Textron Inc. Announces Quarterly Dividend of $0.02 (NYSE:TXT)

Textron Inc. (NYSE:TXT) announced a quarterly dividend on Wednesday, April 24th, RTT News reports. Shareholders of record on Friday, June 14th will be given a dividend of 0.02 per share by the aerospace company on Monday, July 1st. This represents a $0.08 dividend on an annualized basis and a yield of 0.08%.

Textron has a payout ratio of 1.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Textron to earn $6.96 per share next year, which means the company should continue to be able to cover its $0.08 annual dividend with an expected future payout ratio of 1.1%.

Textron Price Performance

NYSE:TXT traded down $1.13 during trading hours on Wednesday, reaching $94.15. The stock had a trading volume of 392,056 shares, compared to its average volume of 1,138,786. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.03 and a current ratio of 1.92. Textron has a 52 week low of $61.27 and a 52 week high of $97.33. The company has a 50 day moving average price of $91.96 and a two-hundred day moving average price of $83.73. The stock has a market capitalization of $18.11 billion, a PE ratio of 20.85, a PEG ratio of 1.48 and a beta of 1.30.

Textron (NYSE:TXT) last posted its quarterly earnings data on Wednesday, January 24th. The aerospace company reported $1.60 earnings per share (EPS) 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 company had revenue of $3.89 billion during the quarter, compared to analysts’ expectations of $3.97 billion. During the same quarter in the previous year, the business earned $1.07 EPS. Textron’s revenue was up 7.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Textron will post 6.27 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have weighed in on TXT. Citigroup upped their target price on Textron from $104.00 to $111.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Bank of America raised Textron from a “neutral” rating to a “buy” rating and upped their target price for the company from $85.00 to $105.00 in a research report on Friday, March 8th. UBS Group increased their price objective on Textron from $77.00 to $81.00 and gave the company a “sell” rating in a report on Friday, January 26th. The Goldman Sachs Group lifted their price target on Textron from $103.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Finally, StockNews.com raised Textron from a “buy” rating to a “strong-buy” rating in a report on Thursday, January 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $93.63.

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.