Providence-based Textron Inc.’s biggest investor, Axa
SA, the owner of Alliance Capital Management Holding LP, boosted
its stake in the company by 34 percent during the first quarter.
Axa bought 4.63 million shares in the quarter to increase
its holding to 18.3 million shares on March 31 from 13.6 million
as of December, the company said in a regulatory filing. Its
stake rose to 13 percent from 9.9 percent of shares.
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Textron is the world’s biggest business-jet maker with its Cessna line. Its stock gained
65 percent over the past year as orders picked up, the company
has said. Shares fell 6.9 percent in the first quarter.
Paris-based Axa, Europe’s second-biggest insurance company,
become Textron’s top shareholder in September, when Axa had a 9
percent stake in the company. Last year, Textron had net income
of $259 million on $9.86 billion in sales, up from a net loss of
$124 million on revenue of $10.4 billion.
John Meyers, spokesman for Alliance Capital, didn’t return a
call for comment. New York-based Alliance Capital is one of the
managers of the Textron holding.
Bloomberg News
