Balyasny Asset Management L.P. Purchases 1,218,485 Shares of Textron Inc. (NYSE:TXT)

Balyasny Asset Management L.P. grew its position in shares of Textron Inc. (NYSE:TXT) by 6,785.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,236,441 shares of the aerospace company’s stock after purchasing an additional 1,218,485 shares during the period. Balyasny Asset Management L.P.’s holdings in Textron were worth $94,575,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in TXT. SBI Securities Co. Ltd. acquired a new stake in Textron during the 4th quarter worth approximately $31,000. Eastern Bank bought a new position in shares of Textron during the fourth quarter valued at $42,000. Optiver Holding B.V. bought a new stake in shares of Textron in the fourth quarter worth $56,000. Golden State Wealth Management LLC bought a new stake in shares of Textron in the fourth quarter worth $63,000. Finally, McClarren Financial Advisors Inc. acquired a new stake in Textron in the fourth quarter valued at $68,000. 86.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on TXT shares. Vertical Research upgraded Textron from a “hold” rating to a “buy” rating and set a $91.00 price target on the stock in a research report on Monday, January 6th. UBS Group upped their target price on Textron from $62.00 to $63.00 and gave the company a “sell” rating in a report on Monday, April 28th. JPMorgan Chase & Co. decreased their target price on shares of Textron from $90.00 to $88.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Susquehanna dropped their price target on shares of Textron from $100.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. Finally, TD Cowen upgraded shares of Textron to a “hold” rating in a research report on Monday, February 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Textron currently has an average rating of “Hold” and an average target price of $87.70.

Insider Activity

In other Textron news, VP Mark S. Bamford sold 5,451 shares of the business’s stock in a transaction on 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 sale, the vice president now owns 18,223 shares in the company, valued at approximately $1,324,447.64. The trade was a 23.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.70% of the company’s stock.

Textron Stock Up 1.2 %

Textron stock opened at $71.08 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.76 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $12.83 billion, a PE ratio of 16.49, a PEG ratio of 1.18 and a beta of 1.06. The firm’s fifty day moving average is $69.98 and its 200 day moving average is $76.44. Textron Inc. has a 12-month low of $57.70 and a 12-month high of $94.57.

Textron (NYSE:TXT) last announced its quarterly earnings data on Thursday, April 24th. The aerospace company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.11. Textron had a net margin of 6.01% and a return on equity of 14.92%. The firm had revenue of $3.31 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the prior year, the business earned $1.20 earnings per share. The business’s quarterly revenue was up 5.5% compared to the same quarter last year. As a group, sell-side analysts predict that Textron Inc. will post 6.12 EPS for the current fiscal year.

Textron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.08 annualized dividend and a dividend yield of 0.11%. Textron’s dividend payout ratio is 1.81%.

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.