Primecap Management Co. CA Sells 53,945 Shares of Textron Inc. (NYSE:TXT)

Primecap Management Co. CA trimmed its stake in shares of Textron Inc. (NYSE:TXT) by 1.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,310,725 shares of the aerospace company’s stock after selling 53,945 shares during the quarter. Primecap Management Co. CA owned 2.83% of Textron worth $455,979,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Altman Advisors Inc. raised its stake in shares of Textron by 0.6% during the 2nd quarter. Altman Advisors Inc. now owns 22,057 shares of the aerospace company’s stock valued at $1,894,000 after purchasing an additional 129 shares during the period. True Vision MN LLC grew its position in Textron by 2.5% during the first quarter. True Vision MN LLC now owns 5,352 shares of the aerospace company’s stock worth $513,000 after buying an additional 133 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Textron by 0.8% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 18,148 shares of the aerospace company’s stock worth $1,558,000 after buying an additional 146 shares in the last quarter. Czech National Bank grew its position in Textron by 0.5% during the first quarter. Czech National Bank now owns 34,487 shares of the aerospace company’s stock worth $3,308,000 after buying an additional 157 shares in the last quarter. Finally, Pinnacle Associates Ltd. grew its position in Textron by 0.6% during the first quarter. Pinnacle Associates Ltd. now owns 30,614 shares of the aerospace company’s stock worth $2,937,000 after buying an additional 181 shares in the last quarter. 86.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on TXT. Morgan Stanley cut Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 target price for the company. in a research report on Thursday, August 8th. TD Cowen boosted their target price on Textron from $100.00 to $103.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. StockNews.com cut Textron from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 12th. Citigroup boosted their target price on Textron from $111.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Finally, UBS Group boosted their target price on Textron from $84.00 to $87.00 and gave the stock a “sell” rating in a research report on Friday, July 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $102.50.

Textron Price Performance

TXT opened at $88.30 on Tuesday. The stock has a 50-day moving average price of $88.71 and a 200-day moving average price of $89.34. Textron Inc. has a 12-month low of $74.13 and a 12-month high of $97.33. The company has a current ratio of 1.79, a quick ratio of 0.81 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $16.84 billion, a P/E ratio of 18.87, a PEG ratio of 1.38 and a beta of 1.23.

Textron (NYSE:TXT) last issued its earnings results on Thursday, July 18th. The aerospace company reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.48 by $0.06. The company had revenue of $3.53 billion during the quarter, compared to analysts’ expectations of $3.56 billion. Textron had a return on equity of 16.41% and a net margin of 6.67%. Textron’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.46 EPS. Equities analysts predict that Textron Inc. will post 6.27 earnings per share for the current fiscal year.

Textron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.09%. The ex-dividend date is Friday, September 13th. Textron’s dividend payout ratio is presently 1.71%.

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.