Malaga Cove Capital Lowers stake in Textron (TXT)

Textron (TXT) : Malaga Cove Capital reduced its stake in Textron by 0.8% during the most recent quarter end. The investment management company now holds a total of 171,658 shares of Textron which is valued at $6,639,731 after selling 1,388 shares in Textron , the firm said in a disclosure report filed with the SEC on Apr 26, 2016.Textron makes up approximately 5.38% of Malaga Cove Capital’s portfolio.

Textron opened for trading at $38.79 and hit $39.15 on the upside on Monday, eventually ending the session at $39.01, with a gain of 0.85% or 0.33 points. The heightened volatility saw the trading volume jump to 13,38,676 shares. Company has a market cap of $10,487 M.

Other Hedge Funds, Including , Glenmede Trust Co Na boosted its stake in TXT in the latest quarter, The investment management firm added 255 additional shares and now holds a total of 14,632 shares of Textron which is valued at $565,966. Cornerstone Advisors sold out all of its stake in TXT during the most recent quarter. The investment firm sold 259 shares of TXT which is valued $10,303.Capstone Asset Management Co reduced its stake in TXT by selling 2,625 shares or 17.67% in the most recent quarter. The Hedge Fund company now holds 12,229 shares of TXT which is valued at $461,645. Textron makes up approx 0.01% of Capstone Asset Management Co’s portfolio.

On the company’s financial health, Textron reported $0.55 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Apr 20, 2016. Analyst had a consensus of $0.52. The company had revenue of $3201.00 million for the quarter, compared to analysts expectations of $3153.95 million. The company’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.46 EPS.

Many Wall Street Analysts have commented on Textron. Shares were Reiterated by RBC Capital Mkts on Jan 28, 2016 to “Outperform” and Lowered the Price Target to $ 47 from a previous price target of $52 .Textron was Downgraded by Drexel Hamilton to ” Hold” on Jan 28, 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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