Exchange Traded Concepts LLC Grows Stake in Textron Inc. (NYSE:TXT)

Exchange Traded Concepts LLC raised its stake in Textron Inc. (NYSE:TXT) by 2,211.2% during the third quarter, Holdings Channel reports. The fund owned 2,473 shares of the aerospace company’s stock after buying an additional 2,366 shares during the period. Exchange Traded Concepts LLC’s holdings in Textron were worth $219,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of TXT. Wellington Management Group LLP raised its position in shares of Textron by 3.9% in the fourth quarter. Wellington Management Group LLP now owns 407,233 shares of the aerospace company’s stock valued at $32,750,000 after purchasing an additional 15,162 shares during the period. Park Avenue Securities LLC raised its position in shares of Textron by 73.8% in the first quarter. Park Avenue Securities LLC now owns 10,679 shares of the aerospace company’s stock valued at $1,024,000 after purchasing an additional 4,535 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Textron by 7.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 17,907 shares of the aerospace company’s stock valued at $1,718,000 after purchasing an additional 1,316 shares during the period. Lincoln Capital Corp raised its position in shares of Textron by 1.4% in the first quarter. Lincoln Capital Corp now owns 33,953 shares of the aerospace company’s stock valued at $3,257,000 after purchasing an additional 469 shares during the period. Finally, Capital Asset Advisory Services LLC bought a new stake in shares of Textron in the first quarter valued at approximately $286,000. Institutional investors own 86.03% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TXT. Bank of America boosted their price target on shares of Textron from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. StockNews.com lowered shares of Textron from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 12th. UBS Group upped their target price on shares of Textron from $84.00 to $87.00 and gave the stock a “sell” rating in a report on Friday, July 19th. Citigroup upped their target price on shares of Textron from $111.00 to $115.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Finally, TD Cowen lowered shares of Textron from a “buy” rating to a “hold” rating and decreased their target price for the stock from $103.00 to $95.00 in a report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $102.75.

Textron Price Performance

Shares of Textron stock opened at $89.39 on Tuesday. Textron Inc. has a 52-week low of $74.13 and a 52-week high of $97.33. The stock has a market capitalization of $16.75 billion, a price-to-earnings ratio of 18.94, a price-to-earnings-growth ratio of 1.47 and a beta of 1.23. The company has a fifty day moving average of $87.80 and a 200-day moving average of $88.35. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.81 and a current ratio of 1.79.

Textron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given 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 yield of 0.09%. Textron’s payout ratio is currently 1.69%.

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.