Textron Inc. (NYSE:TXT) Holdings Lowered by Garden State Investment Advisory Services LLC

Garden State Investment Advisory Services LLC cut its stake in Textron Inc. (NYSE:TXT) by 36.5% in the 2nd quarter, HoldingsChannel reports. The fund owned 3,120 shares of the aerospace company’s stock after selling 1,796 shares during the period. Garden State Investment Advisory Services LLC’s holdings in Textron were worth $268,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Innealta Capital LLC acquired a new position in Textron during the second quarter worth about $25,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Textron in the 2nd quarter worth approximately $30,000. Oakworth Capital Inc. bought a new stake in shares of Textron in the 2nd quarter worth approximately $31,000. Family Firm Inc. bought a new stake in shares of Textron in the 2nd quarter worth approximately $40,000. Finally, Truvestments Capital LLC bought a new stake in Textron during the first quarter worth approximately $48,000. Institutional investors and hedge funds own 86.03% of the company’s stock.

Textron Trading Down 1.2 %

Shares of NYSE TXT opened at $87.91 on Friday. The company has a current ratio of 1.79, a quick ratio of 0.81 and a debt-to-equity ratio of 0.47. Textron Inc. has a one year low of $74.13 and a one year high of $97.33. The business has a 50-day moving average price of $88.80 and a two-hundred day moving average price of $89.32. The firm has a market capitalization of $16.76 billion, a PE ratio of 18.78, a PEG ratio of 1.40 and a beta of 1.23.

Textron (NYSE:TXT) last posted its quarterly earnings results on Thursday, July 18th. The aerospace company reported $1.54 EPS for the quarter, topping the consensus estimate of $1.48 by $0.06. Textron had a net margin of 6.67% and a return on equity of 16.41%. The business had revenue of $3.53 billion during the quarter, compared to analysts’ expectations of $3.56 billion. During the same period last year, the company posted $1.46 earnings per share. The firm’s quarterly revenue was up 3.0% compared to the same quarter last year. As a group, analysts predict that Textron Inc. will post 6.27 earnings per share for the current fiscal year.

Textron Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on TXT shares. Morgan Stanley cut Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 price target on the stock. in a report on Thursday, August 8th. StockNews.com lowered Textron from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 12th. UBS Group increased their price target on Textron from $84.00 to $87.00 and gave the company a “sell” rating in a research report on Friday, July 19th. Bank of America boosted their price objective on Textron from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Finally, Citigroup raised their target price on shares of Textron from $111.00 to $115.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. One equities research 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.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.50.

About Textron

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.