Textron Inc. investor Alliance
Capital Management LP, which manages $453 billion in assets,
became Textron’s biggest shareholder by more than doubling its
stake in the business-jet maker during the third quarter.
Alliance had 11.4 million Textron shares on Sept. 30, from
4.7 million as of June, parent AXA Financial Inc. said in a
regulatory filing. Providence, Rhode Island-based Textron is the
world’s biggest maker of business jets with its Cessna line.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
Textron’s stock rose 1.1 percent in the third quarter, half
the increase of the Standard & Poor’s 500 Index. Its third-
quarter net income fell by more than a third, to $47 million on
$2.2 billion in sales, because of fewer airplane deliveries.
Alliance Capital spokesman John Meyers declined to comment.
The company now has 8.4 percent of Textron’s shares outstanding.
Fidelity Management, Textron’s biggest shareholder as of June,
trimmed its stake to 5.75 million shares from 6.14 million. It is
now the jetmaker’s second-biggest investor, with 4.2 percent.
Bloomberg News
