UBS Group Lowers Textron (NYSE:TXT) Price Target to $79.00

Textron (NYSE:TXT) had its price target reduced by equities research analysts at UBS Group from $87.00 to $79.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “sell” rating on the aerospace company’s stock. UBS Group’s price target indicates a potential downside of 4.07% from the stock’s current price.

Several other analysts also recently commented on the company. StockNews.com downgraded Textron from a “strong-buy” rating to a “buy” rating in a research note on Thursday, September 12th. Robert W. Baird reduced their price objective on Textron from $109.00 to $100.00 and set an “outperform” rating for the company in a report on Friday. JPMorgan Chase & Co. lowered their target price on shares of Textron from $100.00 to $95.00 and set a “neutral” rating on the stock in a research note on Monday, October 14th. TD Cowen lowered shares of Textron from a “buy” rating to a “hold” rating and reduced their price target for the stock from $103.00 to $95.00 in a research note on Wednesday, September 25th. Finally, Citigroup boosted their price objective on shares of Textron from $111.00 to $115.00 and gave the company a “buy” rating in a report on Monday, July 22nd. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.56.

Textron Trading Up 1.1 %

NYSE TXT opened at $82.35 on Friday. The firm has a market capitalization of $15.43 billion, a PE ratio of 17.45, a P/E/G ratio of 1.43 and a beta of 1.23. The stock’s 50 day moving average is $87.70 and its 200 day moving average is $88.03. Textron has a twelve month low of $74.13 and a twelve month high of $97.33. The company has a quick ratio of 0.81, a current ratio of 1.79 and a debt-to-equity ratio of 0.47.

Textron (NYSE:TXT) last announced its earnings results on Thursday, October 24th. The aerospace company reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.06). Textron had a net margin of 6.67% and a return on equity of 16.41%. The business had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.50 billion. During the same period in the prior year, the business posted $1.49 EPS. Textron’s revenue for the quarter was up 2.5% on a year-over-year basis. Research analysts forecast that Textron will post 6.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. abrdn plc boosted its position in Textron by 2.9% during the 3rd quarter. abrdn plc now owns 73,417 shares of the aerospace company’s stock valued at $6,431,000 after acquiring an additional 2,075 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Textron by 37.9% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 24,620 shares of the aerospace company’s stock valued at $2,181,000 after purchasing an additional 6,766 shares in the last quarter. NorthCrest Asset Manangement LLC grew its stake in Textron by 10.6% in the third quarter. NorthCrest Asset Manangement LLC now owns 8,849 shares of the aerospace company’s stock valued at $784,000 after purchasing an additional 845 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Textron by 31.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,023 shares of the aerospace company’s stock valued at $1,055,000 after buying an additional 2,867 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Textron by 14.9% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 8,669 shares of the aerospace company’s stock valued at $768,000 after buying an additional 1,122 shares in the last quarter. Hedge funds and other institutional investors own 86.03% of the company’s stock.

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.