NWQ Investment Management Company LLC lessened its holdings in shares of Raytheon (NYSE:RTN) by 3.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 351,905 shares of the aerospace company’s stock after selling 13,522 shares during the quarter. NWQ Investment Management Company LLC owned approximately 0.12% of Raytheon worth $66,105,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of RTN. Captrust Financial Advisors acquired a new position in Raytheon during the fourth quarter valued at approximately $238,000. Bainco International Investors grew its holdings in Raytheon by 10.0% during the fourth quarter. Bainco International Investors now owns 24,090 shares of the aerospace company’s stock valued at $5,048,000 after purchasing an additional 2,195 shares during the last quarter. Paloma Partners Management Co grew its holdings in Raytheon by 54.1% during the fourth quarter. Paloma Partners Management Co now owns 94,942 shares of the aerospace company’s stock valued at $17,835,000 after purchasing an additional 33,340 shares during the last quarter. Bain Capital Public Equity Management LLC acquired a new position in Raytheon during the fourth quarter valued at approximately $21,974,000. Finally, Empire Life Investments Inc. grew its holdings in Raytheon by 23.4% during the fourth quarter. Empire Life Investments Inc. now owns 105,399 shares of the aerospace company’s stock valued at $19,799,000 after purchasing an additional 20,017 shares during the last quarter. 73.51% of the stock is currently owned by hedge funds and other institutional investors.
In other Raytheon news, VP Frank R. Jimenez sold 175 shares of Raytheon stock in a transaction on Friday, December 29th. The shares were sold at an average price of $189.13, for a total transaction of $33,097.75. Following the sale, the vice president now owns 28,311 shares in the company, valued at $5,354,459.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Thomas A. Kennedy sold 44,778 shares of Raytheon stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $215.90, for a total transaction of $9,667,570.20. Following the sale, the chairman now owns 138,339 shares in the company, valued at approximately $29,867,390.10. The disclosure for this sale can be found here. Insiders have sold 79,400 shares of company stock worth $17,052,714 in the last quarter. Corporate insiders own 0.19% of the company’s stock.
Raytheon (NYSE:RTN) last posted its quarterly earnings results on Thursday, January 25th. The aerospace company reported $2.03 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.02 by $0.01. Raytheon had a net margin of 7.98% and a return on equity of 21.36%. The firm had revenue of $6.78 billion for the quarter, compared to the consensus estimate of $6.81 billion. During the same quarter in the previous year, the company earned $1.84 earnings per share. The business’s revenue was up 8.0% compared to the same quarter last year. research analysts expect that Raytheon will post 9.66 EPS for the current year.
Raytheon announced that its board has authorized a share buyback program on Wednesday, November 15th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the aerospace company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
RTN has been the topic of several analyst reports. Royal Bank of Canada set a $225.00 price target on Raytheon and gave the company a “buy” rating in a report on Thursday, November 16th. JPMorgan Chase & Co. downgraded Raytheon from an “overweight” rating to a “neutral” rating and increased their price target for the company from $190.00 to $210.00 in a report on Tuesday, December 12th. Wells Fargo & Co reiterated an “outperform” rating and set a $215.00 price target (up previously from $202.00) on shares of Raytheon in a report on Tuesday, January 16th. Robert W. Baird reiterated a “buy” rating and set a $237.00 price target on shares of Raytheon in a report on Friday, January 26th. Finally, Zacks Investment Research upgraded shares of Raytheon from a “hold” rating to a “buy” rating and set a $217.00 price objective on the stock in a research note on Friday, January 12th. Two analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $214.12.
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Raytheon Company is a technology company, which specializes in defense and other government markets. The Company develops integrated products, services and solutions in various markets, including sensing; effects; command, control, communications, computers, cyber and intelligence; mission support, and cybersecurity.
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