Oppenheimer Asset Management Inc. Grows Stock Holdings in Textron Inc. (NYSE:TXT)

Oppenheimer Asset Management Inc. grew its stake in Textron Inc. (NYSE:TXT) by 7.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,775 shares of the aerospace company’s stock after acquiring an additional 256 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Textron were worth $324,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Wedge Capital Management L L P NC bought a new position in Textron in the second quarter worth approximately $64,319,000. Ferguson Wellman Capital Management Inc. purchased a new position in shares of Textron during the first quarter valued at $45,932,000. Canada Pension Plan Investment Board raised its holdings in shares of Textron by 1,611.9% in the first quarter. Canada Pension Plan Investment Board now owns 433,100 shares of the aerospace company’s stock valued at $41,547,000 after acquiring an additional 407,800 shares in the last quarter. LSV Asset Management lifted its stake in Textron by 6.9% in the first quarter. LSV Asset Management now owns 4,053,050 shares of the aerospace company’s stock worth $388,809,000 after acquiring an additional 260,003 shares during the period. Finally, Hsbc Holdings PLC grew its holdings in Textron by 77.7% during the 4th quarter. Hsbc Holdings PLC now owns 563,031 shares of the aerospace company’s stock worth $45,285,000 after acquiring an additional 246,185 shares in the last quarter. 86.03% of the stock is owned by hedge funds and other institutional investors.

Textron Price Performance

Shares of NYSE TXT opened at $87.91 on Friday. Textron Inc. has a fifty-two week low of $74.13 and a fifty-two week high of $97.33. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.81 and a current ratio of 1.79. The company has a market cap of $16.76 billion, a PE ratio of 18.78, a P/E/G ratio of 1.40 and a beta of 1.23. The business has a 50-day simple moving average of $88.80 and a two-hundred day simple moving average of $89.32.

Textron (NYSE:TXT) last released its earnings results on Thursday, July 18th. The aerospace company reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.06. The company had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.56 billion. Textron had a net margin of 6.67% and a return on equity of 16.41%. Textron’s revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.46 EPS. As a group, equities analysts expect that Textron Inc. will post 6.27 EPS for the current fiscal year.

Textron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $0.02 per share. The ex-dividend date is Friday, September 13th. This represents a $0.08 dividend on an annualized basis and a yield of 0.09%. Textron’s dividend payout ratio is currently 1.71%.

Wall Street Analysts Forecast Growth

TXT has been the subject of several research reports. Morgan Stanley cut shares of Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 price target for the company. in a research report on Thursday, August 8th. Bank of America increased their target price on Textron from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Citigroup boosted their price target on Textron from $111.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. TD Cowen raised their price objective on Textron from $100.00 to $103.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Finally, UBS Group boosted their target price on shares of Textron from $84.00 to $87.00 and gave the stock a “sell” rating in a report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, Textron presently has an average rating of “Moderate Buy” and a consensus target price of $102.50.

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.