over the last 90 days. 1.40% of the stock is currently owned by insiders.
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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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