Textron (NYSE:TXT) Issues Quarterly Earnings Results

Textron (NYSE:TXT) posted its earnings results on Thursday. The aerospace company reported $1.40 EPS for the quarter, missing the consensus estimate of $1.46 by ($0.06), Briefing.com reports. Textron had a return on equity of 16.41% and a net margin of 6.67%. The company had revenue of $3.43 billion during the quarter, compared to analysts’ expectations of $3.50 billion. During the same period in the prior year, the business posted $1.49 earnings per share. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. Textron updated its FY 2024 guidance to 5.400-5.600 EPS and its FY24 guidance to $5.40-$5.60 EPS.

Textron Stock Up 1.4 %

Shares of Textron stock traded up $1.12 on Friday, reaching $82.61. The company’s stock had a trading volume of 823,067 shares, compared to its average volume of 1,073,339. Textron has a 52 week low of $74.13 and a 52 week high of $97.33. The firm’s fifty day simple moving average is $87.81 and its two-hundred day simple moving average is $88.19. The company has a quick ratio of 0.81, a current ratio of 1.79 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $15.48 billion, a price-to-earnings ratio of 17.26, a P/E/G ratio of 1.43 and a beta of 1.23.

Textron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be paid a dividend of $0.02 per share. The ex-dividend date is Friday, December 13th. This represents a $0.08 annualized dividend and a yield of 0.10%. Textron’s dividend payout ratio is 1.69%.

Analysts Set New Price Targets

TXT has been the topic of a number of research analyst reports. Citigroup upped their target price on Textron from $111.00 to $115.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. TD Cowen lowered Textron from a “buy” rating to a “hold” rating and lowered their price objective for the company from $103.00 to $95.00 in a research report on Wednesday, September 25th. StockNews.com downgraded shares of Textron from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 12th. JPMorgan Chase & Co. dropped their price objective 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. Finally, Bank of America raised their target price on shares of Textron from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Textron presently has a consensus rating of “Moderate Buy” and an average target price of $102.44.

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.