Textron Inc. (NYSE:TXT) was down 13.4% during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings, MarketBeat reports. The company traded as low as $32.47 and last traded at $32.69, with a volume of 10,569,996 shares trading hands. The stock had previously closed at $37.73.

The company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by $0.02. During the same period last year, the firm posted $0.76 EPS. The company had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $4.23 billion. The business’s revenue for the quarter was down 4.2% compared to the same quarter last year.

TXT has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded shares of Textron from a “hold” rating to a “sell” rating in a report on Tuesday, September 29th. Barclays lowered their target price on shares of Textron from $56.00 to $54.00 and set an “overweight” rating for the company in a report on Wednesday, October 28th. JPMorgan Chase & Co. lowered their target price on shares of Textron to $50.00 and set a “neutral” rating for the company in a report on Wednesday, October 28th. Cowen and Company restated an “outperform” rating and issued a $53.00 target price (up from $52.00) on shares of Textron in a report on Thursday, December 10th. Finally, Credit Suisse boosted their target price on shares of Textron from $47.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, December 14th. One investment analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $50.98.

In other news, VP Cheryl H. Johnson sold 2,121 shares of the business’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $42.37, for a total transaction of $89,866.77. Following the transaction, the vice president now directly owns 28,681 shares of the company’s stock, valued at $1,215,213.97. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

A number of hedge funds recently bought and sold shares of the stock. Centre Asset Management boosted its stake in Textron by 45.9% in the fourth quarter. Centre Asset Management now owns 263,500 shares of the company’s stock valued at $11,070,000 after buying an additional 82,860 shares in the last quarter. Braun Stacey Associates boosted its stake in Textron by 8.2% in the third quarter. Braun Stacey Associates now owns 251,570 shares of the company’s stock valued at $9,470,000 after buying an additional 19,130 shares in the last quarter. Capstone Asset Management Company bought a new stake in Textron during the fourth quarter valued at about $624,000. Scout Investments Inc. boosted its stake in Textron by 52.5% in the fourth quarter. Scout Investments Inc. now owns 422,617 shares of the company’s stock valued at $17,754,000 after buying an additional 145,462 shares in the last quarter. Finally, Essex Investment Management Co. LLC bought a new stake in Textron during the fourth quarter valued at about $302,000.

The company has a market cap of $8.95 billion and a PE ratio of 13.39. The stock’s 50 day moving average is $40.20 and its 200-day moving average is $40.91.

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.

12 Month Chart for NYSE:TXT

Receive News & Ratings for Textron Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Textron Inc. and related companies with MarketBeat.com's FREE daily email newsletter.