Kentucky Retirement Systems Cuts Stake in Textron Inc. (NYSE:TXT)

Kentucky Retirement Systems trimmed its position in Textron Inc. (NYSE:TXT) by 9.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,053 shares of the aerospace company’s stock after selling 1,317 shares during the quarter. Kentucky Retirement Systems’ holdings in Textron were worth $1,156,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Cetera Investment Advisers boosted its stake in shares of Textron by 579.5% during the 1st quarter. Cetera Investment Advisers now owns 50,684 shares of the aerospace company’s stock valued at $4,862,000 after purchasing an additional 43,225 shares in the last quarter. Virtu Financial LLC increased its holdings in shares of Textron by 259.2% in the 1st quarter. Virtu Financial LLC now owns 17,367 shares of the aerospace company’s stock worth $1,666,000 after purchasing an additional 12,532 shares in the last quarter. Easterly Investment Partners LLC raised its position in Textron by 87.7% in the 3rd quarter. Easterly Investment Partners LLC now owns 41,305 shares of the aerospace company’s stock worth $3,659,000 after buying an additional 19,304 shares during the last quarter. Atria Investments Inc purchased a new stake in Textron in the first quarter worth approximately $1,204,000. Finally, Robeco Institutional Asset Management B.V. grew its holdings in shares of Textron by 13.3% in the third quarter. Robeco Institutional Asset Management B.V. now owns 495,411 shares of the aerospace company’s stock worth $43,884,000 after acquiring an additional 57,967 shares during the period. 86.03% of the stock is currently owned by hedge funds and other institutional investors.

Textron Stock Performance

Textron stock opened at $83.34 on Tuesday. Textron Inc. has a fifty-two week low of $74.13 and a fifty-two week high of $97.33. The company has a market capitalization of $15.46 billion, a PE ratio of 18.32, a P/E/G ratio of 1.53 and a beta of 1.24. The company has a 50 day moving average price of $86.32 and a 200-day moving average price of $87.31. 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 (NYSE:TXT) last issued its earnings results on Thursday, October 24th. The aerospace company reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.09). The firm had revenue of $3.43 billion during the quarter, compared to analysts’ expectations of $3.50 billion. Textron had a return on equity of 16.02% and a net margin of 6.30%. Textron’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.49 earnings per share. As a group, equities analysts forecast that Textron Inc. will post 5.52 earnings per share for the current year.

Textron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be issued a $0.02 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.08 annualized dividend and a dividend yield of 0.10%. Textron’s dividend payout ratio is currently 1.76%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. StockNews.com downgraded Textron from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 12th. TD Cowen downgraded shares of Textron from a “buy” rating to a “hold” rating and reduced their price target for the company from $103.00 to $95.00 in a report on Wednesday, September 25th. Bank of America upped their price objective on Textron from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Robert W. Baird lowered their price target on shares of Textron from $109.00 to $100.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Finally, JPMorgan Chase & Co. lowered their price target on Textron from $100.00 to $95.00 and set a “neutral” rating for the company in a research report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $101.56.

Textron Company 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.