M&T Bank Corp sold 5,385 shares of Textron Inc., cutting its stake in the aerospace and defense company by 43.0% during the fourth quarter, according to a Securities and Exchange Commission Form 13F filing. The bank retained 7,129 shares valued at $621,000 following the sale.
The divestment came as other institutional investors moved in the opposite direction. AQR Capital Management LLC boosted its Textron position by 144.1% in the second quarter, acquiring an additional 1,573,206 shares to bring its total holding to 2,664,612 shares valued at $213,942,000. Adage Capital Partners increased its stake by 270.7% in the same period, purchasing 734,478 shares for a position now worth $80,759,000.
SG Americas Securities made the most dramatic move, expanding its holdings by 8,087.0% in the fourth quarter. The firm acquired 424,246 shares, bringing its total position to 429,492 shares valued at $37,439,000. Balyasny Asset Management opened a new position valued at approximately $56,255,000 in the third quarter, while Millennium Management increased its stake by 56.2% during the same period with an additional 333,421 shares. Institutional investors now control 86.03% of Textron's stock.
Textron's recent financial performance has attracted mixed analyst attention. The company reported first-quarter earnings of $1.45 per share, beating consensus estimates of $1.30, with revenue reaching $3.70 billion compared to analyst expectations of $3.50 billion. The company raised its full-year 2026 guidance to $6.40 to $6.60 in earnings per share. TD Cowen upgraded Textron to a Buy rating, while Freedom Capital assigned a Strong Buy designation. However, most Wall Street analysts remain cautious, with a consensus rating of Hold and an average price target of $98.18.
Management signaled strategic changes ahead. Director Thomas A. Kennedy purchased 10,300 shares at approximately $96 each, a move typically interpreted as confidence in near-term prospects. The company also announced plans to separate its Industrial segment through either a sale or tax-free spinoff, a process expected to take 12 to 18 months. The move aims to create a purer aerospace and defense-focused business, though analysts noted execution and timing risks associated with the restructuring.
Textron also announced a quarterly dividend of $0.02 per share, payable July 1st to shareholders of record as of June 12th, representing an annualized dividend yield of 0.1%. The stock traded at $94.71 on Friday, down 1.3% on the day.
