Bank of New York Mellon Corp Purchases 104,982 Shares of Textron Inc. (NYSE:TXT)

Bank of New York Mellon Corp grew its position in shares of Textron Inc. (NYSE:TXT) by 7.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,428,377 shares of the aerospace company’s stock after acquiring an additional 104,982 shares during the period. Bank of New York Mellon Corp owned about 0.77% of Textron worth $109,257,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Blackhawk Capital Partners LLC. raised its stake in Textron by 41.9% in the fourth quarter. Blackhawk Capital Partners LLC. now owns 3,263 shares of the aerospace company’s stock worth $250,000 after buying an additional 963 shares in the last quarter. Paradigm Asset Management Co. LLC raised its stake in Textron by 2.8% in the fourth quarter. Paradigm Asset Management Co. LLC now owns 11,200 shares of the aerospace company’s stock worth $857,000 after buying an additional 300 shares in the last quarter. Elk River Wealth Management LLC raised its stake in Textron by 0.6% in the fourth quarter. Elk River Wealth Management LLC now owns 58,830 shares of the aerospace company’s stock worth $4,501,000 after buying an additional 379 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund raised its stake in Textron by 79.5% in the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 9,956 shares of the aerospace company’s stock worth $762,000 after buying an additional 4,409 shares in the last quarter. Finally, CIBC Asset Management Inc raised its stake in Textron by 3.9% in the fourth quarter. CIBC Asset Management Inc now owns 28,609 shares of the aerospace company’s stock worth $2,188,000 after buying an additional 1,081 shares in the last quarter. 86.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on TXT. TD Cowen raised shares of Textron to a “hold” rating in a research note on Monday, February 24th. Citigroup cut their price objective on shares of Textron from $118.00 to $111.00 and set a “buy” rating on the stock in a report on Tuesday, January 21st. Barclays cut their price objective on shares of Textron from $104.00 to $95.00 and set an “overweight” rating on the stock in a report on Monday, December 23rd. Vertical Research upgraded shares of Textron from a “hold” rating to a “buy” rating and set a $91.00 price target on the stock in a report on Monday, January 6th. Finally, Morgan Stanley cut their price target on shares of Textron from $86.00 to $82.00 and set an “equal weight” rating on the stock in a report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $93.45.

Insider Activity

In other news, VP Mark S. Bamford sold 5,451 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $72.68, for a total transaction of $396,178.68. Following the sale, the vice president now directly owns 18,223 shares in the company, valued at $1,324,447.64. This trade represents a 23.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.70% of the company’s stock.

Textron Stock Up 2.1 %

TXT opened at $74.76 on Friday. The company has a current ratio of 1.76, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. Textron Inc. has a 1-year low of $71.67 and a 1-year high of $97.33. The company has a market capitalization of $13.65 billion, a PE ratio of 17.34, a PEG ratio of 1.18 and a beta of 1.27. The firm’s 50 day simple moving average is $75.73 and its two-hundred day simple moving average is $82.29.

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

Textron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.08 annualized dividend and a dividend yield of 0.11%. Textron’s payout ratio is 1.86%.

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.