Wall Street Zen Downgrades Textron (NYSE:TXT) to Buy

Textron (NYSE:TXT) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report issued on Saturday.

A number of other research analysts have also recently commented on the company. UBS Group upped their price target on Textron from $62.00 to $63.00 and gave the stock a “sell” rating in a research note on Monday, April 28th. Citigroup decreased their price target on Textron from $111.00 to $107.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. The Goldman Sachs Group restated a “neutral” rating and set a $85.00 price target (down from $95.00) on shares of Textron in a research note on Tuesday, July 1st. Morgan Stanley decreased their price target on Textron from $82.00 to $71.00 and set an “equal weight” rating on the stock in a research note on Friday, April 11th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $95.00 price objective (up previously from $85.00) on shares of Textron in a research report on Thursday, June 12th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Textron presently has an average rating of “Hold” and a consensus target price of $88.08.

Textron Trading Up 0.7%

Shares of Textron stock opened at $82.50 on Friday. The stock has a market cap of $14.89 billion, a P/E ratio of 18.71, a P/E/G ratio of 1.34 and a beta of 1.17. The stock’s 50 day simple moving average is $75.56 and its 200-day simple moving average is $73.90. Textron has a 1-year low of $57.70 and a 1-year high of $94.57. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.80 and a quick ratio of 0.83.

Textron (NYSE:TXT) last released its quarterly earnings data on Thursday, April 24th. The aerospace company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.11. Textron had a return on equity of 14.77% and a net margin of 5.98%. The firm had revenue of $3.31 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same period in the prior year, the firm posted $1.20 earnings per share. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. Analysts predict that Textron will post 6.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Textron

Several hedge funds have recently made changes to their positions in TXT. Syon Capital LLC lifted its position in Textron by 4.5% in the fourth quarter. Syon Capital LLC now owns 3,538 shares of the aerospace company’s stock valued at $271,000 after purchasing an additional 153 shares during the period. Brooklyn Investment Group lifted its position in Textron by 10.3% in the first quarter. Brooklyn Investment Group now owns 1,665 shares of the aerospace company’s stock valued at $120,000 after purchasing an additional 156 shares during the period. Motley Fool Asset Management LLC lifted its position in Textron by 6.3% in the fourth quarter. Motley Fool Asset Management LLC now owns 2,732 shares of the aerospace company’s stock valued at $209,000 after purchasing an additional 163 shares during the period. Farther Finance Advisors LLC increased its holdings in Textron by 10.3% in the fourth quarter. Farther Finance Advisors LLC now owns 1,881 shares of the aerospace company’s stock valued at $144,000 after buying an additional 175 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its holdings in Textron by 7.4% in the first quarter. Exchange Traded Concepts LLC now owns 2,869 shares of the aerospace company’s stock valued at $207,000 after buying an additional 197 shares in the last quarter. Hedge funds and other institutional investors own 86.03% of the company’s stock.

About Textron

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.