Gabelli Funds LLC Has $73.92 Million Stock Holdings in Textron Inc. (NYSE:TXT)

Gabelli Funds LLC lowered its stake in shares of Textron Inc. (NYSE:TXT) by 1.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 966,452 shares of the aerospace company’s stock after selling 18,900 shares during the period. Gabelli Funds LLC’s holdings in Textron were worth $73,924,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of TXT. Invesco Ltd. increased its position in Textron by 17.8% in the 4th quarter. Invesco Ltd. now owns 7,733,335 shares of the aerospace company’s stock worth $591,523,000 after purchasing an additional 1,167,105 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Textron in the 4th quarter valued at approximately $41,451,000. Boston Partners raised its position in Textron by 4.7% during the fourth quarter. Boston Partners now owns 7,483,692 shares of the aerospace company’s stock valued at $572,465,000 after acquiring an additional 333,127 shares in the last quarter. Brandes Investment Partners LP lifted its stake in Textron by 19.4% in the fourth quarter. Brandes Investment Partners LP now owns 1,859,703 shares of the aerospace company’s stock valued at $142,249,000 after acquiring an additional 302,712 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in Textron by 50.2% in the fourth quarter. Wellington Management Group LLP now owns 603,171 shares of the aerospace company’s stock worth $46,137,000 after acquiring an additional 201,696 shares in the last quarter. 86.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on TXT. Morgan Stanley reduced their price objective on shares of Textron from $82.00 to $71.00 and set an “equal weight” rating for the company in a research note on Friday. TD Cowen upgraded Textron to a “hold” rating in a research note on Monday, February 24th. Bank of America downgraded Textron from a “buy” rating to a “neutral” rating and cut their price objective for the company from $110.00 to $85.00 in a research note on Friday, January 24th. Vertical Research upgraded Textron from a “hold” rating to a “buy” rating and set a $91.00 target price for the company in a report on Monday, January 6th. Finally, Barclays dropped their price target on shares of Textron from $104.00 to $95.00 and set an “overweight” rating on the stock in a research report on Monday, December 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Textron presently has a consensus rating of “Moderate Buy” and an average target price of $92.09.

Textron Trading Up 0.4 %

Textron stock opened at $65.97 on Tuesday. Textron Inc. has a 12 month low of $57.70 and a 12 month high of $95.86. The stock has a market cap of $11.98 billion, a price-to-earnings ratio of 15.31, a price-to-earnings-growth ratio of 1.18 and a beta of 1.06. The business has a 50 day moving average price of $71.53 and a two-hundred day moving average price of $78.26. The company has a quick ratio of 0.84, a current ratio of 1.76 and a debt-to-equity ratio of 0.45.

Textron (NYSE:TXT) last posted its quarterly earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.07. The firm had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.78 billion. Textron had a net margin of 6.01% and a return on equity of 14.92%. The business’s revenue was down 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.60 earnings per share. As a group, equities analysts forecast that Textron Inc. will post 6.12 EPS for the current year.

Textron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.12%. The ex-dividend date was Friday, March 14th. Textron’s payout ratio is 1.86%.

Insider Transactions at Textron

In other Textron news, VP Mark S. Bamford sold 5,451 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $72.68, for a total transaction of $396,178.68. Following the completion of the transaction, the vice president now directly owns 18,223 shares in the company, valued at $1,324,447.64. This represents a 23.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.70% of the stock is currently owned by insiders.

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.