Ferguson Wellman Capital Management Inc. Sells 1,576 Shares of Textron Inc. (NYSE:TXT)

by · The Cerbat Gem

Ferguson Wellman Capital Management Inc. trimmed its stake in Textron Inc. (NYSE:TXT – Free Report) by 0.3% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 452,214 shares of the aerospace company’s stock after selling 1,576 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in Textron were worth $40,057,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Innealta Capital LLC bought a new position in shares of Textron in the second quarter valued at approximately $25,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Textron in the 2nd quarter valued at $30,000. Oakworth Capital Inc. bought a new position in Textron in the 2nd quarter worth $31,000. Family Firm Inc. acquired a new position in Textron during the 2nd quarter worth $40,000. Finally, Capital Performance Advisors LLP bought a new stake in Textron during the third quarter valued at about $42,000. 86.03% of the stock is currently owned by institutional investors and hedge funds.

Textron Price Performance

Shares of Textron stock traded up $0.31 during midday trading on Thursday, hitting $87.88. 23,371 shares of the company were exchanged, compared to its average volume of 1,079,626. The firm has a 50 day simple moving average of $86.43 and a 200-day simple moving average of $87.31. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.83 and a quick ratio of 0.82. The firm has a market cap of $16.30 billion, a P/E ratio of 19.25, a PEG ratio of 1.57 and a beta of 1.24. Textron Inc. has a 52 week low of $74.13 and a 52 week high of $97.33.

Textron (NYSE:TXT – Get Free Report) last announced its earnings results on Thursday, October 24th. The aerospace company reported $1.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.09). The firm had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.50 billion. Textron had a return on equity of 16.02% and a net margin of 6.30%. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.49 EPS. Research analysts forecast that Textron Inc. will post 5.52 earnings per share for the current year.

Textron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.09%. The ex-dividend date of this dividend is Friday, December 13th. Textron’s dividend payout ratio is currently 1.76%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on TXT shares. Morgan Stanley lowered Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 price objective on the stock. in a research note on Thursday, August 8th. Robert W. Baird cut their target price on shares of Textron from $109.00 to $100.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. JPMorgan Chase & Co. decreased their target price on Textron from $100.00 to $95.00 and set a “neutral” rating on the stock in a research report on Monday, October 14th. StockNews.com cut Textron from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 12th. Finally, Citigroup lifted their price objective on Textron from $111.00 to $115.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.56.

Check Out Our Latest Research Report on TXT

About Textron

(Free Report)

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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