Short Interest in Textron Inc. (NYSE:TXT) Declines By 15.0%

Textron Inc. (NYSE:TXT) was the recipient of a significant decline in short interest in the month of June. As of June 15th, there was short interest totalling 5,208,000 shares, a decline of 15.0% from the May 15th total of 6,129,600 shares. Based on an average trading volume of 1,510,000 shares, the short-interest ratio is presently 3.4 days. Currently, 2.2% of the shares of the company are sold short.

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

Hedge funds have recently added to or reduced their stakes in the company. Osborn Williams & Donohoe LLC bought a new stake in shares of Textron in the 1st quarter valued at approximately $25,000. Lake Point Wealth Management bought a new stake in shares of Textron in the 4th quarter valued at approximately $28,000. North Star Investment Management Corp. bought a new stake in shares of Textron in the 1st quarter valued at approximately $36,000. Rational Advisors LLC grew its stake in shares of Textron by 120.1% in the 1st quarter. Rational Advisors LLC now owns 929 shares of the aerospace company’s stock valued at $47,000 after purchasing an additional 507 shares during the period. Finally, Twin Tree Management LP grew its stake in shares of Textron by 101.5% in the 1st quarter. Twin Tree Management LP now owns 1,035 shares of the aerospace company’s stock valued at $52,000 after purchasing an additional 68,135 shares during the period. Institutional investors own 83.97% of the company’s stock.

Shares of TXT opened at $53.61 on Friday. Textron has a 12-month low of $43.27 and a 12-month high of $72.87. The company has a market capitalization of $12.48 billion, a price-to-earnings ratio of 16.05, a price-to-earnings-growth ratio of 1.15 and a beta of 1.76. The firm’s 50-day moving average price is $50.17. The company has a quick ratio of 0.99, a current ratio of 2.17 and a debt-to-equity ratio of 0.67.

Textron (NYSE:TXT) last released its quarterly earnings data on Wednesday, April 17th. The aerospace company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.06. Textron had a return on equity of 15.66% and a net margin of 8.79%. The company had revenue of $31.09 million for the quarter, compared to analyst estimates of $3.17 billion. During the same period in the prior year, the company posted $0.72 EPS. The company’s revenue was down 99.1% compared to the same quarter last year. On average, equities research analysts expect that Textron will post 3.7 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Stockholders 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 annualized dividend and a dividend yield of 0.15%. Textron’s dividend payout ratio is currently 2.40%.

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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