Baxter Bros Inc. Cuts Stake in Textron Inc. (NYSE:TXT)

Baxter Bros Inc. lessened its holdings in Textron Inc. (NYSE:TXT) by 22.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,690 shares of the aerospace company’s stock after selling 9,095 shares during the period. Baxter Bros Inc.’s holdings in Textron were worth $2,424,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. PNC Financial Services Group Inc. grew its stake in Textron by 4.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 46,397 shares of the aerospace company’s stock worth $4,110,000 after purchasing an additional 2,124 shares in the last quarter. Intech Investment Management LLC increased its stake in shares of Textron by 116.5% during the third quarter. Intech Investment Management LLC now owns 16,718 shares of the aerospace company’s stock worth $1,481,000 after buying an additional 8,997 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Textron by 5.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 79,973 shares of the aerospace company’s stock valued at $7,084,000 after acquiring an additional 4,023 shares in the last quarter. Raymond James Trust N.A. raised its holdings in Textron by 105.1% in the third quarter. Raymond James Trust N.A. now owns 7,376 shares of the aerospace company’s stock valued at $653,000 after acquiring an additional 3,779 shares in the last quarter. Finally, Meridian Wealth Management LLC purchased a new position in Textron in the third quarter worth approximately $226,000. Institutional investors and hedge funds own 86.03% of the company’s stock.

Wall Street Analyst Weigh In

TXT has been the topic of a number of analyst reports. Bank of America lowered shares of Textron from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $110.00 to $85.00 in a report on Friday, January 24th. Barclays decreased their price target on Textron from $104.00 to $95.00 and set an “overweight” rating for the company in a report on Monday, December 23rd. Morgan Stanley dropped their price objective on Textron from $86.00 to $82.00 and set an “equal weight” rating on the stock in a report on Thursday, January 23rd. Susquehanna decreased their target price on Textron from $100.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Finally, Citigroup cut their price objective on shares of Textron from $118.00 to $111.00 and set a “buy” rating on the stock in a report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Textron currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.45.

Textron Price Performance

Shares of NYSE TXT opened at $74.23 on Tuesday. The stock has a fifty day moving average price of $74.83 and a 200 day moving average price of $80.51. Textron Inc. has a 1-year low of $70.14 and a 1-year high of $97.34. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.76 and a quick ratio of 0.84. The company has a market cap of $13.48 billion, a PE ratio of 17.22, a P/E/G ratio of 1.18 and a beta of 1.27.

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

Textron Dividend Announcement

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

Insider Buying and Selling

In other Textron news, VP Mark S. Bamford sold 5,451 shares of the business’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $72.68, for a total transaction of $396,178.68. Following the sale, the vice president now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.70% of the stock is currently owned by corporate insiders.

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.