Elk River Wealth Management LLC Grows Position in Textron Inc. (NYSE:TXT)

Elk River Wealth Management LLC grew its stake in Textron Inc. (NYSE:TXT) by 1.1% during the 4th quarter, HoldingsChannel reports. The firm owned 62,250 shares of the aerospace company’s stock after buying an additional 684 shares during the quarter. Elk River Wealth Management LLC’s holdings in Textron were worth $5,007,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Textron by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 23,503,096 shares of the aerospace company’s stock worth $1,748,161,000 after purchasing an additional 177,502 shares in the last quarter. BlackRock Inc. lifted its position in shares of Textron by 2.9% during the 1st quarter. BlackRock Inc. now owns 18,231,026 shares of the aerospace company’s stock valued at $1,287,657,000 after buying an additional 519,468 shares in the last quarter. State Street Corp lifted its position in shares of Textron by 0.5% during the 1st quarter. State Street Corp now owns 9,564,040 shares of the aerospace company’s stock valued at $711,561,000 after buying an additional 47,344 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Textron by 3.4% during the 3rd quarter. Victory Capital Management Inc. now owns 6,756,439 shares of the aerospace company’s stock valued at $527,948,000 after buying an additional 220,891 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Textron by 11.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,745,108 shares of the aerospace company’s stock valued at $448,923,000 after buying an additional 596,214 shares in the last quarter. Hedge funds and other institutional investors own 86.03% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on TXT shares. The Goldman Sachs Group reissued a “buy” rating and issued a $98.00 price objective on shares of Textron in a research note on Tuesday, January 2nd. StockNews.com upgraded Textron from a “buy” rating to a “strong-buy” rating in a research note on Thursday, January 25th. Bank of America raised Textron from a “neutral” rating to a “buy” rating and raised their target price for the stock from $85.00 to $105.00 in a research report on Friday, March 8th. UBS Group raised their target price on Textron from $77.00 to $81.00 and gave the stock a “sell” rating in a research report on Friday, January 26th. Finally, Citigroup lifted their price target on Textron from $102.00 to $104.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $90.00.

Textron Price Performance

Shares of Textron stock traded up $0.37 during trading on Wednesday, reaching $96.33. The company’s stock had a trading volume of 565,263 shares, compared to its average volume of 1,159,476. The company has a quick ratio of 1.03, a current ratio of 1.92 and a debt-to-equity ratio of 0.50. Textron Inc. has a 12-month low of $61.27 and a 12-month high of $96.80. The company has a market capitalization of $18.53 billion, a P/E ratio of 21.00, a price-to-earnings-growth ratio of 1.51 and a beta of 1.29. The business has a 50 day moving average price of $87.76 and a 200-day moving average price of $81.24.

Textron (NYSE:TXT) last posted its quarterly earnings results on Wednesday, January 24th. The aerospace company reported $1.60 earnings per share for the quarter, beating analysts’ consensus estimates of $1.53 by $0.07. Textron had a return on equity of 16.05% and a net margin of 6.73%. The firm had revenue of $3.89 billion for the quarter, compared to the consensus estimate of $3.97 billion. During the same period in the previous year, the business earned $1.07 earnings per share. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Textron Inc. will post 6.27 EPS for the current year.

Textron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be paid a $0.02 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.08 annualized dividend and a yield of 0.08%. Textron’s payout ratio is currently 1.75%.

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.