Connor Clark & Lunn Investment Management Ltd. Purchases New Stake in Textron Inc. (NYSE:TXT)

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Textron Inc. (NYSE:TXT) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 105,616 shares of the aerospace company’s stock, valued at approximately $7,631,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Balyasny Asset Management L.P. lifted its position in shares of Textron by 6,785.9% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,236,441 shares of the aerospace company’s stock worth $94,575,000 after buying an additional 1,218,485 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Textron in the 4th quarter worth about $41,451,000. D. E. Shaw & Co. Inc. lifted its position in shares of Textron by 97.9% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,031,144 shares of the aerospace company’s stock worth $78,872,000 after buying an additional 510,085 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Textron in the 4th quarter worth about $22,370,000. Finally, Adage Capital Partners GP L.L.C. lifted its position in shares of Textron by 88.9% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 550,976 shares of the aerospace company’s stock worth $42,144,000 after buying an additional 259,350 shares during the last quarter. 86.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on TXT. UBS Group upgraded shares of Textron from a “sell” rating to a “neutral” rating and raised their price target for the stock from $73.00 to $88.00 in a research report on Monday, July 28th. Morgan Stanley raised their price target on shares of Textron from $71.00 to $86.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 17th. Barclays lifted their price objective on shares of Textron from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Tuesday, July 29th. Susquehanna lifted their price objective on shares of Textron from $90.00 to $95.00 and gave the company a “positive” rating in a research report on Friday, July 25th. Finally, Wall Street Zen downgraded shares of Textron from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 26th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Textron presently has an average rating of “Moderate Buy” and a consensus target price of $92.67.

Textron Stock Up 0.7%

Textron stock opened at $77.58 on Tuesday. The stock has a market cap of $13.83 billion, a price-to-earnings ratio of 17.55, a PEG ratio of 1.26 and a beta of 1.16. The company has a current ratio of 1.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The company’s 50-day moving average price is $79.78 and its two-hundred day moving average price is $74.65. Textron Inc. has a 52 week low of $57.70 and a 52 week high of $91.48.

Textron (NYSE:TXT) last released its earnings results on Thursday, July 24th. The aerospace company reported $1.55 EPS for the quarter, beating the consensus estimate of $1.45 by $0.10. The firm had revenue of $3.72 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Textron had a net margin of 5.80% and a return on equity of 14.26%. Textron’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the company earned $1.54 EPS. On average, analysts expect that Textron Inc. will post 6.12 EPS for the current fiscal year.

Textron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be paid a $0.02 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.08 annualized dividend and a dividend yield of 0.1%. Textron’s payout ratio is currently 1.81%.

Insider Activity

In other news, EVP Julie G. Duffy sold 28,543 shares of Textron stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $79.37, for a total value of $2,265,457.91. Following the transaction, the executive vice president owned 37,624 shares of the company’s stock, valued at $2,986,216.88. The trade was a 43.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 1.70% of the stock is owned by corporate insiders.

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.