By otakuyassine3@gmail.com 
Corebridge Financial Inc. reduced its stake in Textron Inc. (NYSE:TXT – Free Report) by 5.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 43,935 shares of the aerospace company’s stock after selling 2,582 shares during the quarter. Corebridge Financial Inc.’s holdings in Textron were worth $3,361,000 as of its most recent SEC filing.
A number of other institutional investors also recently bought and sold shares of TXT. True Wealth Design LLC purchased a new position in shares of Textron in the third quarter worth $26,000. SBI Securities Co. Ltd. purchased a new position in Textron in the 4th quarter worth $31,000. Eastern Bank acquired a new stake in Textron during the 4th quarter worth about $42,000. Golden State Wealth Management LLC purchased a new stake in Textron during the 4th quarter valued at about $63,000. Finally, McClarren Financial Advisors Inc. acquired a new position in shares of Textron in the fourth quarter valued at about $68,000. 86.03% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Textron
In other Textron news, VP Mark S. Bamford sold 5,451 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $72.68, for a total transaction of $396,178.68. Following the completion of the transaction, the vice president now owns 18,223 shares of the company’s stock, valued at $1,324,447.64. This represents a 23.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.70% of the stock is currently owned by corporate insiders.
Textron Stock Performance
Shares of TXT stock opened at $72.25 on Tuesday. The company has a current ratio of 1.76, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. Textron Inc. has a 12-month low of $70.14 and a 12-month high of $97.34. The business’s 50 day moving average is $74.35 and its two-hundred day moving average is $80.07. The company has a market capitalization of $13.12 billion, a P/E ratio of 16.76, a P/E/G ratio of 1.18 and a beta of 1.27.
Textron (NYSE:TXT – Get Free Report) last announced its earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.07. The firm had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.78 billion. Textron had a return on equity of 14.92% and a net margin of 6.01%. The business’s revenue was down 7.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.60 EPS. Analysts expect that Textron Inc. will post 6.12 EPS for the current fiscal year.
Textron Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.02 per share. The ex-dividend date is Friday, March 14th. This represents a $0.08 annualized dividend and a dividend yield of 0.11%. Textron’s dividend payout ratio (DPR) is presently 1.86%.
Wall Street Analyst Weigh In
A number of equities research analysts recently commented on TXT shares. TD Cowen raised Textron to a “hold” rating in a report on Monday, February 24th. Robert W. Baird dropped their price objective on shares of Textron from $100.00 to $92.00 and set an “outperform” rating on the stock in a report on Thursday, January 23rd. Barclays cut their price objective on shares of Textron from $104.00 to $95.00 and set an “overweight” rating on the stock in a research note on Monday, December 23rd. Bank of America lowered shares of Textron from a “buy” rating to a “neutral” rating and lowered their price target for the company from $110.00 to $85.00 in a report on Friday, January 24th. Finally, Vertical Research upgraded Textron from a “hold” rating to a “buy” rating and set a $91.00 price objective for the company in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $93.45.
Check Out Our Latest Stock Analysis on Textron
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.
Further Reading
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