The Vanguard Group, Inc. recently announced the acquisition of new stake in Textron Inc. (NYSE:TXT). The institutional investor has increased its shareholding in the Industrials company by 0.88% to 23.09 million shares with purchase of 0.2 million shares. This fresh investment now brings its stake to 11.25% valued currently at $1.67 billion. In addition, BlackRock Fund Advisors raised its holdings by 0.72 million to 13.81 million shares. And Boston Partners Global Investors, has lifted its position by 1.31% or 89249.0 shares – to 6.9 million shares.
With over 1.69 million Textron Inc. (TXT) shares trading Monday and a closing price of $67.13 on the day, the dollar volume was approximately $113.33 million. The shares have shown a positive half year performance of 1.88% and its price on 03/13/23 lost nearly -3.08%. Currently, there are 208.33M common shares owned by the public and among those 204.14M shares have been available to trade.
From Robots to Self-Driving Cars: 5 AI Stocks to Consider for Your Portfolio
The artificial intelligence (AI) revolution is already here and it's about to change everything we know about everything. With the global market for AI projected to grow from $137 billion in 2022 to over $1.81 trillion by 2030, there's never been a better time to invest in this burgeoning industry. That's why we've compiled a list of the Top 5 AI Stocks to Buy for 2023. These companies are at the forefront of the AI revolution, and have the potential to deliver huge returns to investors like you.
Get our free report, "Top 5 AI Stocks to Buy for 2023".
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 15 analysts who have offered their price forecasts for TXT have a consensus price objective of $83.41. The analysts have set the share’s price value over the next 12 months at a high of $93.00 and a low of $76.00. The average price target is 19.66% above its recent price level and an upside to the estimated low will see the stock gain 11.67% over that period. But an upside of 27.82% will see the stock hit the forecast high price target while median target price for the stock is $85.00.
Insiders at the company have transacted a total of 18 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 13 of these insider trades were purchases, accounting for 305,994 shares. Insider sales of the common stock occurred on 5 occasions, with total insider shares sold totaling 287,150 shares.
The top 3 mutual fund holders in Textron Inc. are T Rowe Price Mid Cap Growth Fund, Vanguard Total Stock Market Index, and Vanguard Mid Cap Index Fund. T Rowe Price Mid Cap Growth Fund owns 9.24 million shares of the company’s stock, all valued at over $670.09 million. The company sold -1.51 million shares recently to bring their total holdings to about 4.50% of the shares outstanding. Vanguard Total Stock Market Index bought 33948.0 shares to see its total holdings expand to 6.4 million shares valued at over $464.03 million and representing 3.12% of the shares outstanding. Vanguard Mid Cap Index Fund bought 7826.0 shares to bring its total holdings to over 4.86 million shares at a value of $352.67 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.37% of the shares outstanding.
Shares of Textron Inc. (NYSE: TXT) opened at $67.93, down -$1.33 from a prior closing price of $69.26. However, the script later moved the day high at 68.00, down -3.08%. The company’s stock has a 5-day price change of -8.73% and -8.04% over the past three months. TXT shares are trading -5.18% year to date (YTD), with the 12-month market performance down to -3.49% lower. It has a 12-month low price of $57.11 and touched a high of $76.11 over the same period. TXT has an average intraday trading volume of 1.41 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -8.64%, -7.00%, and 0.46% respectively.
Institutional ownership of Textron Inc. (NYSE: TXT) shares accounts for 86.80% of the company’s 208.33M shares outstanding. Mutual fund holders own 29.68%, while other institutional holders and individual stakeholders account for 55.35% and 0.85% respectively.
It has a market capitalization of $14.12B and a beta (3y monthly) value of 1.49. The stock’s trailing 12-month PE ratio is 16.72, while the earnings-per-share (ttm) stands at $4.01. The company has a PEG of 1.23 and a Quick Ratio of 1.10 with the debt-to-equity ratio at 0.50. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.55% over the week and 1.93% over the month.
Analysts forecast that Textron Inc. (TXT) will achieve an EPS of $0.96 for the current quarter, $1.11 for the next quarter and $5.18 for 2024. The lowest estimate earnings-per-share for the quarter is $0.85 while analysts give the company a high EPS estimate of $1.09. Comparatively, EPS for the current quarter was $0.83 a year ago. Earnings per share for the fiscal year are expected to increase by 21.60%, and 12.96% over the next financial year. EPS should grow at an annualized rate of 13.55% over the next five years, compared to 13.50% over the past 5-year period.
Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 5 of the 15 advise that investors “hold,” and 0 rated it as a “Sell.”
Cowen coverage for the Textron Inc. (TXT) stock in a research note released on August 31, 2021 offered a Outperform rating with a price target of $95. Morgan Stanley was of a view on June 29, 2021 that the stock is Overweight, while Robert W. Baird gave the stock Outperform rating on April 30, 2021, issuing a price target of $57- $72. Credit Suisse on their part issued Outperform rating on April 19, 2021.
Leave a Reply