Snow Capital Management Lp Lowers stake in Textron (TXT)

Textron (TXT) : Snow Capital Management Lp reduced its stake in Textron by 7.26% during the most recent quarter end. The investment management company now holds a total of 1,451,685 shares of Textron which is valued at $56,920,569 after selling 113,634 shares in Textron , the firm said in a disclosure report filed with the SEC on Aug 11, 2016.Textron makes up approximately 2.51% of Snow Capital Management Lp’s portfolio.

Other Hedge Funds, Including , Pacad Investment Ltd. added TXT to its portfolio by purchasing 18,600 company shares during the most recent quarter which is valued at $729,306. Textron makes up approx 0.10% of Pacad Investment Ltd.’s portfolio. Glassman Wealth Services added TXT to its portfolio by purchasing 400 company shares during the most recent quarter which is valued at $15,756. Textron makes up approx 0.01% of Glassman Wealth Services’s portfolio. Ridgeworth Capital Management added TXT to its portfolio by purchasing 787,350 company shares during the most recent quarter which is valued at $30,714,524. Textron makes up approx 0.26% of Ridgeworth Capital Management’s portfolio.Utah Retirement Systems reduced its stake in TXT by selling 600 shares or 1.21% in the most recent quarter. The Hedge Fund company now holds 49,159 shares of TXT which is valued at $1,903,436. Textron makes up approx 0.05% of Utah Retirement Systems’s portfolio.Independent Portfolio Consultants reduced its stake in TXT by selling 80 shares or 1.66% in the most recent quarter. The Hedge Fund company now holds 4,725 shares of TXT which is valued at $184,228. Textron makes up approx 0.06% of Independent Portfolio Consultants’s portfolio.

Textron opened for trading at $40.91 and hit $41.16 on the upside on Tuesday, eventually ending the session at $41, with a gain of 0.54% or 0.22 points. The heightened volatility saw the trading volume jump to 10,54,968 shares. Company has a market cap of $11,048 M.

On the company’s financial health, Textron reported $0.66 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Jul 22, 2016. Analyst had a consensus of $0.64. The company had revenue of $3511.00 million for the quarter, compared to analysts expectations of $3367.30 million. The company’s revenue was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 EPS.

Investors should note that on Jul 26, 2016, Textron announced a cash dividend of $0.0200. The company’s management has announced Sep 7, 2016 as the ex-dividend date and fixed the record date on Sep 9, 2016. The payable date has been fixed on Oct 1, 2016.

Many Wall Street Analysts have commented on Textron. Textron was Initiated by Morgan Stanley to “Underweight” on Jun 23, 2016.

Textron Inc. is a multi-industry company engaged in aircraft defense industrial and finance businesses to provide customers with products and services worldwide. It operates in five segments: Textron Aviation Bell Textron Systems Industrial and Finance. Textron Aviation manufactures sells and services Beechcraft and Cessna aircraft and services the Hawker brand of business jets. Bell Helicopter is a supplier of military and commercial helicopters tiltrotor aircraft and related spare parts and services in the world. Textron Systems’ product lines consist of unmanned aircraft systems marine and land systems weapons and sensors simulation training and other defense and aviation mission support products and services. The Industrial segment designs and manufactures a range of products under three principal product lines. The Finance segment provides financing primarily to purchasers of new and pre-owned Textron Aviation aircraft and Bell helicopters.

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