Textron (NYSE:TXT) Downgraded to “Hold” at TD Cowen

TD Cowen cut shares of Textron (NYSE:TXT) from a buy rating to a hold rating in a research note published on Wednesday, MarketBeat Ratings reports. They currently have $95.00 price target on the aerospace company’s stock, down from their prior price target of $103.00.

Several other brokerages also recently weighed in on TXT. Citigroup lifted their target price on shares of Textron from $111.00 to $115.00 and gave the company a buy rating in a report on Monday, July 22nd. Bank of America lifted 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 increased their target price on Textron from $84.00 to $87.00 and gave the stock a sell rating in a research note on Friday, July 19th. Morgan Stanley downgraded Textron from an overweight rating to an equal weight rating and set a $95.00 price target on the stock. in a research note on Thursday, August 8th. Finally, StockNews.com lowered Textron from a strong-buy rating to a buy rating in a report on Thursday, September 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and an average target price of $101.50.

Textron Price Performance

Shares of TXT opened at $85.49 on Wednesday. The company has a market capitalization of $16.30 billion, a price-to-earnings ratio of 18.27, a price-to-earnings-growth ratio of 1.38 and a beta of 1.23. Textron has a fifty-two week low of $74.13 and a fifty-two week high of $97.33. The firm has a 50-day simple moving average of $88.44 and a 200-day simple moving average of $89.22. 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 (NYSE:TXT) last posted its quarterly earnings data on Thursday, July 18th. The aerospace company reported $1.54 earnings per share for the quarter, topping analysts’ consensus estimates of $1.48 by $0.06. The company had revenue of $3.53 billion during the quarter, compared to analysts’ expectations of $3.56 billion. Textron had a return on equity of 16.41% and a net margin of 6.67%. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period last year, the firm earned $1.46 EPS. On average, equities research analysts anticipate that Textron will post 6.26 earnings per share for the current year.

Textron Dividend Announcement

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

Institutional Investors Weigh In On Textron

A number of large investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC acquired a new stake in shares of Textron in the second quarter valued at approximately $4,284,000. Teachers Retirement System of The State of Kentucky grew its holdings in Textron by 20.7% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 330,337 shares of the aerospace company’s stock valued at $28,362,000 after buying an additional 56,544 shares during the last quarter. Delphi Management Inc. MA grew its holdings in Textron by 2.2% during the 2nd quarter. Delphi Management Inc. MA now owns 19,012 shares of the aerospace company’s stock valued at $1,632,000 after buying an additional 402 shares during the last quarter. Cetera Investment Advisers increased its position in Textron by 4.7% during the second quarter. Cetera Investment Advisers now owns 53,084 shares of the aerospace company’s stock worth $4,558,000 after buying an additional 2,400 shares in the last quarter. Finally, 3Chopt Investment Partners LLC acquired a new position in shares of Textron in the second quarter worth $483,000. 86.03% of the stock is owned by institutional investors and hedge funds.

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.