Textron (NYSE:TXT) Shares Gap Down After Analyst Downgrade

Textron Inc. (NYSE:TXT)’s share price gapped down before the market opened on Wednesday after Citigroup lowered their price target on the stock from $118.00 to $111.00. The stock had previously closed at $81.20, but opened at $77.79. Citigroup currently has a buy rating on the stock. Textron shares last traded at $76.90, with a volume of 225,977 shares traded.

Other analysts have also issued research reports about the company. UBS Group lowered their target price on Textron from $87.00 to $79.00 and set a “sell” rating on the stock in a report on Friday, October 25th. TD Cowen raised shares of Textron to a “hold” rating in a research report on Thursday, December 19th. Vertical Research raised shares of Textron from a “hold” rating to a “buy” rating and set a $91.00 price target for the company in a report on Monday, January 6th. JPMorgan Chase & Co. decreased their target price on Textron from $90.00 to $88.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Finally, Barclays cut their target price on shares of Textron from $104.00 to $95.00 and set an “overweight” rating for the company in a research note on Monday, December 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Textron presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.64.

Institutional Trading of Textron

A number of hedge funds have recently modified their holdings of TXT. Franklin Resources Inc. boosted its position in shares of Textron by 10.3% during the third quarter. Franklin Resources Inc. now owns 164,029 shares of the aerospace company’s stock worth $14,505,000 after purchasing an additional 15,294 shares in the last quarter. International Assets Investment Management LLC bought a new position in Textron during the fourth quarter worth about $11,523,000. Jacobs Levy Equity Management Inc. acquired a new position in Textron in the third quarter valued at about $828,000. Easterly Investment Partners LLC increased its holdings in shares of Textron by 87.7% in the third quarter. Easterly Investment Partners LLC now owns 41,305 shares of the aerospace company’s stock worth $3,659,000 after acquiring an additional 19,304 shares in the last quarter. Finally, KBC Group NV acquired a new stake in shares of Textron during the third quarter worth about $1,797,000. 86.03% of the stock is currently owned by institutional investors and hedge funds.

Textron Price Performance

The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.82 and a current ratio of 1.83. The firm has a market capitalization of $14.24 billion, a price-to-earnings ratio of 16.94, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. The company has a 50-day moving average of $80.37 and a 200-day moving average of $85.06.

Textron (NYSE:TXT) last issued its quarterly earnings data on Wednesday, January 22nd. The aerospace company reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.07. Textron had a net margin of 6.30% and a return on equity of 16.02%. The business had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3,778,060 billion. During the same period last year, the business posted $1.60 earnings per share. The firm’s quarterly revenue was down 7.2% on a year-over-year basis. As a group, research analysts anticipate that Textron Inc. will post 5.42 EPS for the current fiscal year.

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.