Gotham Asset Management LLC increased its stake in shares of Textron Inc. (NYSE:TXT) by 2,690.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 561,971 shares of the aerospace company’s stock after buying an additional 541,831 shares during the period. Gotham Asset Management LLC owned approximately 0.21% of Textron worth $26,744,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Global X Management Co. LLC raised its position in Textron by 30.2% in the first quarter. Global X Management Co. LLC now owns 2,620 shares of the aerospace company’s stock valued at $125,000 after buying an additional 607 shares during the last quarter. Financial Architects Inc bought a new position in Textron during the first quarter valued at $126,000. Koch Industries Inc. bought a new position in Textron during the first quarter valued at $203,000. Sowell Financial Services LLC bought a new position in Textron during the fourth quarter valued at $209,000. Finally, Two Sigma Securities LLC bought a new position in Textron during the first quarter valued at $210,000. 82.88% of the stock is currently owned by hedge funds and other institutional investors.
Textron Inc. (NYSE:TXT) traded up 0.32% during midday trading on Friday, hitting $47.44. The stock had a trading volume of 2,142,226 shares. Textron Inc. has a 52 week low of $34.00 and a 52 week high of $50.93. The company’s 50 day moving average price is $47.16 and its 200-day moving average price is $47.79. The stock has a market capitalization of $12.70 billion, a price-to-earnings ratio of 14.14 and a beta of 1.55.
Textron (NYSE:TXT) last announced its earnings results on Wednesday, April 19th. The aerospace company reported $0.46 EPS for the quarter, meeting the consensus estimate of $0.46. Textron had a return on equity of 12.53% and a net margin of 6.67%. The company had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same quarter in the prior year, the company earned $0.55 EPS. The firm’s revenue for the quarter was down 3.4% compared to the same quarter last year. Equities analysts anticipate that Textron Inc. will post $2.52 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, July 1st. Investors of record on Friday, June 9th will be given a dividend of $0.02 per share. The ex-dividend date is Wednesday, June 7th. This represents a $0.08 annualized dividend and a dividend yield of 0.17%. Textron’s payout ratio is 2.39%.
TXT has been the topic of several analyst reports. Credit Suisse Group reissued a “buy” rating and issued a $50.00 target price on shares of Textron in a research note on Tuesday, April 11th. Jefferies Group LLC reissued a “buy” rating and issued a $60.00 target price on shares of Textron in a research note on Tuesday, March 21st. Stephens initiated coverage on Textron in a research note on Thursday, April 13th. They issued an “equal weight” rating and a $54.00 target price on the stock. Finally, Cowen and Company reissued an “outperform” rating and issued a $60.00 target price on shares of Textron in a research note on Saturday, April 22nd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $51.22.
Textron Inc is a multi-industry company engaged in aircraft, defense, industrial and finance businesses to provide customers with products and services across the world. The Company operates through five segments: Textron Aviation, Bell, Textron Systems, Industrial and Finance. The Textron Aviation segment is engaged in general aviation.
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