TD Cowen Downgrades Textron (NYSE:TXT) to Hold

Textron (NYSE:TXT) was downgraded by TD Cowen from a “buy” rating to a “hold” rating in a research note issued on Wednesday, MarketBeat.com reports. They currently have a $95.00 target price on the aerospace company’s stock, down from their previous target price of $103.00. TD Cowen’s target price indicates a potential upside of 9.79% from the company’s previous close.

A number of other brokerages have also issued reports on TXT. Morgan Stanley lowered shares of Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 price objective for the company. in a report on Thursday, August 8th. Bank of America lifted their price target on shares of Textron from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. UBS Group increased their price objective on Textron from $84.00 to $87.00 and gave the company a “sell” rating in a report on Friday, July 19th. Citigroup raised 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, StockNews.com lowered Textron from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Textron has a consensus rating of “Hold” and an average price target of $101.50.

Textron Price Performance

Shares of NYSE:TXT opened at $86.53 on Wednesday. Textron has a one year low of $74.13 and a one year high of $97.33. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.79 and a quick ratio of 0.81. The company has a market cap of $16.21 billion, a price-to-earnings ratio of 18.49, a PEG ratio of 1.38 and a beta of 1.23. The firm has a 50 day simple moving average of $88.32 and a 200 day simple moving average of $89.20.

Textron (NYSE:TXT) last announced its quarterly earnings results on Thursday, July 18th. The aerospace company reported $1.54 EPS for the quarter, beating analysts’ consensus estimates of $1.48 by $0.06. Textron had a return on equity of 16.41% and a net margin of 6.67%. The company had revenue of $3.53 billion during the quarter, compared to analysts’ expectations of $3.56 billion. During the same period in the prior year, the company earned $1.46 EPS. Textron’s revenue was up 3.0% compared to the same quarter last year. Research analysts predict that Textron will post 6.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Textron

Several large investors have recently added to or reduced their stakes in the business. Boston Partners boosted its holdings in shares of Textron by 1.4% during the 1st quarter. Boston Partners now owns 7,116,231 shares of the aerospace company’s stock worth $682,475,000 after buying an additional 99,868 shares in the last quarter. LSV Asset Management boosted its stake in Textron by 6.9% during the first quarter. LSV Asset Management now owns 4,053,050 shares of the aerospace company’s stock worth $388,809,000 after acquiring an additional 260,003 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Textron by 6.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,808,600 shares of the aerospace company’s stock worth $241,152,000 after purchasing an additional 160,923 shares during the period. Brandes Investment Partners LP increased its stake in Textron by 20.0% in the second quarter. Brandes Investment Partners LP now owns 1,549,551 shares of the aerospace company’s stock valued at $133,096,000 after purchasing an additional 258,778 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Textron by 18.9% during the second quarter. AQR Capital Management LLC now owns 1,451,293 shares of the aerospace company’s stock valued at $124,608,000 after purchasing an additional 231,173 shares during the period. Institutional investors and hedge funds own 86.03% of the company’s stock.

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.