Textron Inc. Declares Quarterly Dividend of $0.02 (NYSE:TXT)

Textron Inc. (NYSE:TXT) announced a quarterly dividend on Monday, July 29th, RTT News reports. Stockholders of record on Friday, September 13th will be paid a dividend of 0.02 per share by the aerospace company on Tuesday, October 1st. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.09%.

Textron has a payout ratio of 1.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Textron to earn $6.99 per share next year, which means the company should continue to be able to cover its $0.08 annual dividend with an expected future payout ratio of 1.1%.

Textron Price Performance

Shares of TXT stock opened at $91.51 on Tuesday. Textron has a fifty-two week low of $73.78 and a fifty-two week high of $97.33. The firm has a market capitalization of $17.45 billion, a price-to-earnings ratio of 19.55, a PEG ratio of 1.46 and a beta of 1.25. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.66 and a current ratio of 1.64. The stock’s 50-day simple moving average is $87.74 and its 200-day simple moving average is $88.50.

Textron (NYSE:TXT) last issued its quarterly earnings results on Thursday, July 18th. The aerospace company reported $1.54 earnings per share for the quarter, topping analysts’ consensus estimates of $1.48 by $0.06. Textron had a return on equity of 16.41% and a net margin of 6.67%. The business had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.56 billion. During the same quarter in the previous year, the firm earned $1.46 earnings per share. The company’s revenue was up 3.0% on a year-over-year basis. As a group, equities analysts forecast that Textron will post 6.26 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on TXT. Citigroup boosted their price target on Textron from $111.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Bank of America lifted their target price on Textron from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. StockNews.com downgraded Textron from a “strong-buy” rating to a “buy” rating in a report on Friday, April 26th. Susquehanna decreased their target price on Textron from $110.00 to $105.00 and set a “positive” rating for the company in a report on Friday, April 26th. Finally, TD Cowen lifted their target price on Textron from $100.00 to $103.00 and gave the stock a “buy” rating in a report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $101.63.

Insider Buying and Selling at Textron

In other Textron news, Director Kathleen M. Bader sold 11,870 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $87.91, for a total value of $1,043,491.70. Following the completion of the transaction, the director now directly owns 3,756 shares of the company’s stock, valued at $330,189.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

About Textron

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.