Balyasny Asset Management LLC Takes Position in Textron Inc. (NYSE:TXT)

Posted by Defense World Staff on Mar 15th, 2023

Balyasny Asset Management LLC bought a new stake in shares of Textron Inc. (NYSE:TXT – Get Rating) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 570,701 shares of the aerospace company’s stock, valued at approximately $33,249,000. Balyasny Asset Management LLC owned approximately 0.27% of Textron at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Coston McIsaac & Partners purchased a new position in shares of Textron during the 2nd quarter valued at approximately $26,000. Lazard Asset Management LLC purchased a new position in Textron in the 1st quarter valued at $40,000. Point72 Hong Kong Ltd purchased a new position in Textron in the 3rd quarter valued at $46,000. McClarren Financial Advisors Inc. purchased a new position in Textron in the 3rd quarter valued at $52,000. Finally, Ronald Blue Trust Inc. purchased a new position in Textron in the 2nd quarter valued at $69,000. Hedge funds and other institutional investors own 84.69% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on TXT. StockNews.com upgraded Textron from a “buy” rating to a “strong-buy” rating in a report on Tuesday. The Goldman Sachs Group raised their target price on Textron from $84.00 to $93.00 and gave the stock a “buy” rating in a research note on Thursday, December 15th. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $81.67.

Insider Buying and Selling at Textron

In other news, CEO Scott C. Donnelly sold 222,319 shares of Textron stock in a transaction dated Tuesday, February 21st. The stock was sold at an average price of $73.35, for a total value of $16,307,098.65. Following the completion of the transaction, the chief executive officer now owns 683,136 shares in the company, valued at approximately $50,108,025.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Scott C. Donnelly sold 222,319 shares of Textron stock in a transaction dated Tuesday, February 21st. The stock was sold at an average price of $73.35, for a total value of $16,307,098.65. Following the completion of the transaction, the chief executive officer now owns 683,136 shares in the company, valued at approximately $50,108,025.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Frank T. Connor sold 63,361 shares of Textron stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $73.35, for a total value of $4,647,529.35. Following the completion of the transaction, the chief financial officer now owns 151,455 shares of the company’s stock, valued at approximately $11,109,224.25. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

Textron Stock Performance

NYSE TXT opened at $68.19 on Wednesday. The company has a market cap of $13.89 billion, a P/E ratio of 17.00, a P/E/G ratio of 1.24 and a beta of 1.49. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.19 and a quick ratio of 1.22. The stock has a 50-day moving average of $72.19 and a two-hundred day moving average of $68.45. Textron Inc. has a 1-year low of $57.11 and a 1-year high of $76.11.

Textron (NYSE:TXT – Get Rating) last released its earnings results on Wednesday, January 25th. The aerospace company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.06. The company had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.60 billion. Textron had a return on equity of 12.50% and a net margin of 6.69%. Textron’s revenue was up 9.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.94 EPS. As a group, analysts anticipate that Textron Inc. will post 4.98 EPS for the current year.

Textron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, April 1st. Shareholders of record on Friday, March 10th will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.12%. The ex-dividend date of this dividend is Thursday, March 9th. Textron’s dividend payout ratio is currently 2.00%.

About Textron

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Textron, Inc is a multi-industry company, which leverages a global network of aircraft, defense, industrial, and finance businesses to provide customers innovative solutions and services. The company operates its business through the following segments: Textron Aviation, Bell, Textron Systems, Industrial, and Finance.