Bank of New York Mellon Corp Boosts Stock Holdings in Textron Inc. (NYSE:TXT)

Bank of New York Mellon Corp boosted its stake in shares of Textron Inc. (NYSE:TXT) by 7.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 1,428,377 shares of the aerospace company’s stock after buying an additional 104,982 shares during the period. Bank of New York Mellon Corp’s holdings in Textron were worth $109,257,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of TXT. Mirae Asset Global Investments Co. Ltd. grew its stake in Textron by 31.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,023 shares of the aerospace company’s stock valued at $1,055,000 after acquiring an additional 2,867 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Textron by 37.9% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 24,620 shares of the aerospace company’s stock valued at $2,181,000 after acquiring an additional 6,766 shares in the last quarter. abrdn plc grew its stake in Textron by 2.9% during the third quarter. abrdn plc now owns 73,417 shares of the aerospace company’s stock valued at $6,431,000 after acquiring an additional 2,075 shares in the last quarter. US Bancorp DE grew its stake in Textron by 0.8% during the third quarter. US Bancorp DE now owns 25,256 shares of the aerospace company’s stock valued at $2,237,000 after acquiring an additional 192 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its stake in Textron by 90.0% during the third quarter. Farther Finance Advisors LLC now owns 1,706 shares of the aerospace company’s stock valued at $151,000 after acquiring an additional 808 shares in the last quarter. 86.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Mark S. Bamford sold 5,451 shares of the business’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $72.68, for a total value of $396,178.68. Following the completion of the sale, the vice president now owns 18,223 shares in the company, valued at approximately $1,324,447.64. The trade was a 23.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.70% of the company’s stock.

Textron Price Performance

TXT stock opened at $74.76 on Friday. Textron Inc. has a 12 month low of $71.67 and a 12 month high of $97.33. The company has a current ratio of 1.76, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The company has a 50-day moving average price of $75.73 and a 200 day moving average price of $82.29. The stock has a market cap of $13.65 billion, a PE ratio of 17.34, a P/E/G ratio of 1.18 and a beta of 1.27.

Textron (NYSE:TXT) last announced its quarterly earnings data on Wednesday, January 22nd. The aerospace company reported $1.34 earnings per share for the quarter, beating 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 company had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.78 billion. During the same quarter last year, the business posted $1.60 EPS. The firm’s revenue for the quarter was down 7.2% on a year-over-year basis. Equities research analysts anticipate that Textron Inc. will post 6.12 earnings per share for the current year.

Textron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a $0.02 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.08 annualized dividend and a dividend yield of 0.11%. Textron’s dividend payout ratio is currently 1.86%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. cut their target price on shares of Textron from $90.00 to $88.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Susquehanna dropped their price objective on shares of Textron from $100.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Morgan Stanley dropped their price objective on shares of Textron from $86.00 to $82.00 and set an “equal weight” rating for the company in a research note on Thursday, January 23rd. Robert W. Baird dropped their price objective on shares of Textron from $100.00 to $92.00 and set an “outperform” rating for the company in a research note on Thursday, January 23rd. Finally, Barclays dropped their price objective on shares of Textron from $104.00 to $95.00 and set an “overweight” rating for the company in a research note on Monday, December 23rd. 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $93.45.

About Textron

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.