Textron (NYSE:TXT) Cut to “Neutral” at Bank of America

Bank of America downgraded shares of Textron (NYSE:TXTFree Report) from a buy rating to a neutral rating in a research note published on Friday morning, Marketbeat Ratings reports. They currently have $85.00 price target on the aerospace company’s stock, down from their previous price target of $110.00.

Other equities analysts have also issued research reports about the company. Vertical Research raised Textron from a “hold” rating to a “buy” rating and set a $91.00 price target on the stock in a research note on Monday, January 6th. Barclays cut their price target on Textron from $104.00 to $95.00 and set an “overweight” rating on the stock in a research note on Monday, December 23rd. Robert W. Baird cut their price target on Textron from $100.00 to $92.00 and set an “outperform” rating on the stock in a research note on Thursday. TD Cowen raised Textron to a “hold” rating in a research note on Thursday, December 19th. Finally, Citigroup dropped their price objective on Textron from $118.00 to $111.00 and set a “buy” rating for the company in a report on Tuesday, January 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $93.45.

Get Our Latest Stock Analysis on TXT

Textron Price Performance

Textron stock opened at $77.22 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.82 and a current ratio of 1.83. The firm has a market cap of $14.33 billion, a P/E ratio of 17.92, a P/E/G ratio of 1.27 and a beta of 1.27. The business’s fifty day moving average is $79.88 and its two-hundred day moving average is $84.89. Textron has a 52 week low of $74.89 and a 52 week high of $97.33.

Textron (NYSE:TXTGet Free Report) last issued its quarterly earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.07. Textron had a return on equity of 14.92% and a net margin of 6.01%. The business had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3,778,060 billion. During the same quarter in the prior year, the firm posted $1.60 earnings per share. The firm’s revenue for the quarter was down 7.2% compared to the same quarter last year. Equities research analysts forecast that Textron will post 6.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Robeco Institutional Asset Management B.V. grew its holdings in shares of Textron by 3.3% during 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 buying an additional 16,359 shares in the last quarter. Patriot Financial Group Insurance Agency LLC grew its holdings in shares of Textron by 5.8% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 2,977 shares of the aerospace company’s stock worth $228,000 after buying an additional 163 shares in the last quarter. Foundations Investment Advisors LLC grew its holdings in shares of Textron by 4.1% during the fourth quarter. Foundations Investment Advisors LLC now owns 4,272 shares of the aerospace company’s stock worth $327,000 after buying an additional 169 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of Textron by 19.3% during the fourth quarter. Pacer Advisors Inc. now owns 16,555 shares of the aerospace company’s stock worth $1,266,000 after buying an additional 2,679 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of Textron by 36.1% during the fourth quarter. Blue Trust Inc. now owns 2,606 shares of the aerospace company’s stock worth $199,000 after buying an additional 691 shares in the last quarter. 86.03% of the stock is currently owned by institutional investors.

About Textron

(Get Free Report)

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.

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