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

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

TXT has been the subject of a number of other research reports. 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. UBS Group raised their target price on Textron from $62.00 to $63.00 and gave the company a “sell” rating in a research note on Monday, April 28th. Jefferies Financial Group restated a “buy” rating and issued a $95.00 target price (up previously from $85.00) on shares of Textron in a research note on Thursday, June 12th. Morgan Stanley lowered their target price on Textron from $82.00 to $71.00 and set an “equal weight” rating for the company in a research note on Friday, April 11th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $85.00 target price (down previously from $95.00) on shares of Textron in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Textron presently has an average rating of “Hold” and an average target price of $88.08.

Textron Price Performance

TXT opened at $82.50 on Friday. The stock’s 50 day simple moving average is $75.56 and its 200 day simple moving average is $73.93. 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 has a 1 year low of $57.70 and a 1 year high of $94.57. The firm has a market cap of $14.89 billion, a price-to-earnings ratio of 18.71, a PEG ratio of 1.34 and a beta of 1.17.

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

Hedge Funds Weigh In On Textron

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TXT. Nuveen LLC bought a new position in Textron during the first quarter valued at approximately $89,403,000. Balyasny Asset Management L.P. boosted its stake in Textron by 6,785.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,236,441 shares of the aerospace company’s stock valued at $94,575,000 after buying an additional 1,218,485 shares during the last quarter. Invesco Ltd. boosted its stake in Textron by 17.8% during the fourth quarter. Invesco Ltd. now owns 7,733,335 shares of the aerospace company’s stock valued at $591,523,000 after buying an additional 1,167,105 shares during the last quarter. Millennium Management LLC boosted its stake in Textron by 128.7% during the first quarter. Millennium Management LLC now owns 1,113,026 shares of the aerospace company’s stock valued at $80,416,000 after buying an additional 626,346 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in Textron during the fourth quarter valued at approximately $41,451,000. 86.03% of the stock is owned by institutional investors.

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.