What Can We Expect After Textron (NYSE:TXT)’s Upgrade By JP Morgan?

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Textron (NYSE:TXT) Stock Upgrade

It will be interesting to watch today’s trading of shares of Textron (NYSE:TXT) as JP Morgan increased the stock from a “Neutral” to a respectable “Overweight”.

From a total of 13 analysts covering Textron (NYSE:TXT) stock, 11 rate it a ”Buy”, 0 a “Sell”, and 3 a ”Hold”. This means that 79% of the ratings are positive. The highest target price is $54 while the lowest target price is $43. The mean of all analyst targets is $50 with a 23.39% above today’s ($41.94) stock price. Textron was the topic of 5 analyst reports since September 2, 2015 according to the firm StockzIntelligence Inc. Citigroup upgraded shares on September 2 to “Buy” rating.

Approximately 258,464 shares of stock traded hands. Textron Inc. (NYSE:TXT) has declined 9.85% since May 13, 2015 and is downtrending. It has underperformed by 7.23% the S&P500.

The overall sentiment of institutions has decreased to 1.01 in Q2 2015. Its down 0.07, from 1.08 in 2015Q2. The ratio worsened, as 57 institutions have sold all the shares of Textron Inc. that they owned while 123 funds have taken shares off the table. 41 funds have purchased shares for the first time while 141 added to their positions. These institutions now hold 203.76 million shares or 8.40% less than the 222.46 million shares they owned in 2015Q2.

The Fund Malaga Cove Capital Llc currently is holding shares equating to 5.2% of its total portfolio in Textron Inc. representing a total of 173,476 shares. Another fund,Tide Point Capital Management Lp, is holding a total of 820,000 shares equating to 3.74% of their holdings. Additionally, Bedell Frazier Investment Counseling Llc has a 134,145 share stake in Textron Inc. which represents 2.92% of their total portfolio. The Fund, Beech Hill Advisors Inc., based out of New York, has also built up a stake in the stock, which represents a total of 2.41% of their total portfolio. Finally Cornerstone Capital Management Llc, a fund which is based in the state of Minnesota reported a total holdings of 1.50 million shares.

Textron Inc. is a multi-industry company engaged in aircraft, defense, industrial and finance businesses to provide clients with services and products worldwide. The company has a market cap of $11.32 billion. It operates in five divisions: Textron Aviation, Bell, Textron Systems, Industrial and Finance. It has 17.09 P/E ratio. Textron Aviation makes, sells and services Beechcraft and Cessna aircraft, and services the Hawker brand of business jets.

According to Zacks Investment Research, “Textron, Inc. is a global multi-industry company with operations in five business segments – Aircraft, Fastening Systems, Industrial Components, Industrial Products and Finance. The company’s products include commercial and military helicopters, light and mid-size business jets, plastic fuel tanks, automotive trim products, golf cars and utility vehicles, turf-care equipment, industrial pumps and gears, engineered fastening systems and solutions, and other industrial products. It also is a commercial finance company for select markets.”

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