Truist Financial Corp Reduces Stock Position in Textron Inc. (NYSE:TXT)

Truist Financial Corp cut its stake in shares of Textron Inc. (NYSE:TXT) by 39.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 21,193 shares of the aerospace company’s stock after selling 13,965 shares during the period. Truist Financial Corp’s holdings in Textron were worth $1,820,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Boston Partners increased its position in Textron by 1.4% during the first quarter. Boston Partners now owns 7,116,231 shares of the aerospace company’s stock valued at $682,475,000 after acquiring an additional 99,868 shares during the last quarter. LSV Asset Management increased its position in shares of Textron by 6.9% during the 1st quarter. LSV Asset Management now owns 4,053,050 shares of the aerospace company’s stock valued at $388,809,000 after purchasing an additional 260,003 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Textron by 6.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,808,600 shares of the aerospace company’s stock worth $241,152,000 after purchasing an additional 160,923 shares during the period. Brandes Investment Partners LP lifted 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 worth $133,096,000 after purchasing an additional 258,778 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in shares of Textron by 18.9% in the second quarter. AQR Capital Management LLC now owns 1,451,293 shares of the aerospace company’s stock worth $124,608,000 after buying an additional 231,173 shares during the last quarter. 86.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on TXT. TD Cowen cut shares of Textron from a “buy” rating to a “hold” rating and reduced their target price for the company from $103.00 to $95.00 in a report on Wednesday, September 25th. Morgan Stanley cut Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 target price on the stock. in a report on Thursday, August 8th. Bank of America boosted their price target on Textron from $105.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. StockNews.com downgraded Textron from a “strong-buy” rating to a “buy” rating in a research note on Thursday, September 12th. Finally, Citigroup boosted their price objective on Textron from $111.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Textron has an average rating of “Hold” and an average price target of $101.50.

Textron Stock Up 1.9 %

NYSE TXT opened at $87.96 on Friday. Textron Inc. has a 12 month low of $74.13 and a 12 month high of $97.33. The company has a current ratio of 1.79, a quick ratio of 0.81 and a debt-to-equity ratio of 0.47. The stock has a market cap of $16.77 billion, a PE ratio of 18.79, a P/E/G ratio of 1.39 and a beta of 1.23. The stock’s 50 day moving average is $87.37 and its 200 day moving average is $88.68.

Textron (NYSE:TXT) last released its earnings results on Thursday, July 18th. The aerospace company reported $1.54 EPS for the quarter, topping the consensus estimate of $1.48 by $0.06. The firm had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.56 billion. Textron had a net margin of 6.67% and a return on equity of 16.41%. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.46 earnings per share. Research analysts predict that Textron Inc. will post 6.18 EPS for the current fiscal year.

Textron Announces Dividend

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

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.