Textron (NYSE:TXT) Shares Gap Down Following Analyst Downgrade

Textron Inc. (NYSE:TXT) shares gapped down before the market opened on Wednesday after Citigroup lowered their price target on the stock from $118.00 to $111.00. The stock had previously closed at $81.20, but opened at $77.79. Citigroup currently has a buy rating on the stock. Textron shares last traded at $76.90, with a volume of 225,977 shares changing hands.

A number of other equities analysts have also weighed in on the company. Susquehanna reduced their price objective on Textron from $100.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Vertical Research upgraded Textron from a “hold” rating to a “buy” rating and set a $91.00 price objective for the company in a research note on Monday, January 6th. Barclays reduced their price objective on Textron from $104.00 to $95.00 and set an “overweight” rating for the company in a research note on Monday, December 23rd. TD Cowen upgraded Textron to a “hold” rating in a research note on Thursday, December 19th. Finally, UBS Group reduced their price objective on Textron from $87.00 to $79.00 and set a “sell” rating for the company in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $97.64.

Institutional Investors Weigh In On Textron

Institutional investors have recently bought and sold shares of the company. True Wealth Design LLC acquired a new stake in Textron in the 3rd quarter worth about $26,000. Capital Performance Advisors LLP acquired a new stake in Textron in the 3rd quarter worth about $42,000. Truvestments Capital LLC acquired a new stake in Textron in the 3rd quarter worth about $43,000. Eastern Bank acquired a new position in shares of Textron during the 4th quarter worth approximately $42,000. Finally, Venturi Wealth Management LLC boosted its holdings in shares of Textron by 69.5% during the 3rd quarter. Venturi Wealth Management LLC now owns 566 shares of the aerospace company’s stock worth $50,000 after purchasing an additional 232 shares during the last quarter. 86.03% of the stock is currently owned by institutional investors and hedge funds.

Textron Trading Down 3.5 %

The firm has a market capitalization of $14.54 billion, a price-to-earnings ratio of 17.23, a PEG ratio of 1.21 and a beta of 1.27. The company has a fifty day moving average price of $80.19 and a two-hundred day moving average price of $85.01. The company has a current ratio of 1.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.46.

Textron (NYSE:TXT) last issued its 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. The business had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3,778,060 billion. Textron had a return on equity of 16.02% and a net margin of 6.30%. The business’s revenue for the quarter was down 7.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.60 EPS. As a group, research analysts forecast that Textron Inc. will post 5.42 earnings per share for the current fiscal year.

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.