Primecap Management Co. CA Sells 405,740 Shares of Textron Inc. (NYSE:TXT)

Primecap Management Co. CA trimmed its position in shares of Textron Inc. (NYSE:TXT) by 7.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,874,615 shares of the aerospace company’s stock after selling 405,740 shares during the quarter. Primecap Management Co. CA owned 2.63% of Textron worth $372,859,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Brandes Investment Partners LP lifted its holdings in shares of Textron by 19.4% during the 4th quarter. Brandes Investment Partners LP now owns 1,859,703 shares of the aerospace company’s stock valued at $142,249,000 after buying an additional 302,712 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Textron by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,678,854 shares of the aerospace company’s stock worth $128,416,000 after purchasing an additional 7,610 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Textron by 7.9% in the 4th quarter. Bank of New York Mellon Corp now owns 1,428,377 shares of the aerospace company’s stock worth $109,257,000 after purchasing an additional 104,982 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Textron in the 4th quarter worth $41,451,000. Finally, Robeco Institutional Asset Management B.V. increased its stake in shares of Textron by 3.3% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 511,770 shares of the aerospace company’s stock worth $39,145,000 after purchasing an additional 16,359 shares in the last quarter. 86.03% of the stock is owned by institutional investors.

Insider Activity

In other news, VP Mark S. Bamford sold 5,451 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $72.68, for a total transaction of $396,178.68. Following the completion of the transaction, the vice president now directly owns 18,223 shares in the company, valued at approximately $1,324,447.64. This represents a 23.03 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.70% of the company’s stock.

Wall Street Analysts Forecast Growth

TXT has been the subject of several analyst reports. Susquehanna reduced their price objective on Textron from $100.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. TD Cowen upgraded Textron to a “hold” rating in a research note on Monday, February 24th. Bank of America lowered Textron from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $110.00 to $85.00 in a research note on Friday, January 24th. Vertical Research upgraded Textron from a “hold” rating to a “buy” rating and set a $91.00 price target for the company in a research note on Monday, January 6th. Finally, Morgan Stanley lowered their price objective on Textron from $86.00 to $82.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $93.45.

Textron Trading Up 2.0 %

TXT stock opened at $74.64 on Tuesday. 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 capitalization of $13.56 billion, a price-to-earnings ratio of 17.32, a PEG ratio of 1.18 and a beta of 1.27. Textron Inc. has a 1-year low of $70.14 and a 1-year high of $97.34. The business has a 50 day simple moving average of $75.04 and a two-hundred day simple moving average of $81.05.

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

Textron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a dividend of $0.02 per share. 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 is currently 1.86%.

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.