Cornercap Investment Counsel Inc. Has $2.86 Million Position in Textron Inc. (NYSE:TXT)

Cornercap Investment Counsel Inc. reduced its stake in shares of Textron Inc. (NYSE:TXT) by 2.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,289 shares of the aerospace company’s stock after selling 904 shares during the quarter. Textron accounts for 0.5% of Cornercap Investment Counsel Inc.’s portfolio, making the stock its 26th largest position. Cornercap Investment Counsel Inc.’s holdings in Textron were worth $2,858,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Envestnet Portfolio Solutions Inc. raised its stake in Textron by 263.6% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 13,369 shares of the aerospace company’s stock worth $1,283,000 after acquiring an additional 9,692 shares in the last quarter. SageView Advisory Group LLC acquired a new position in Textron during the fourth quarter worth $922,000. Studio Investment Management LLC acquired a new position in Textron during the fourth quarter worth $1,223,000. Portfolio Design Labs LLC acquired a new position in Textron during the fourth quarter worth $3,140,000. Finally, SG Americas Securities LLC raised its stake in Textron by 461.1% during the first quarter. SG Americas Securities LLC now owns 117,257 shares of the aerospace company’s stock worth $11,248,000 after acquiring an additional 96,361 shares in the last quarter. 86.03% of the stock is currently owned by institutional investors and hedge funds.

Textron Price Performance

Shares of TXT stock opened at $86.44 on Thursday. The stock has a 50-day moving average price of $88.59 and a 200 day moving average price of $89.34. 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 firm has a market cap of $16.48 billion, a price-to-earnings ratio of 18.47, a PEG ratio of 1.36 and a beta of 1.23. Textron Inc. has a 12 month low of $74.13 and a 12 month high of $97.33.

Textron (NYSE:TXT) last announced its quarterly earnings data on Thursday, July 18th. The aerospace company reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.48 by $0.06. The firm had revenue of $3.53 billion during the quarter, compared to analyst estimates of $3.56 billion. Textron had a return on equity of 16.41% and a net margin of 6.67%. The company’s revenue was up 3.0% on a year-over-year basis. During the same period last year, the company earned $1.46 earnings per share. Research analysts expect that Textron Inc. will post 6.27 EPS for the current year.

Textron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a $0.02 dividend. The ex-dividend date 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%.

Analyst Ratings Changes

A number of analysts have recently weighed in on TXT shares. Citigroup raised their target price on Textron from $111.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Morgan Stanley lowered Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 target price for the company. in a research note on Thursday, August 8th. UBS Group raised their target price on Textron from $84.00 to $87.00 and gave the company a “sell” rating in a research note on Friday, July 19th. Bank of America raised their target price on Textron from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Finally, TD Cowen raised their target price on Textron from $100.00 to $103.00 and gave the company a “buy” rating in a research note on Friday, July 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $102.50.

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.