Virtu Financial LLC Reduces Position in Textron Inc. (NYSE:TXT)

Virtu Financial LLC trimmed its stake in Textron Inc. (NYSE:TXT) by 27.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,046 shares of the aerospace company’s stock after selling 1,157 shares during the period. Virtu Financial LLC’s holdings in Textron were worth $270,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Assenagon Asset Management S.A. increased its position in Textron by 6.0% in the second quarter. Assenagon Asset Management S.A. now owns 4,822 shares of the aerospace company’s stock worth $414,000 after buying an additional 275 shares in the last quarter. Raymond James & Associates raised its stake in Textron by 4.0% during the 2nd quarter. Raymond James & Associates now owns 210,892 shares of the aerospace company’s stock worth $18,107,000 after acquiring an additional 8,168 shares during the period. Hennion & Walsh Asset Management Inc. lifted its holdings in Textron by 47.5% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 7,547 shares of the aerospace company’s stock valued at $648,000 after purchasing an additional 2,429 shares in the last quarter. New York State Teachers Retirement System boosted its position in shares of Textron by 4.1% in the second quarter. New York State Teachers Retirement System now owns 208,903 shares of the aerospace company’s stock worth $17,936,000 after purchasing an additional 8,230 shares during the period. Finally, Family Firm Inc. purchased a new stake in shares of Textron in the second quarter worth $40,000. 86.03% of the stock is currently owned by hedge funds and other institutional investors.

Textron Price Performance

TXT stock opened at $80.07 on Wednesday. The company has a fifty day simple moving average of $84.76 and a two-hundred day simple moving average of $86.66. Textron Inc. has a 52 week low of $76.98 and a 52 week high of $97.33. 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 firm has a market capitalization of $14.85 billion, a P/E ratio of 17.60, a price-to-earnings-growth ratio of 1.46 and a beta of 1.25.

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). Textron had a return on equity of 16.02% and a net margin of 6.30%. The company had revenue of $3.43 billion during the quarter, compared to analysts’ expectations of $3.50 billion. During the same quarter in the prior year, the business posted $1.49 EPS. The company’s revenue was up 2.5% on a year-over-year basis. Analysts anticipate that Textron Inc. will post 5.52 earnings per share for the current fiscal year.

Textron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.08 annualized dividend and a yield of 0.10%. Textron’s payout ratio is presently 1.76%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their target price on shares of Textron from $100.00 to $95.00 and set a “neutral” rating on the stock in a research note on Monday, October 14th. UBS Group cut their target price on Textron from $87.00 to $79.00 and set a “sell” rating for the company in a research report on Friday, October 25th. StockNews.com cut Textron from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 12th. Robert W. Baird cut their price objective on shares of Textron from $109.00 to $100.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Finally, TD Cowen lowered shares of Textron from a “buy” rating to a “hold” rating and dropped their target price for the stock from $103.00 to $95.00 in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $101.56.

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.