CIBC Asset Management Inc Purchases 1,728 Shares of Textron Inc. (NYSE:TXT)

CIBC Asset Management Inc lifted its position in shares of Textron Inc. (NYSE:TXT) by 6.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,528 shares of the aerospace company’s stock after purchasing an additional 1,728 shares during the period. CIBC Asset Management Inc’s holdings in Textron were worth $2,438,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Innealta Capital LLC bought a new stake in Textron during the 2nd quarter worth approximately $25,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Textron in the second quarter worth $30,000. Oakworth Capital Inc. acquired a new stake in Textron in the second quarter valued at $31,000. Family Firm Inc. bought a new position in Textron during the 2nd quarter worth $40,000. Finally, Capital Performance Advisors LLP acquired a new position in Textron during the 3rd quarter worth about $42,000. Institutional investors and hedge funds own 86.03% of the company’s stock.

Textron Stock Performance

Shares of TXT opened at $81.25 on Wednesday. The stock has a 50-day moving average of $86.22 and a 200-day moving average of $87.28. Textron Inc. has a one year low of $74.13 and a one year high of $97.33. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.83 and a quick ratio of 0.82. The company has a market cap of $15.07 billion, a PE ratio of 17.86, a P/E/G ratio of 1.53 and a beta of 1.24.

Textron (NYSE:TXT) last released its quarterly earnings data on Thursday, October 24th. The aerospace company reported $1.40 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.09). Textron had a net margin of 6.30% and a return on equity of 16.02%. The firm had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.50 billion. During the same quarter in the prior year, the firm earned $1.49 EPS. The company’s revenue was up 2.5% compared to the same quarter last year. On average, equities research analysts predict that Textron Inc. will post 5.52 EPS for the current fiscal year.

Textron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date of this dividend is Friday, December 13th. Textron’s dividend payout ratio (DPR) is 1.76%.

Analyst Ratings Changes

Several brokerages have recently weighed in on TXT. StockNews.com cut Textron from a “strong-buy” rating to a “buy” rating in a research note on Thursday, September 12th. Bank of America boosted their price target on shares of Textron from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Robert W. Baird decreased their price objective on shares of Textron from $109.00 to $100.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. JPMorgan Chase & Co. dropped their target price on shares of Textron from $100.00 to $95.00 and set a “neutral” rating on the stock in a report on Monday, October 14th. Finally, Morgan Stanley downgraded Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 price target for the company. in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Textron currently has a consensus rating of “Moderate Buy” and an average price target of $101.56.

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.