Textron (NYSE:TXT) Announces Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Textron (NYSE:TXT) released its quarterly earnings results on Wednesday. The aerospace company reported $0.93 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.07, RTT News reports. Textron had a return on equity of 15.66% and a net margin of 8.79%. The company had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.43 billion. During the same quarter in the prior year, the firm posted $0.87 EPS. Textron’s quarterly revenue was down 13.4% compared to the same quarter last year. Textron updated its FY 2019 guidance to $3.65-3.85 EPS and its FY19 guidance to $3.65-3.85 EPS.

TXT stock opened at $48.88 on Thursday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.99 and a current ratio of 2.17. The stock has a fifty day simple moving average of $50.70. Textron has a twelve month low of $43.27 and a twelve month high of $72.87. The stock has a market capitalization of $12.58 billion, a price-to-earnings ratio of 14.63, a price-to-earnings-growth ratio of 1.16 and a beta of 1.76.

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were paid a $0.02 dividend. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $0.08 dividend on an annualized basis and a yield of 0.16%. Textron’s payout ratio is 2.40%.

A number of hedge funds have recently added to or reduced their stakes in the business. Primecap Management Co. CA increased its stake in Textron by 2.3% in the first quarter. Primecap Management Co. CA now owns 5,292,360 shares of the aerospace company’s stock worth $268,111,000 after purchasing an additional 116,746 shares during the period. Victory Capital Management Inc. increased its stake in Textron by 6.0% in the first quarter. Victory Capital Management Inc. now owns 4,674,137 shares of the aerospace company’s stock worth $236,791,000 after purchasing an additional 264,230 shares during the period. Dimensional Fund Advisors LP increased its stake in Textron by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,565,875 shares of the aerospace company’s stock worth $163,995,000 after purchasing an additional 30,800 shares during the period. Geode Capital Management LLC increased its stake in Textron by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 3,144,494 shares of the aerospace company’s stock worth $144,357,000 after purchasing an additional 131,360 shares during the period. Finally, Gamco Investors INC. ET AL increased its stake in Textron by 2.6% in the first quarter. Gamco Investors INC. ET AL now owns 2,467,926 shares of the aerospace company’s stock worth $125,025,000 after purchasing an additional 62,584 shares during the period. Institutional investors and hedge funds own 83.98% of the company’s stock.

Several research firms recently weighed in on TXT. Credit Suisse Group restated a “buy” rating and set a $241.00 price target on shares of FedEx in a report on Monday, April 1st. Zacks Investment Research lowered Hope Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 26th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $64.60.

Textron Company Profile

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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Earnings History for Textron (NYSE:TXT)

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