Cambridge Investment Research Advisors Inc. Has $1.03 Million Stake in Textron Inc. (NYSE:TXT)

Posted by Defense World Staff on Oct 6th, 2023

Cambridge Investment Research Advisors Inc. raised its position in Textron Inc. (NYSE:TXT – Free Report) by 1.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,275 shares of the aerospace company’s stock after purchasing an additional 212 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Textron were worth $1,033,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. ProShare Advisors LLC raised its stake in shares of Textron by 28.1% in the 1st quarter. ProShare Advisors LLC now owns 62,383 shares of the aerospace company’s stock valued at $4,406,000 after purchasing an additional 13,672 shares during the period. Capital Analysts LLC acquired a new stake in shares of Textron in the 1st quarter valued at about $29,000. WealthPLAN Partners LLC acquired a new stake in shares of Textron in the 1st quarter valued at about $70,000. Inspire Investing LLC raised its stake in shares of Textron by 9.4% in the 1st quarter. Inspire Investing LLC now owns 5,310 shares of the aerospace company’s stock valued at $375,000 after purchasing an additional 457 shares during the period. Finally, Credit Suisse AG increased its position in shares of Textron by 77.8% in the first quarter. Credit Suisse AG now owns 175,379 shares of the aerospace company’s stock valued at $12,387,000 after acquiring an additional 76,728 shares during the last quarter. Institutional investors and hedge funds own 85.92% of the company’s stock.

Textron Price Performance

Shares of NYSE TXT opened at $75.50 on Friday. The business’s 50 day moving average price is $76.94 and its two-hundred day moving average price is $70.28. The company has a market cap of $14.95 billion, a PE ratio of 17.36, a price-to-earnings-growth ratio of 1.23 and a beta of 1.47. The company has a quick ratio of 0.93, a current ratio of 1.87 and a debt-to-equity ratio of 0.45. Textron Inc. has a twelve month low of $58.80 and a twelve month high of $80.60.

Textron (NYSE:TXT – Get Free Report) last announced its quarterly earnings results on Thursday, July 27th. The aerospace company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.25. Textron had a return on equity of 13.83% and a net margin of 6.88%. The firm had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.42 billion. During the same quarter in the previous year, the business earned $1.00 earnings per share. The business’s revenue was up 8.6% compared to the same quarter last year. On average, analysts predict that Textron Inc. will post 5.3 EPS for the current year.

Textron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, October 1st. Stockholders of record on Friday, September 15th were issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.11%. The ex-dividend date was Thursday, September 14th. Textron’s dividend payout ratio is presently 1.84%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TXT. Bank of America lifted their target price on Textron from $76.00 to $85.00 and gave the company a “neutral” rating in a research report on Tuesday, August 15th. StockNews.com downgraded Textron from a “strong-buy” rating to a “buy” rating in a research report on Thursday. Susquehanna reaffirmed a “positive” rating and issued a $89.00 target price on shares of Textron in a research report on Monday, September 25th. Finally, Citigroup lifted their target price on Textron from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, July 28th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Textron presently has an average rating of “Moderate Buy” and an average target price of $86.00.

Check Out Our Latest Stock Report on Textron

Insider Transactions at Textron

In other news, Director R Kerry Clark sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $75.33, for a total transaction of $376,650.00. Following the completion of the sale, the director now owns 13,870 shares in the company, valued at $1,044,827.10. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.70% of the company’s stock.

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.