Allspring Global Investments Holdings LLC Trims Stock Position in Textron Inc. (NYSE:TXT)

Allspring Global Investments Holdings LLC cut its position in shares of Textron Inc. (NYSE:TXT) by 74.8% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 16,222 shares of the aerospace company’s stock after selling 48,066 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Textron were worth $1,229,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Robeco Institutional Asset Management B.V. boosted its position in shares of Textron by 3.3% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 511,770 shares of the aerospace company’s stock worth $39,145,000 after acquiring an additional 16,359 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Textron by 0.9% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 475,420 shares of the aerospace company’s stock worth $36,365,000 after buying an additional 4,381 shares during the last quarter. Wellington Management Group LLP increased its stake in Textron by 18.0% during the third quarter. Wellington Management Group LLP now owns 401,475 shares of the aerospace company’s stock valued at $35,563,000 after purchasing an additional 61,248 shares during the last quarter. BNP Paribas Financial Markets increased its stake in Textron by 14.7% during the third quarter. BNP Paribas Financial Markets now owns 398,366 shares of the aerospace company’s stock valued at $35,287,000 after purchasing an additional 50,936 shares during the last quarter. Finally, National Pension Service boosted its holdings in shares of Textron by 2.6% during the third quarter. National Pension Service now owns 368,481 shares of the aerospace company’s stock valued at $32,640,000 after acquiring an additional 9,491 shares during the period. 86.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on TXT. Susquehanna reduced their price objective on shares of Textron from $100.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Bank of America downgraded Textron from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $110.00 to $85.00 in a report on Friday, January 24th. Barclays dropped their target price on Textron from $104.00 to $95.00 and set an “overweight” rating on the stock in a report on Monday, December 23rd. JPMorgan Chase & Co. lowered their price target on Textron from $90.00 to $88.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Finally, Robert W. Baird decreased their target price on Textron from $100.00 to $92.00 and set an “outperform” rating for the company in a research report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $93.45.

Textron Price Performance

Textron stock opened at $72.34 on Friday. The business’s 50-day simple moving average is $76.20 and its 200 day simple moving average is $82.69. The stock has a market cap of $13.21 billion, a price-to-earnings ratio of 16.78, a P/E/G ratio of 1.18 and a beta of 1.27. Textron Inc. has a 12-month low of $71.67 and a 12-month high of $97.33. The company has a quick ratio of 0.84, a current ratio of 1.76 and a debt-to-equity ratio of 0.45.

Textron (NYSE:TXT) last issued its earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.07. Textron had a return on equity of 14.92% and a net margin of 6.01%. The firm had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.78 billion. During the same quarter last year, the business earned $1.60 earnings per share. The company’s revenue was down 7.2% compared to the same quarter last year. As a group, research analysts anticipate that Textron Inc. will post 6.12 earnings per share for the current year.

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.