Textron (NYSE:TXT) Downgraded by TD Cowen

TD Cowen lowered shares of Textron (NYSE:TXT) from a buy rating to a hold rating in a report issued on Wednesday morning, MarketBeat reports. The firm currently has $95.00 target price on the aerospace company’s stock, down from their prior target price of $103.00.

Other research analysts have also recently issued research reports about the company. Bank of America increased their price objective on Textron from $105.00 to $110.00 and gave the stock a buy rating in a research note on Tuesday, July 23rd. StockNews.com downgraded Textron from a strong-buy rating to a buy rating in a research report on Thursday, September 12th. Morgan Stanley downgraded Textron from an overweight rating to an equal weight rating and set a $95.00 price objective for the company. in a report on Thursday, August 8th. UBS Group increased their target price on shares of Textron from $84.00 to $87.00 and gave the stock a sell rating in a report on Friday, July 19th. Finally, Citigroup raised their target price on shares of Textron from $111.00 to $115.00 and gave the company a buy rating in a research report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Hold and a consensus price target of $101.50.

Textron Stock Performance

Shares of Textron stock opened at $87.75 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 1.79 and a debt-to-equity ratio of 0.47. The stock’s fifty day moving average is $88.26 and its two-hundred day moving average is $89.15. Textron has a 52 week low of $74.13 and a 52 week high of $97.33. The company has a market capitalization of $16.44 billion, a PE ratio of 18.75, a price-to-earnings-growth ratio of 1.38 and a beta of 1.23.

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

Textron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.08 dividend on an annualized basis and a yield of 0.09%. Textron’s payout ratio is 1.71%.

Hedge Funds Weigh In On Textron

Several institutional investors and hedge funds have recently bought and sold shares of TXT. Boston Partners grew its stake in shares of Textron by 1.4% during the first quarter. Boston Partners now owns 7,116,231 shares of the aerospace company’s stock worth $682,475,000 after acquiring an additional 99,868 shares during the last quarter. LSV Asset Management grew its position in Textron by 6.9% during the 1st quarter. LSV Asset Management now owns 4,053,050 shares of the aerospace company’s stock worth $388,809,000 after purchasing an additional 260,003 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Textron by 6.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,808,600 shares of the aerospace company’s stock valued at $241,152,000 after purchasing an additional 160,923 shares in the last quarter. Brandes Investment Partners LP raised its holdings in shares of Textron by 20.0% in the second quarter. Brandes Investment Partners LP now owns 1,549,551 shares of the aerospace company’s stock worth $133,096,000 after buying an additional 258,778 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of Textron by 18.9% during the second quarter. AQR Capital Management LLC now owns 1,451,293 shares of the aerospace company’s stock worth $124,608,000 after buying an additional 231,173 shares during the period. 86.03% of the stock is owned by hedge funds and other institutional investors.

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.