Great West Life Assurance Co. Can trimmed its stake in Textron Inc. (NYSE:TXT) by 17.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 149,553 shares of the aerospace company’s stock after selling 30,919 shares during the quarter. Great West Life Assurance Co. Can’s holdings in Textron were worth $10,698,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TXT. Centaurus Financial Inc. purchased a new position in Textron in the second quarter valued at about $105,000. BlueMountain Capital Management LLC purchased a new position in Textron in the second quarter valued at about $139,000. First Hawaiian Bank purchased a new position in Textron in the third quarter valued at about $140,000. Willingdon Wealth Management purchased a new position in Textron in the third quarter valued at about $157,000. Finally, Harvest Fund Management Co. Ltd purchased a new position in Textron in the third quarter valued at about $191,000. Hedge funds and other institutional investors own 83.80% of the company’s stock.
Shares of TXT stock opened at $53.01 on Friday. The company has a market cap of $13.23 billion, a P/E ratio of 21.64, a price-to-earnings-growth ratio of 1.05 and a beta of 1.62. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.11 and a current ratio of 2.29. Textron Inc. has a 12 month low of $51.19 and a 12 month high of $72.87.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 1st. Investors of record on Friday, December 14th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.15%. The ex-dividend date is Thursday, December 13th. Textron’s payout ratio is currently 3.27%.
A number of research analysts have weighed in on the stock. Jefferies Financial Group set a $68.00 target price on shares of Textron and gave the company a “buy” rating in a research note on Friday, November 30th. Zacks Investment Research cut shares of Textron from a “hold” rating to a “sell” rating in a research note on Saturday, November 17th. Morgan Stanley dropped their price target on shares of Textron from $71.00 to $64.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 14th. Wells Fargo & Co dropped their price target on shares of Textron from $72.00 to $70.00 and set an “outperform” rating on the stock in a research note on Friday, October 19th. Finally, ValuEngine cut shares of Textron from a “buy” rating to a “hold” rating in a research note on Thursday, October 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. Textron has an average rating of “Buy” and an average price target of $72.73.
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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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