Textron (NYSE:TXT) Reaches New 52-Week Low – Here’s Why

Shares of Textron Inc. (NYSE:TXT) hit a new 52-week low during trading on Thursday . The company traded as low as $67.66 and last traded at $67.77, with a volume of 275302 shares. The stock had previously closed at $72.48.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on TXT shares. Robert W. Baird dropped their target price on shares of Textron from $100.00 to $92.00 and set an “outperform” rating on the stock in a report on Thursday, January 23rd. Morgan Stanley cut their price objective on Textron from $86.00 to $82.00 and set an “equal weight” rating for the company in a report on Thursday, January 23rd. Citigroup lowered their target price on Textron from $118.00 to $111.00 and set a “buy” rating on the stock in a report on Tuesday, January 21st. TD Cowen upgraded Textron to a “hold” rating in a research note on Monday, February 24th. Finally, Barclays lowered their price objective on shares of Textron from $104.00 to $95.00 and set an “overweight” rating on the stock in a research note on Monday, December 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $93.45.

Textron Price Performance

The firm has a market cap of $12.15 billion, a PE ratio of 15.53, a P/E/G ratio of 1.18 and a beta of 1.27. The firm’s fifty day simple moving average is $74.06 and its two-hundred day simple moving average is $79.90. 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 (NYSE:TXT) last released its earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.07. Textron had a net margin of 6.01% and a return on equity of 14.92%. The company had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.78 billion. During the same quarter in the previous year, the company earned $1.60 EPS. Textron’s revenue for the quarter was down 7.2% on a year-over-year basis. As a group, research analysts expect that Textron Inc. will post 6.12 EPS for the current year.

Textron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.12%. The ex-dividend date was Friday, March 14th. Textron’s dividend payout ratio (DPR) is presently 1.86%.

Insider Buying and Selling

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

Institutional Investors Weigh In On Textron

Hedge funds have recently made changes to their positions in the company. SBI Securities Co. Ltd. purchased a new stake in shares of Textron during the 4th quarter worth approximately $31,000. Eastern Bank bought a new stake in shares of Textron in the 4th quarter worth about $42,000. Optiver Holding B.V. purchased a new stake in shares of Textron during the 4th quarter valued at about $56,000. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Textron by 123.3% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 842 shares of the aerospace company’s stock valued at $61,000 after acquiring an additional 465 shares during the last quarter. Finally, Golden State Wealth Management LLC purchased a new position in Textron in the fourth quarter worth about $63,000. 86.03% of the stock is currently owned by hedge funds and other institutional investors.

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.