Textron Inc. (NYSE:TXT) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp grew its holdings in shares of Textron Inc. (NYSE:TXT) by 0.4% in the second quarter, according to its most recent filing with the SEC. The firm owned 1,398,779 shares of the aerospace company’s stock after acquiring an additional 6,175 shares during the quarter. Bank of New York Mellon Corp’s holdings in Textron were worth $120,099,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in TXT. True Vision MN LLC lifted its holdings in shares of Textron by 2.5% in the first quarter. True Vision MN LLC now owns 5,352 shares of the aerospace company’s stock valued at $513,000 after buying an additional 133 shares during the period. Czech National Bank lifted its holdings in shares of Textron by 0.5% in the first quarter. Czech National Bank now owns 34,487 shares of the aerospace company’s stock valued at $3,308,000 after buying an additional 157 shares during the period. Altman Advisors Inc. lifted its holdings in shares of Textron by 0.8% in the fourth quarter. Altman Advisors Inc. now owns 21,357 shares of the aerospace company’s stock valued at $1,718,000 after buying an additional 159 shares during the period. Pinnacle Associates Ltd. lifted its holdings in shares of Textron by 0.6% in the first quarter. Pinnacle Associates Ltd. now owns 30,614 shares of the aerospace company’s stock valued at $2,937,000 after buying an additional 181 shares during the period. Finally, Wright Investors Service Inc. lifted its holdings in shares of Textron by 1.8% in the first quarter. Wright Investors Service Inc. now owns 10,189 shares of the aerospace company’s stock valued at $977,000 after buying an additional 184 shares during the period. Institutional investors and hedge funds own 86.03% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on TXT shares. Citigroup upped their price objective on Textron from $111.00 to $115.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Bank of America upped their price objective on Textron from $105.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. UBS Group upped their price objective on Textron from $84.00 to $87.00 and gave the company a “sell” rating in a report on Friday, July 19th. Morgan Stanley downgraded Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 target price for the company. in a report on Thursday, August 8th. Finally, TD Cowen upped their target price 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 assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $102.50.

Textron Stock Down 0.6 %

NYSE:TXT opened at $89.53 on Wednesday. The firm has a market capitalization of $16.77 billion, a price-to-earnings ratio of 19.13, a PEG ratio of 1.41 and a beta of 1.25. Textron Inc. has a 1-year low of $74.13 and a 1-year high of $97.33. The company has a current ratio of 1.79, a quick ratio of 0.81 and a debt-to-equity ratio of 0.47. The business’s fifty day moving average price is $88.10 and its 200 day moving average price is $89.16.

Textron (NYSE:TXT) last posted its quarterly earnings results on Thursday, July 18th. The aerospace company reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.48 by $0.06. The firm had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.56 billion. Textron had a return on equity of 16.41% and a net margin of 6.67%. Textron’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.46 earnings per share. On average, sell-side analysts forecast that Textron Inc. will post 6.27 earnings per share for the current fiscal year.

Textron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.09%. The ex-dividend date is Friday, September 13th. Textron’s payout ratio is 1.71%.

Textron 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.