Traynor Capital Management Inc. Has $218,000 Position in Textron Inc. (NYSE:TXT)
Traynor Capital Management Inc. cut its stake in shares of Textron Inc. (NYSE:TXT) by 17.2% during the second quarter, Holdings Channel reports. The institutional investor owned 4,508 shares of the aerospace company’s stock after selling 936 shares during the period. Traynor Capital Management Inc.’s holdings in Textron were worth $218,000 as of its most recent filing with the SEC.
Other institutional investors have also recently bought and sold shares of the company. First Trust Advisors LP boosted its position in Textron by 8.4% in the second quarter. First Trust Advisors LP now owns 895,279 shares of the aerospace company’s stock valued at $42,168,000 after buying an additional 69,520 shares in the last quarter. Boston Partners boosted its position in Textron by 2.1% in the second quarter. Boston Partners now owns 3,907,375 shares of the aerospace company’s stock worth $184,037,000 after buying an additional 79,355 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in Textron by 2.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 931,337 shares of the aerospace company’s stock worth $43,866,000 after buying an additional 25,429 shares in the last quarter. Global X Management Co. LLC boosted its position in Textron by 16.5% in the second quarter. Global X Management Co. LLC now owns 3,053 shares of the aerospace company’s stock worth $144,000 after buying an additional 433 shares in the last quarter. Finally, Korea Investment CORP boosted its position in Textron by 88.4% in the second quarter. Korea Investment CORP now owns 28,708 shares of the aerospace company’s stock worth $1,352,000 after buying an additional 13,474 shares in the last quarter. Hedge funds and other institutional investors own 83.55% of the company’s stock.
Shares of Textron Inc. (NYSE TXT) opened at 48.48 on Friday. Textron Inc. has a 12-month low of $37.19 and a 12-month high of $50.93. The stock’s 50 day moving average is $48.43 and its 200-day moving average is $47.69. The stock has a market cap of $12.83 billion, a price-to-earnings ratio of 14.82 and a beta of 1.56.
Textron (NYSE:TXT) last released its quarterly earnings results on Wednesday, July 19th. The aerospace company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.05. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.57 billion. Textron had a return on equity of 11.97% and a net margin of 6.45%. The business’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.66 EPS. Equities analysts anticipate that Textron Inc. will post $2.52 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.17%. The ex-dividend date is Thursday, September 14th. Textron’s dividend payout ratio (DPR) is presently 2.45%.
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A number of equities analysts have weighed in on the stock. BidaskClub cut shares of Textron from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 5th. Wells Fargo & Company restated an “outperform” rating and set a $54.00 price objective (up from $52.00) on shares of Textron in a research report on Saturday, July 22nd. Bank of America Corporation cut shares of Textron from a “buy” rating to an “underperform” rating and reduced their price objective for the stock from $53.00 to $45.00 in a research report on Friday, July 21st. Credit Suisse Group restated an “outperform” rating and set a $55.00 price objective (up from $50.00) on shares of Textron in a research report on Thursday, July 20th. Finally, Zacks Investment Research upgraded shares of Textron from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Tuesday, July 18th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. Textron has an average rating of “Hold” and an average target price of $53.60.
Textron Inc is a multi-industry company engaged in aircraft, defense, industrial and finance businesses to provide customers with products and services across the world. The Company operates through five segments: Textron Aviation, Bell, Textron Systems, Industrial and Finance. The Textron Aviation segment is engaged in general aviation.
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