Textron (NYSE:TXT) Downgraded by TD Cowen to “Hold”

Textron (NYSE:TXT) was downgraded by research analysts at TD Cowen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. They currently have a $95.00 price target on the aerospace company’s stock, down from their prior price target of $103.00. TD Cowen’s target price would suggest a potential upside of 9.79% from the company’s previous close.

Several other brokerages also recently commented on TXT. Citigroup increased their price objective on Textron from $111.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. UBS Group raised their price objective on Textron from $84.00 to $87.00 and gave the company a “sell” rating in a research note on Friday, July 19th. Morgan Stanley downgraded shares of Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 price objective on the stock. in a report on Thursday, August 8th. StockNews.com downgraded shares of Textron from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 12th. Finally, Bank of America boosted their price target on shares of Textron from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $101.50.

Textron Stock Performance

NYSE TXT opened at $86.53 on Wednesday. The company has a market cap of $16.21 billion, a P/E ratio of 18.49, a PEG ratio of 1.38 and a beta of 1.23. The company has a fifty day simple moving average of $88.32 and a 200 day simple moving average of $89.20. The company has a current ratio of 1.79, a quick ratio of 0.81 and a debt-to-equity ratio of 0.47. Textron has a 12-month low of $74.13 and a 12-month high of $97.33.

Textron (NYSE:TXT) last issued its quarterly earnings data on Thursday, July 18th. The aerospace company reported $1.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.48 by $0.06. Textron had a net margin of 6.67% and a return on equity of 16.41%. The firm had revenue of $3.53 billion during the quarter, compared to analysts’ expectations of $3.56 billion. During the same period last year, the company earned $1.46 earnings per share. The business’s revenue was up 3.0% on a year-over-year basis. Sell-side analysts predict that Textron will post 6.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TXT. Innealta Capital LLC bought a new stake in shares of Textron in the 2nd quarter worth approximately $25,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Textron in the second quarter valued at $30,000. Oakworth Capital Inc. purchased a new position in shares of Textron during the 2nd quarter valued at $31,000. Family Firm Inc. bought a new position in shares of Textron during the 2nd quarter worth $40,000. Finally, Jones Financial Companies Lllp increased its holdings in Textron by 200.0% in the 4th quarter. Jones Financial Companies Lllp now owns 507 shares of the aerospace company’s stock worth $41,000 after acquiring an additional 338 shares during the last quarter. 86.03% of the stock is currently owned by hedge funds and other institutional investors.

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.