Zacks: Brokerages Expect Textron Inc. (TXT) Will Post Quarterly Sales of $3.53 Billion

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Analysts expect Textron Inc. (NYSE:TXT) to post $3.53 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Textron’s earnings. The lowest sales estimate is $3.42 billion and the highest is $3.68 billion. Textron posted sales of $3.48 billion during the same quarter last year, which would indicate a positive year over year growth rate of 1.4%. The business is expected to announce its next earnings results before the market opens on Thursday, October 18th.

On average, analysts expect that Textron will report full-year sales of $14.65 billion for the current fiscal year, with estimates ranging from $14.43 billion to $14.92 billion. For the next year, analysts expect that the firm will post sales of $14.82 billion, with estimates ranging from $14.52 billion to $15.05 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that follow Textron.

Textron (NYSE:TXT) last issued its quarterly earnings results on Wednesday, July 18th. The aerospace company reported $0.87 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.17. Textron had a return on equity of 13.93% and a net margin of 3.21%. The company had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.51 billion. During the same quarter in the prior year, the business earned $0.60 EPS. Textron’s revenue was up 3.4% on a year-over-year basis.

Several brokerages have weighed in on TXT. Zacks Investment Research upgraded Textron from a “hold” rating to a “buy” rating and set a $74.00 price target on the stock in a report on Monday, August 13th. Cowen restated a “$66.44” rating and set a $73.00 price target on shares of Textron in a report on Wednesday, July 18th. Bank of America set a $78.00 price target on Textron and gave the stock a “buy” rating in a report on Wednesday, July 25th. Citigroup upped their price target on Textron to $76.00 and gave the stock a “buy” rating in a report on Thursday, July 19th. Finally, Morgan Stanley set a $71.00 price target on Textron and gave the stock a “hold” rating in a report on Thursday. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $73.50.

NYSE TXT remained flat at $$65.07 during trading hours on Monday. The company’s stock had a trading volume of 2,152,929 shares, compared to its average volume of 1,632,080. The company has a current ratio of 2.27, a quick ratio of 1.11 and a debt-to-equity ratio of 0.72. Textron has a 12 month low of $51.07 and a 12 month high of $72.87. The stock has a market cap of $17.75 billion, a P/E ratio of 26.56, a price-to-earnings-growth ratio of 1.88 and a beta of 1.40.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Friday, September 14th were issued a $0.02 dividend. The ex-dividend date was Thursday, September 13th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.12%. Textron’s payout ratio is currently 3.27%.

In related news, EVP E Robert Lupone sold 45,000 shares of the company’s stock in a transaction dated Tuesday, July 31st. The stock was sold at an average price of $67.50, for a total value of $3,037,500.00. Following the completion of the sale, the executive vice president now directly owns 121,838 shares of the company’s stock, valued at approximately $8,224,065. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Julie G. Duffy sold 6,562 shares of the company’s stock in a transaction dated Tuesday, July 31st. The shares were sold at an average price of $68.13, for a total value of $447,069.06. Following the completion of the sale, the vice president now directly owns 22,535 shares of the company’s stock, valued at $1,535,309.55. The disclosure for this sale can be found here. In the last quarter, insiders sold 134,209 shares of company stock worth $9,035,968. Company insiders own 1.20% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in TXT. PNC Financial Services Group Inc. boosted its position in shares of Textron by 4.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 64,277 shares of the aerospace company’s stock valued at $3,791,000 after purchasing an additional 2,789 shares during the period. State of Tennessee Treasury Department boosted its position in shares of Textron by 28.1% in the 1st quarter. State of Tennessee Treasury Department now owns 87,310 shares of the aerospace company’s stock valued at $5,149,000 after purchasing an additional 19,164 shares during the period. Nomura Asset Management Co. Ltd. boosted its position in shares of Textron by 6.1% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 40,822 shares of the aerospace company’s stock valued at $2,408,000 after purchasing an additional 2,362 shares during the period. FIL Ltd boosted its position in shares of Textron by 5.6% in the 1st quarter. FIL Ltd now owns 282,805 shares of the aerospace company’s stock valued at $16,677,000 after purchasing an additional 14,933 shares during the period. Finally, Baird Financial Group Inc. acquired a new stake in shares of Textron in the 1st quarter valued at about $349,000. 82.94% of the stock is owned by hedge funds and other institutional investors.

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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