Textron (TXT) Declares $0.02 Dividend

Textron said on April 26, 2023 that its board of directors declared a regular quarterly dividend of $0.02 per share ($0.08 annualized). Previously, the company paid $0.02 per share.

Shares must be purchased before the ex-div date of June 8, 2023 to qualify for the dividend. Shareholders of record as of June 9, 2023 will receive the payment on July 1, 2023.

At the current share price of $65.56 / share, the stock's dividend yield is 0.12%.

Looking back five years and taking a sample every week, the average dividend yield has been 0.15%, the lowest has been 0.10%, and the highest has been 0.37%. The standard deviation of yields is 0.05 (n=236).

The current dividend yield is 0.63 standard deviations below the historical average.

Additionally, the company's dividend payout ratio is 0.02. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company has not increased its dividend in the last three years.

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What is the Fund Sentiment?

There are 1269 funds or institutions reporting positions in Textron. This is an increase of 78 owner(s) or 6.55% in the last quarter. Average portfolio weight of all funds dedicated to TXT is 0.24%, an increase of 18.99%. Total shares owned by institutions decreased in the last three months by 3.54% to 209,331K shares. The put/call ratio of TXT is 0.54, indicating a bullish outlook.

Analyst Price Forecast Suggests 30.01% Upside

As of April 24, 2023, the average one-year price target for Textron is 85.23. The forecasts range from a low of 76.76 to a high of $97.65. The average price target represents an increase of 30.01% from its latest reported closing price of 65.56.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Textron is 13,847MM, an increase of 7.41%. The projected annual non-GAAP EPS is 4.58.

What are Other Shareholders Doing?

T. Rowe Price Investment Management holds 18,673K shares representing 9.17% ownership of the company. In it's prior filing, the firm reported owning 21,681K shares, representing a decrease of 16.11%. The firm increased its portfolio allocation in TXT by 0.52% over the last quarter.

RPMGX - T. Rowe Price Mid-Cap Growth Fund holds 9,239K shares representing 4.54% ownership of the company. In it's prior filing, the firm reported owning 10,975K shares, representing a decrease of 18.79%. The firm decreased its portfolio allocation in TXT by 3.11% over the last quarter.

Price T Rowe Associates holds 7,476K shares representing 3.67% ownership of the company. In it's prior filing, the firm reported owning 7,912K shares, representing a decrease of 5.84%. The firm increased its portfolio allocation in TXT by 12.75% over the last quarter.

Invesco holds 7,102K shares representing 3.49% ownership of the company. In it's prior filing, the firm reported owning 8,998K shares, representing a decrease of 26.70%. The firm decreased its portfolio allocation in TXT by 99.99% over the last quarter.

Boston Partners holds 6,895K shares representing 3.39% ownership of the company. In it's prior filing, the firm reported owning 6,806K shares, representing an increase of 1.29%. The firm increased its portfolio allocation in TXT by 13.72% over the last quarter.

Textron Background Information
(This description is provided by the company.)

Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell, Cessna, Beechcraft, Hawker, Jacobsen, Kautex, Lycoming, E-Z-GO, Arctic Cat, Textron Systems, and TRU Simulation + Training.

This story originally appeared on Fintel.