Textron (NYSE:TXT) Hits New 52-Week Low – Here’s What Happened

Shares of Textron Inc. (NYSE:TXT) hit a new 52-week low during trading on Tuesday . The stock traded as low as $75.00 and last traded at $75.58, with a volume of 1019312 shares. The stock had previously closed at $75.41.

Wall Street Analysts Forecast Growth

TXT has been the subject of several research reports. TD Cowen upgraded shares of Textron to a “hold” rating in a report on Thursday, December 19th. Barclays decreased their target price on Textron from $104.00 to $95.00 and set an “overweight” rating on the stock in a research note on Monday, December 23rd. Robert W. Baird dropped their target price on Textron from $109.00 to $100.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. UBS Group dropped their price objective on shares of Textron from $87.00 to $79.00 and set a “sell” rating for the company in a report on Friday, October 25th. Finally, StockNews.com cut shares of Textron from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 12th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $100.00.

Textron Price Performance

The stock has a market capitalization of $14.02 billion, a price-to-earnings ratio of 16.61, a P/E/G ratio of 1.46 and a beta of 1.27. The company has a quick ratio of 0.82, a current ratio of 1.83 and a debt-to-equity ratio of 0.46. The stock has a fifty day moving average of $81.85 and a 200-day moving average of $85.71.

Textron (NYSE:TXT) last released its quarterly earnings results on Thursday, October 24th. The aerospace company reported $1.40 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.09). The firm had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.50 billion. Textron had a return on equity of 16.02% and a net margin of 6.30%. The company’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period last year, the firm earned $1.49 EPS. On average, equities research analysts predict that Textron Inc. will post 5.52 EPS for the current fiscal year.

Textron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th were paid a $0.02 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.08 dividend on an annualized basis and a yield of 0.11%. Textron’s dividend payout ratio is presently 1.76%.

Institutional Trading of Textron

Hedge funds have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC grew its position in Textron by 4.1% in the 2nd quarter. Commonwealth Equity Services LLC now owns 39,838 shares of the aerospace company’s stock valued at $3,421,000 after buying an additional 1,566 shares during the last quarter. Foundations Investment Advisors LLC grew its holdings in Textron by 7.9% during the second quarter. Foundations Investment Advisors LLC now owns 3,382 shares of the aerospace company’s stock worth $290,000 after acquiring an additional 249 shares during the period. National Bank of Canada FI raised its position in Textron by 20.3% in the second quarter. National Bank of Canada FI now owns 55,450 shares of the aerospace company’s stock worth $4,733,000 after acquiring an additional 9,356 shares in the last quarter. Savant Capital LLC lifted its holdings in Textron by 6.2% in the second quarter. Savant Capital LLC now owns 11,840 shares of the aerospace company’s stock valued at $1,017,000 after acquiring an additional 694 shares during the period. Finally, Acadian Asset Management LLC lifted its stake in shares of Textron by 566.8% in the second quarter. Acadian Asset Management LLC now owns 35,252 shares of the aerospace company’s stock valued at $3,025,000 after purchasing an additional 29,965 shares during the period. 86.03% of the stock is owned by institutional investors and hedge funds.

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.