Retirement Systems of Alabama reduced its position in Textron Inc. (NYSE:TXT – Free Report) by 7.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 61,706 shares of the aerospace company’s stock after selling 5,176 shares during the period. Retirement Systems of Alabama’s holdings in Textron were worth $4,358,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in TXT. Man Group plc purchased a new position in Textron in the 4th quarter worth approximately $64,467,000. National Bank of Canada FI grew its position in Textron by 2,478.9% in the 4th quarter. National Bank of Canada FI now owns 661,074 shares of the aerospace company’s stock worth $46,804,000 after purchasing an additional 635,440 shares during the period. Mariner LLC grew its position in Textron by 2,973.5% in the 1st quarter. Mariner LLC now owns 471,666 shares of the aerospace company’s stock worth $35,083,000 after purchasing an additional 456,320 shares during the period. Bank of America Corp DE grew its position in Textron by 37.2% in the 4th quarter. Bank of America Corp DE now owns 1,467,104 shares of the aerospace company’s stock worth $103,871,000 after purchasing an additional 397,556 shares during the period. Finally, Los Angeles Capital Management LLC grew its position in Textron by 260.3% in the 4th quarter. Los Angeles Capital Management LLC now owns 508,975 shares of the aerospace company’s stock worth $36,035,000 after purchasing an additional 367,723 shares during the period. 86.77% of the stock is currently owned by hedge funds and other institutional investors.
Textron Stock Up 0.4 %
TXT opened at $68.40 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.90. Textron Inc. has a fifty-two week low of $58.03 and a fifty-two week high of $76.11. The firm’s fifty day moving average is $65.81 and its 200 day moving average is $68.50. The stock has a market cap of $13.79 billion, a price-to-earnings ratio of 16.89, a price-to-earnings-growth ratio of 1.20 and a beta of 1.48.
Textron Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Sunday, October 1st will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.12%. The ex-dividend date is Thursday, September 14th. Textron’s payout ratio is currently 1.98%.
Wall Street Analysts Forecast Growth
A number of research firms have commented on TXT. Wolfe Research began coverage on shares of Textron in a research report on Thursday, April 6th. They issued a “peer perform” rating for the company. Vertical Research downgraded shares of Textron from a “buy” rating to a “hold” rating and set a $70.00 target price for the company. in a research report on Wednesday, May 24th. Citigroup initiated coverage on shares of Textron in a research report on Thursday, July 6th. They set a “buy” rating and a $90.00 price objective for the company. Finally, StockNews.com downgraded shares of Textron from a “strong-buy” rating to a “buy” rating in a research report on Thursday. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $80.57.
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.
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