Meridian Wealth Management LLC Purchases New Shares in Textron Inc. (NYSE:TXT)

Meridian Wealth Management LLC acquired a new position in shares of Textron Inc. (NYSE:TXT) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,546 shares of the aerospace company’s stock, valued at approximately $226,000.

A number of other hedge funds also recently bought and sold shares of TXT. Boston Partners increased its position in shares of Textron by 1.4% in the first quarter. Boston Partners now owns 7,116,231 shares of the aerospace company’s stock worth $682,475,000 after acquiring an additional 99,868 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Textron by 6.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,808,600 shares of the aerospace company’s stock worth $241,152,000 after purchasing an additional 160,923 shares in the last quarter. Brandes Investment Partners LP raised its stake in Textron by 20.0% during the 2nd quarter. Brandes Investment Partners LP now owns 1,549,551 shares of the aerospace company’s stock valued at $133,096,000 after purchasing an additional 258,778 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Textron by 18.9% in the second quarter. AQR Capital Management LLC now owns 1,451,293 shares of the aerospace company’s stock valued at $124,608,000 after purchasing an additional 231,173 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Textron by 0.4% in the second quarter. Bank of New York Mellon Corp now owns 1,398,779 shares of the aerospace company’s stock worth $120,099,000 after buying an additional 6,175 shares during the period. 86.03% of the stock is owned by hedge funds and other institutional investors.

Textron Stock Performance

TXT opened at $85.73 on Tuesday. 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 company has a market cap of $15.90 billion, a PE ratio of 18.84, a price-to-earnings-growth ratio of 1.54 and a beta of 1.24. The stock has a 50-day moving average of $85.97 and a 200-day moving average of $87.19. Textron Inc. has a 52-week low of $74.13 and a 52-week high of $97.33.

Textron (NYSE:TXT) last announced its earnings results on Thursday, October 24th. The aerospace company reported $1.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.09). Textron had a return on equity of 16.02% and a net margin of 6.30%. The company had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.50 billion. During the same period in the previous year, the company earned $1.49 EPS. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, equities research analysts forecast that Textron Inc. will post 5.53 earnings per share for the current fiscal year.

Textron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.08 annualized dividend and a dividend yield of 0.09%. Textron’s payout ratio is 1.76%.

Analyst Ratings Changes

Several research firms recently weighed in on TXT. UBS Group dropped their price target on Textron from $87.00 to $79.00 and set a “sell” rating on the stock in a research report on Friday, October 25th. Morgan Stanley downgraded Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 target price on the stock. in a report on Thursday, August 8th. StockNews.com cut shares of Textron from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 12th. TD Cowen lowered shares of Textron from a “buy” rating to a “hold” rating and dropped their price objective for the company from $103.00 to $95.00 in a research note on Wednesday, September 25th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Textron from $100.00 to $95.00 and set a “neutral” rating for the company in a research note on Monday, October 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $101.56.

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.