Robeco Institutional Asset Management B.V. has enhanced its investment in Textron Inc. (NYSE: TXT) by 6.0% during the third quarter of 2023. According to its latest Form 13F filing with the Securities and Exchange Commission (SEC), the firm now holds 695,962 shares of the aerospace and defense company, following the acquisition of an additional 39,389 shares in the quarter. This increase positions Robeco as owning approximately 0.39% of Textron, valued at around $58.8 million.
Several other institutional investors have also adjusted their stakes in Textron recently. True Wealth Design LLC significantly raised its position by 388.5% in the third quarter, now owning 298 shares worth $25,000 after purchasing an additional 237 shares. Similarly, Assetmark Inc. expanded its holdings by 191.9% during the second quarter, increasing its total to 324 shares valued at $26,000 after acquiring 213 shares.
Atlantic Union Bankshares Corp. entered the Textron market with a new stake valued at approximately $27,000. Private Trust Co. NA also lifted its holdings by 155.6% in the latest quarter, now owning 460 shares worth $39,000 after adding 280 shares. Additionally, CYBER HORNET ETFs LLC acquired a new position during the second quarter valued at around $41,000. Notably, institutional investors and hedge funds collectively own 86.03% of Textron’s stock.
Textron Stock Performance and Market Insights
As of Wednesday, Textron’s stock opened at $89.99. The company boasts a market capitalization of $15.86 billion, a price-to-earnings (P/E) ratio of 19.78, and a P/E growth (P/E/G) ratio of 1.33. Its beta stands at 1.00, indicating that its stock price tends to move in line with the market. The company’s debt-to-equity ratio is 0.45, with a current ratio of 1.84 and a quick ratio of 0.86. Textron’s stock has shown resilience, with a 50-day moving average of $84.39 and a two-hundred day moving average of $82.63. Over the past year, the stock has fluctuated between a low of $57.70 and a high of $91.22.
Dividend Announcement and Analyst Forecasts
Textron has declared a quarterly dividend, which was paid on January 1, 2024, to shareholders of record as of December 12, 2023. The dividend payout was $0.02 per share, translating to an annualized dividend of $0.08 and a yield of 0.1%. The current dividend payout ratio (DPR) stands at 1.76%.
In terms of market sentiment, several research analysts have recently issued their ratings on Textron’s shares. On October 27, 2023, JPMorgan Chase & Co. lowered their target price from $90.00 to $88.00 and maintained a “neutral” rating. Citigroup initiated coverage with a “neutral” rating and a price objective of $91.00. Conversely, Wall Street Zen upgraded Textron from a “buy” to a “strong-buy” rating.
Sanford C. Bernstein reaffirmed a “market perform” rating, issuing a target price of $94.00. UBS Group also adjusted their price target from $92.00 to $89.00, maintaining a “neutral” rating. Currently, the consensus among analysts includes four “buy” ratings and nine “hold” ratings, according to data from MarketBeat.com, with an average rating of “hold” and an average target price of $91.25.
Textron Inc. is a global, multi-industry manufacturing firm headquartered in Providence, Rhode Island. The company is engaged in designing, manufacturing, and servicing a wide range of products across aerospace, defense, and industrial markets. Textron operates through four key business segments: Textron Aviation, Bell, Textron Systems, and Industrial, catering to customers globally. Its aviation division is particularly recognized for its Cessna and Beechcraft branded aircraft, which include various models ranging from light jets to larger corporate and charter aircraft.
