Investment Management Corp of Ontario Increases Stock Position in Textron Inc. (NYSE:TXT)

Investment Management Corp of Ontario lifted its holdings in shares of Textron Inc. (NYSE:TXT) by 6.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 33,250 shares of the aerospace company’s stock after purchasing an additional 2,100 shares during the period. Investment Management Corp of Ontario’s holdings in Textron were worth $2,945,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of TXT. Innealta Capital LLC acquired a new position in Textron during the second quarter worth $25,000. True Wealth Design LLC purchased a new stake in shares of Textron during the 3rd quarter worth $26,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Textron during the 2nd quarter worth $30,000. Oakworth Capital Inc. purchased a new stake in Textron during the second quarter worth about $31,000. Finally, Family Firm Inc. acquired a new position in Textron during the second quarter worth about $40,000. 86.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on TXT. Robert W. Baird reduced their price target on shares of Textron from $109.00 to $100.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. TD Cowen downgraded Textron from a “buy” rating to a “hold” rating and cut their price target for the stock from $103.00 to $95.00 in a research note on Wednesday, September 25th. UBS Group lowered their price objective on shares of Textron from $87.00 to $79.00 and set a “sell” rating on the stock in a research note on Friday, October 25th. JPMorgan Chase & Co. cut their target price on shares of Textron from $100.00 to $95.00 and set a “neutral” rating for the company in a research report on Monday, October 14th. Finally, Morgan Stanley lowered shares of Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 price target on the stock. in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $101.56.

Textron Stock Performance

Shares of TXT opened at $85.18 on Wednesday. The company has a market capitalization of $15.80 billion, a price-to-earnings ratio of 18.72, a PEG ratio of 1.54 and a beta of 1.25. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.82 and a current ratio of 1.83. Textron Inc. has a 1 year low of $75.70 and a 1 year high of $97.33. The company’s 50 day simple moving average is $85.70 and its 200 day simple moving average is $87.10.

Textron (NYSE:TXT) last posted its quarterly earnings data on Thursday, October 24th. The aerospace company reported $1.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.09). The business had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.50 billion. Textron had a return on equity of 16.02% and a net margin of 6.30%. Textron’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.49 EPS. On average, sell-side analysts predict that Textron Inc. will post 5.53 EPS for the current year.

Textron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be issued a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.09%. The ex-dividend date of this dividend is Friday, December 13th. Textron’s dividend payout ratio (DPR) is 1.76%.

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.