AGF Management Ltd. Decreases Position in Textron Inc. (NYSE:TXT)

Posted by Defense World Staff on Aug 2nd, 2023

AGF Management Ltd. lessened its holdings in Textron Inc. (NYSE:TXT – Free Report) by 53.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,989 shares of the aerospace company’s stock after selling 5,634 shares during the period. AGF Management Ltd.’s holdings in Textron were worth $352,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. First City Capital Management Inc. increased its position in Textron by 1.8% during the first quarter. First City Capital Management Inc. now owns 8,401 shares of the aerospace company’s stock worth $562,000 after purchasing an additional 150 shares during the last quarter. Synovus Financial Corp increased its position in Textron by 1.8% during the fourth quarter. Synovus Financial Corp now owns 9,570 shares of the aerospace company’s stock worth $678,000 after purchasing an additional 171 shares during the last quarter. Yousif Capital Management LLC increased its position in Textron by 0.7% during the first quarter. Yousif Capital Management LLC now owns 26,689 shares of the aerospace company’s stock worth $1,985,000 after purchasing an additional 175 shares during the last quarter. SVB Wealth LLC increased its position in Textron by 1.0% during the fourth quarter. SVB Wealth LLC now owns 18,565 shares of the aerospace company’s stock worth $1,314,000 after purchasing an additional 183 shares during the last quarter. Finally, Advisor Partners II LLC increased its position in shares of Textron by 1.8% in the fourth quarter. Advisor Partners II LLC now owns 12,381 shares of the aerospace company’s stock worth $877,000 after acquiring an additional 218 shares in the last quarter. Hedge funds and other institutional investors own 86.77% of the company’s stock.

Analysts Set New Price Targets

TXT has been the subject of several recent research reports. Vertical Research lowered shares of Textron from a “buy” rating to a “hold” rating and set a $70.00 price objective for the company. in a research report on Wednesday, May 24th. Citigroup increased their price objective on shares of Textron from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, July 28th. Wolfe Research initiated coverage on shares of Textron in a research report on Thursday, April 6th. They issued a “peer perform” rating for the company. StockNews.com lowered shares of Textron from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 27th. Finally, Susquehanna increased their price objective on shares of Textron from $83.00 to $89.00 and gave the stock a “positive” rating in a research report on Friday, July 28th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Textron currently has an average rating of “Moderate Buy” and a consensus price target of $84.00.

Textron Price Performance

Shares of TXT stock opened at $77.93 on Wednesday. Textron Inc. has a twelve month low of $58.03 and a twelve month high of $78.13. The company has a current ratio of 1.87, a quick ratio of 0.93 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $15.44 billion, a PE ratio of 17.91, a price-to-earnings-growth ratio of 1.32 and a beta of 1.50. The firm has a fifty day simple moving average of $66.99 and a 200-day simple moving average of $68.64.

Textron (NYSE:TXT – Get Free Report) last posted its quarterly earnings data on Thursday, July 27th. The aerospace company reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.25. Textron had a net margin of 6.88% and a return on equity of 13.83%. The firm had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.42 billion. During the same period in the prior year, the firm posted $1.00 EPS. The firm’s revenue was up 8.6% compared to the same quarter last year. Equities research analysts anticipate that Textron Inc. will post 5.25 earnings per share for the current fiscal year.

Textron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Sunday, October 1st will be issued a dividend of $0.02 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.10%. Textron’s dividend payout ratio (DPR) is 1.84%.

About Textron

(Free Report)

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.