Pinebridge Investments L.P. Acquires Shares of 947 Textron Inc. (NYSE:TXT)

Pinebridge Investments L.P. acquired a new stake in Textron Inc. (NYSE:TXT – Get Rating) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 947 shares of the aerospace company’s stock, valued at approximately $73,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Ieq Capital LLC increased its position in shares of Textron by 2.2% during the fourth quarter. Ieq Capital LLC now owns 7,056 shares of the aerospace company’s stock valued at $545,000 after buying an additional 149 shares during the period. Rockefeller Capital Management L.P. increased its position in shares of Textron by 12.9% during the third quarter. Rockefeller Capital Management L.P. now owns 1,540 shares of the aerospace company’s stock valued at $107,000 after buying an additional 176 shares during the period. Veritable L.P. increased its position in shares of Textron by 3.1% during the third quarter. Veritable L.P. now owns 5,883 shares of the aerospace company’s stock valued at $411,000 after buying an additional 177 shares during the period. Allworth Financial LP increased its position in shares of Textron by 36.3% during the fourth quarter. Allworth Financial LP now owns 714 shares of the aerospace company’s stock valued at $55,000 after buying an additional 190 shares during the period. Finally, Nvwm LLC increased its position in shares of Textron by 4.0% during the fourth quarter. Nvwm LLC now owns 5,143 shares of the aerospace company’s stock valued at $398,000 after buying an additional 200 shares during the period. Hedge funds and other institutional investors own 86.10% of the company’s stock.

NYSE:TXT opened at $63.65 on Thursday. Textron Inc. has a one year low of $60.36 and a one year high of $79.45. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.46 and a quick ratio of 1.37. The company’s 50-day simple moving average is $70.10 and its 200 day simple moving average is $72.23. The firm has a market capitalization of $13.69 billion, a P/E ratio of 18.56, a PEG ratio of 1.22 and a beta of 1.64.

Textron (NYSE:TXT – Get Rating) last posted its quarterly earnings data on Thursday, April 28th. The aerospace company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.72 by $0.16. The business had revenue of $3 billion for the quarter, compared to analyst estimates of $2.97 billion. Textron had a net margin of 6.14% and a return on equity of 12.08%. Textron’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.70 earnings per share. On average, equities research analysts expect that Textron Inc. will post 4.08 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 1st. Stockholders of record on Friday, June 10th will be paid a $0.02 dividend. The ex-dividend date is Thursday, June 9th. This represents a $0.08 annualized dividend and a dividend yield of 0.13%. Textron’s dividend payout ratio is presently 2.33%.

In other news, CEO Scott C. Donnelly sold 243,157 shares of the company’s stock in a transaction that occurred on Tuesday, February 22nd. The shares were sold at an average price of $68.56, for a total value of $16,670,843.92. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP E Robert Lupone sold 29,752 shares of the business’s stock in a transaction that occurred on Wednesday, March 2nd. The shares were sold at an average price of $72.63, for a total transaction of $2,160,887.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 347,610 shares of company stock worth $23,965,675. Insiders own 1.50% of the company’s stock.

Several equities analysts recently issued reports on the stock. StockNews.com upgraded shares of Textron from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 12th. Zacks Investment Research upgraded shares of Textron from a “sell” rating to a “hold” rating and set a $75.00 price target on the stock in a research report on Thursday, April 7th. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $85.00.

About Textron (Get Rating)

Textron Inc operates in the aircraft, defense, industrial, and finance businesses. The company's 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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