Textron (NYSE:TXT) Lowered to Neutral Rating by Bank of America

Bank of America downgraded shares of Textron (NYSE:TXT) from a buy rating to a neutral rating in a research note issued to investors on Friday, MarketBeat.com reports. Bank of America currently has $85.00 price objective on the aerospace company’s stock, down from their prior price objective of $110.00.

TXT has been the topic of a number of other research reports. Robert W. Baird dropped their target price on shares of Textron from $100.00 to $92.00 and set an “outperform” rating on the stock in a research report on Thursday. Susquehanna cut their price objective on shares of Textron from $100.00 to $90.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Morgan Stanley decreased their target price on Textron from $86.00 to $82.00 and set an “equal weight” rating on the stock in a research report on Thursday. Vertical Research raised Textron from a “hold” rating to a “buy” rating and set a $91.00 price target for the company in a report on Monday, January 6th. Finally, UBS Group reduced their price objective on Textron from $87.00 to $79.00 and set a “sell” rating for the company in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $93.45.

Textron Stock Down 1.3 %

TXT stock opened at $77.22 on Friday. The stock has a market capitalization of $14.33 billion, a price-to-earnings ratio of 17.92, a price-to-earnings-growth ratio of 1.27 and a beta of 1.27. The company has a 50-day moving average of $79.88 and a two-hundred day moving average of $84.90. Textron has a 52-week low of $74.89 and a 52-week high of $97.33. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.83 and a quick ratio of 0.82.

Textron (NYSE:TXT) last announced its earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.07. The firm had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3,778,060 billion. Textron had a return on equity of 14.92% and a net margin of 6.01%. The firm’s revenue for the quarter was down 7.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.60 EPS. As a group, equities research analysts anticipate that Textron will post 6.15 EPS for the current year.

Institutional Investors Weigh In On Textron

Hedge funds have recently made changes to their positions in the company. Sei Investments Co. increased its holdings in shares of Textron by 0.4% during the second quarter. Sei Investments Co. now owns 109,810 shares of the aerospace company’s stock worth $9,428,000 after buying an additional 444 shares in the last quarter. ProShare Advisors LLC increased its holdings in Textron by 1.5% during the 2nd quarter. ProShare Advisors LLC now owns 40,641 shares of the aerospace company’s stock valued at $3,489,000 after purchasing an additional 600 shares in the last quarter. Public Sector Pension Investment Board increased its holdings in Textron by 58.9% during the 2nd quarter. Public Sector Pension Investment Board now owns 7,094 shares of the aerospace company’s stock valued at $609,000 after purchasing an additional 2,629 shares in the last quarter. Bank of Montreal Can raised its position in Textron by 1.4% in the 2nd quarter. Bank of Montreal Can now owns 189,843 shares of the aerospace company’s stock valued at $16,461,000 after purchasing an additional 2,531 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Textron by 56.9% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 36,851 shares of the aerospace company’s stock worth $3,164,000 after purchasing an additional 13,364 shares in the last quarter. Institutional investors and hedge funds own 86.03% of the company’s stock.

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.