Maryland State Retirement & Pension System Sells 523 Shares of Textron Inc. (NYSE:TXT)

Maryland State Retirement & Pension System trimmed its position in shares of Textron Inc. (NYSE:TXT) by 4.8% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 10,343 shares of the aerospace company’s stock after selling 523 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Textron were worth $791,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. True Wealth Design LLC bought a new position in shares of Textron in the third quarter valued at about $26,000. SBI Securities Co. Ltd. acquired a new stake in Textron in the 4th quarter valued at about $31,000. Eastern Bank bought a new position in shares of Textron in the fourth quarter worth about $42,000. Truvestments Capital LLC acquired a new position in shares of Textron during the third quarter worth approximately $43,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Textron during the fourth quarter valued at approximately $63,000. Institutional investors and hedge funds own 86.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on TXT. Bank of America downgraded Textron from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $110.00 to $85.00 in a report on Friday, January 24th. JPMorgan Chase & Co. decreased their price target on Textron from $90.00 to $88.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. TD Cowen raised Textron to a “hold” rating in a report on Monday, February 24th. Citigroup cut their target price on shares of Textron from $118.00 to $111.00 and set a “buy” rating on the stock in a research report on Tuesday, January 21st. Finally, Morgan Stanley lowered their price target on shares of Textron from $86.00 to $82.00 and set an “equal weight” rating for the company in a research report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $93.45.

Insider Activity

In related news, VP Mark S. Bamford sold 5,451 shares of the business’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $72.68, for a total value of $396,178.68. Following the sale, the vice president now directly owns 18,223 shares of the company’s stock, valued at approximately $1,324,447.64. The trade was a 23.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.70% of the company’s stock.

Textron Price Performance

Shares of TXT stock opened at $74.23 on Tuesday. 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 Inc. has a 12-month low of $70.14 and a 12-month high of $97.34. The firm has a fifty day moving average of $74.83 and a 200-day moving average of $80.51. The firm has a market capitalization of $13.48 billion, a price-to-earnings ratio of 17.22, a price-to-earnings-growth ratio of 1.18 and a beta of 1.27.

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

Textron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.11%. The ex-dividend date of this dividend is Friday, March 14th. Textron’s payout ratio is currently 1.86%.

Textron 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.