Wedbush Securities Inc. Raises Stake in Textron Inc. (NYSE:TXT)

Wedbush Securities Inc. increased its position in shares of Textron Inc. (NYSE:TXT) by 11.7% during the second quarter, HoldingsChannel.com reports. The fund owned 4,154 shares of the aerospace company’s stock after acquiring an additional 435 shares during the period. Wedbush Securities Inc.’s holdings in Textron were worth $357,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Principal Securities Inc. bought a new stake in shares of Textron during the 4th quarter worth $78,000. Envestnet Portfolio Solutions Inc. increased its position in shares of Textron by 11.7% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 3,677 shares of the aerospace company’s stock valued at $296,000 after purchasing an additional 384 shares during the last quarter. Avantax Advisory Services Inc. bought a new stake in Textron in the 4th quarter worth approximately $201,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Textron by 4.9% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 199,645 shares of the aerospace company’s stock worth $15,672,000 after buying an additional 9,389 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its stake in shares of Textron by 21.2% during the fourth quarter. Janney Montgomery Scott LLC now owns 27,338 shares of the aerospace company’s stock worth $2,199,000 after acquiring an additional 4,789 shares in the last quarter. Institutional investors own 86.03% of the company’s stock.

Textron Trading Up 0.9 %

Textron stock opened at $87.70 on Friday. The stock has a 50-day moving average of $88.66 and a two-hundred day moving average of $89.32. The stock has a market cap of $16.43 billion, a PE ratio of 18.74, a price-to-earnings-growth ratio of 1.37 and a beta of 1.23. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.81 and a current ratio of 1.79. Textron Inc. has a one year low of $74.13 and a one year high of $97.33.

Textron (NYSE:TXT) last posted its 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 during the quarter, compared to the consensus estimate of $3.56 billion. Textron had a net margin of 6.67% and a return on equity of 16.41%. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.46 EPS. On average, research analysts anticipate that Textron Inc. will post 6.27 EPS for the current fiscal year.

Textron Announces Dividend

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

Wall Street Analysts Forecast Growth

TXT has been the subject of several recent research reports. StockNews.com downgraded shares of Textron from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Morgan Stanley lowered Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 price objective for the company. in a research note on Thursday, August 8th. TD Cowen raised their target price on shares of Textron from $100.00 to $103.00 and gave the stock a “buy” rating in a report on Friday, July 19th. UBS Group increased their price target on shares of Textron from $84.00 to $87.00 and gave the company a “sell” rating in a research report on Friday, July 19th. Finally, Bank of America raised their target price on Textron from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Textron presently has a consensus rating of “Moderate Buy” and an average price target of $102.50.

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.