Cornercap Investment Counsel Inc. Lowers Stake in Textron Inc. (NYSE:TXT)

Cornercap Investment Counsel Inc. trimmed its position in Textron Inc. (NYSE:TXT) by 3.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,789 shares of the aerospace company’s stock after selling 717 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Textron were worth $1,361,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Raymond James Financial Inc. acquired a new stake in Textron during the 4th quarter valued at $41,451,000. Boston Partners raised its holdings in Textron by 4.7% in the fourth quarter. Boston Partners now owns 7,483,692 shares of the aerospace company’s stock valued at $572,465,000 after acquiring an additional 333,127 shares in the last quarter. Brandes Investment Partners LP boosted its stake in Textron by 19.4% during the 4th quarter. Brandes Investment Partners LP now owns 1,859,703 shares of the aerospace company’s stock valued at $142,249,000 after acquiring an additional 302,712 shares during the last quarter. International Assets Investment Management LLC acquired a new position in Textron during the 4th quarter worth $11,523,000. Finally, Wealthfront Advisers LLC raised its stake in shares of Textron by 384.7% in the 4th quarter. Wealthfront Advisers LLC now owns 175,347 shares of the aerospace company’s stock valued at $13,412,000 after purchasing an additional 139,173 shares in the last quarter. 86.03% of the stock is owned by institutional investors and hedge funds.

Textron Price Performance

TXT opened at $72.92 on Friday. Textron Inc. has a 12-month low of $70.14 and a 12-month high of $97.34. The company has a quick ratio of 0.84, a current ratio of 1.76 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $13.24 billion, a P/E ratio of 16.92, a PEG ratio of 1.18 and a beta of 1.27. The stock has a fifty day moving average of $74.49 and a 200-day moving average of $80.26.

Textron (NYSE:TXT) last posted its quarterly earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.07. Textron had a net margin of 6.01% and a return on equity of 14.92%. The business had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.78 billion. During the same period in the prior year, the firm earned $1.60 earnings per share. The firm’s revenue was down 7.2% compared to the same quarter last year. Equities analysts forecast that Textron Inc. will post 6.12 EPS for the current fiscal year.

Textron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued 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 is 1.86%.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. TD Cowen raised Textron to a “hold” rating in a report on Monday, February 24th. Vertical Research upgraded Textron from a “hold” rating to a “buy” rating and set a $91.00 price target for the company in a research report on Monday, January 6th. Barclays dropped their price objective on 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 Textron from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $110.00 to $85.00 in a report on Friday, January 24th. Finally, Susquehanna reduced their price objective on shares of Textron from $100.00 to $90.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $93.45.

Insider Activity at Textron

In other news, VP Mark S. Bamford sold 5,451 shares of the firm’s stock in a transaction dated 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 sale, the vice president now directly owns 18,223 shares of the company’s stock, valued at $1,324,447.64. This trade represents a 23.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.70% of the company’s stock.

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.