Textron Inc. (NYSE:TXT) Shares Sold by Salem Investment Counselors Inc.

Salem Investment Counselors Inc. trimmed its position in shares of Textron Inc. (NYSE:TXT) by 2.8% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,629 shares of the aerospace company’s stock after selling 1,670 shares during the period. Salem Investment Counselors Inc.’s holdings in Textron were worth $4,236,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. CX Institutional purchased a new stake in shares of Textron in the 1st quarter valued at $152,000. Charter Oak Capital Management LLC purchased a new stake in Textron during the first quarter worth about $308,000. Hennion & Walsh Asset Management Inc. increased its stake in Textron by 12.7% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 13,092 shares of the aerospace company’s stock worth $946,000 after purchasing an additional 1,475 shares during the period. Kwmg LLC lifted its position in shares of Textron by 1.7% during the first quarter. Kwmg LLC now owns 84,047 shares of the aerospace company’s stock worth $6,072,000 after purchasing an additional 1,405 shares in the last quarter. Finally, Merit Financial Group LLC boosted its stake in shares of Textron by 16.4% in the first quarter. Merit Financial Group LLC now owns 5,569 shares of the aerospace company’s stock valued at $402,000 after purchasing an additional 785 shares during the period. 86.03% of the stock is currently owned by institutional investors and hedge funds.

Textron Price Performance

TXT stock opened at $77.77 on Friday. The business has a 50 day moving average price of $71.17 and a 200 day moving average price of $74.39. Textron Inc. has a fifty-two week low of $57.70 and a fifty-two week high of $94.57. 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 stock has a market cap of $14.04 billion, a price-to-earnings ratio of 18.04, a PEG ratio of 1.18 and a beta of 1.16.

Textron (NYSE:TXT) last released its quarterly earnings data on Thursday, April 24th. The aerospace company reported $1.28 earnings per share (EPS) 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 company had revenue of $3.31 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the prior year, the firm posted $1.20 earnings per share. Textron’s revenue for the quarter was up 5.5% on a year-over-year basis. Equities research analysts anticipate that Textron Inc. will post 6.12 earnings per share for the current fiscal year.

Textron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.10%. The ex-dividend date is Friday, June 13th. Textron’s dividend payout ratio is currently 1.81%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on TXT shares. Jefferies Financial Group upped their target price on shares of Textron from $85.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday. Morgan Stanley cut their price objective on Textron from $82.00 to $71.00 and set an “equal weight” rating on the stock in a research report on Friday, April 11th. UBS Group increased their price objective on Textron from $62.00 to $63.00 and gave the company a “sell” rating in a research note on Monday, April 28th. Citigroup lowered their target price on Textron from $111.00 to $107.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. Finally, TD Cowen raised 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 assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.36.

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.