Credit Suisse Group Lowers Textron (NYSE:TXT) Price Target to $50.00
Textron (NYSE:TXT) had its target price cut by research analysts at Credit Suisse Group from $52.00 to $50.00 in a report issued on Friday, BenzingaRatingsTable reports. The firm presently has a “neutral” rating on the aerospace company’s stock. Credit Suisse Group’s price objective would suggest a potential upside of 8.67% from the company’s previous close.
Several other equities analysts have also recently commented on the stock. Vertical Research cut shares of Textron from a “buy” rating to a “hold” rating and reduced their price objective for the company from $56.00 to $54.00 in a research note on Friday, September 27th. ValuEngine raised shares of Textron from a “sell” rating to a “hold” rating in a research note on Tuesday, September 10th. Morgan Stanley boosted their price objective on shares of Textron from $49.00 to $51.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Finally, Cowen reaffirmed a “buy” rating and set a $60.00 price objective on shares of Textron in a research note on Thursday. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Textron currently has a consensus rating of “Hold” and an average target price of $55.25.
Shares of NYSE:TXT opened at $46.01 on Friday. The company has a 50 day moving average of $48.50 and a 200 day moving average of $49.55. The stock has a market cap of $10.99 billion, a P/E ratio of 13.78, a P/E/G ratio of 1.28 and a beta of 1.77. Textron has a 12 month low of $42.30 and a 12 month high of $58.50. The company has a current ratio of 1.92, a quick ratio of 0.97 and a debt-to-equity ratio of 0.53.
Hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC grew its stake in Textron by 73.1% in the 2nd quarter. Parallel Advisors LLC now owns 509 shares of the aerospace company’s stock worth $27,000 after buying an additional 215 shares in the last quarter. NEXT Financial Group Inc purchased a new position in Textron in the 2nd quarter worth approximately $32,000. HM Payson & Co. purchased a new position in Textron in the 2nd quarter worth approximately $34,000. Trust Co. of Vermont purchased a new position in Textron in the 2nd quarter worth approximately $42,000. Finally, CSat Investment Advisory L.P. grew its stake in Textron by 87.3% in the 2nd quarter. CSat Investment Advisory L.P. now owns 884 shares of the aerospace company’s stock worth $47,000 after buying an additional 412 shares in the last quarter. 82.66% of the stock is owned by institutional investors and hedge funds.
Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. The company's Textron Aviation segment manufactures and sells business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and commercial parts, as well as provides maintenance, inspection, and repair services.
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