Textron (NYSE:TXT) Downgraded by Bank of America to “Neutral”

Textron (NYSE:TXTGet Free Report) was downgraded by Bank of America from a “buy” rating to a “neutral” rating in a research report issued on Friday, Marketbeat.com reports. They currently have a $85.00 price objective on the aerospace company’s stock, down from their prior price objective of $110.00. Bank of America‘s price objective indicates a potential upside of 10.07% from the stock’s previous close.

A number of other equities research analysts have also issued reports on TXT. Morgan Stanley dropped their target price on shares of Textron from $86.00 to $82.00 and set an “equal weight” rating for the company in a report on Thursday. TD Cowen raised shares of Textron to a “hold” rating in a research note on Thursday, December 19th. Citigroup decreased their target price on shares of Textron from $118.00 to $111.00 and set a “buy” rating on the stock in a research note on Tuesday, January 21st. Robert W. Baird dropped their price target on Textron from $100.00 to $92.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Barclays reduced their price objective on Textron from $104.00 to $95.00 and set an “overweight” rating on the stock in a research report on Monday, December 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $93.45.

Check Out Our Latest Stock Analysis on TXT

Textron Stock Down 1.3 %

TXT opened at $77.22 on Friday. The company has a market cap of $14.33 billion, a PE ratio of 17.92, a price-to-earnings-growth ratio of 1.27 and a beta of 1.27. Textron has a twelve month low of $74.89 and a twelve month high of $97.33. The company has a 50-day moving average price of $79.88 and a 200 day moving average price of $84.90. The company has a quick ratio of 0.82, a current ratio of 1.83 and a debt-to-equity ratio of 0.40.

Textron (NYSE:TXTGet Free Report) last released its earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.07. Textron had a return on equity of 14.92% and a net margin of 6.01%. The business had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3,778,060 billion. During the same quarter last year, the business posted $1.60 earnings per share. The business’s quarterly revenue was down 7.2% compared to the same quarter last year. Sell-side analysts expect that Textron will post 6.15 earnings per share for the current fiscal year.

Institutional Trading of Textron

Hedge funds and other institutional investors have recently modified their holdings of the business. Brandes Investment Partners LP raised its stake in shares of Textron by 20.0% in the 2nd quarter. Brandes Investment Partners LP now owns 1,549,551 shares of the aerospace company’s stock valued at $133,096,000 after acquiring an additional 258,778 shares during the period. AQR Capital Management LLC increased its holdings in Textron by 18.9% in the 2nd quarter. AQR Capital Management LLC now owns 1,451,293 shares of the aerospace company’s stock valued at $124,608,000 after purchasing an additional 231,173 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in Textron by 3.3% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 511,770 shares of the aerospace company’s stock valued at $39,145,000 after purchasing an additional 16,359 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its stake in Textron by 0.9% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 471,039 shares of the aerospace company’s stock worth $41,725,000 after purchasing an additional 4,327 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Textron by 18.0% during the third quarter. Wellington Management Group LLP now owns 401,475 shares of the aerospace company’s stock worth $35,563,000 after buying an additional 61,248 shares during the period. 86.03% of the stock is owned by institutional investors and hedge funds.

About Textron

(Get Free Report)

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.

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Analyst Recommendations for Textron (NYSE:TXT)

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