Wealth Alliance Decreases Stake in Textron Inc. (NYSE:TXT)

Wealth Alliance lessened its stake in shares of Textron Inc. (NYSE:TXT) by 44.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,340 shares of the aerospace company’s stock after selling 1,896 shares during the quarter. Wealth Alliance’s holdings in Textron were worth $201,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Envestnet Portfolio Solutions Inc. grew its holdings in Textron by 11.7% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 3,677 shares of the aerospace company’s stock worth $296,000 after acquiring an additional 384 shares during the last quarter. Avantax Advisory Services Inc. purchased a new position in Textron during the 4th quarter valued at about $201,000. Janney Montgomery Scott LLC raised its position in Textron by 21.2% during the 4th quarter. Janney Montgomery Scott LLC now owns 27,338 shares of the aerospace company’s stock valued at $2,199,000 after purchasing an additional 4,789 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in Textron by 55.9% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 5,829 shares of the aerospace company’s stock worth $469,000 after buying an additional 2,091 shares during the period. Finally, UBS Group AG grew its position in shares of Textron by 62.5% in the 4th quarter. UBS Group AG now owns 463,574 shares of the aerospace company’s stock worth $37,281,000 after buying an additional 178,321 shares during the last quarter. Institutional investors own 86.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on TXT. Citigroup raised their price target on Textron from $111.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. TD Cowen lifted their target price on shares of Textron from $100.00 to $103.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Bank of America increased their price target on shares of Textron from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. StockNews.com downgraded Textron from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 12th. Finally, UBS Group raised their target price on Textron from $84.00 to $87.00 and gave the company a “sell” rating in a research note on Friday, July 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $102.50.

Textron Price Performance

Shares of NYSE TXT opened at $87.91 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.81 and a current ratio of 1.79. The company has a 50 day simple moving average of $88.82 and a two-hundred day simple moving average of $89.33. Textron Inc. has a fifty-two week low of $74.13 and a fifty-two week high of $97.33. The company has a market capitalization of $16.76 billion, a price-to-earnings ratio of 18.78, a P/E/G ratio of 1.40 and a beta of 1.23.

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

Textron Announces Dividend

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

Textron 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.