Paloma Partners Management Co raised its position in shares of Raytheon (NYSE:RTN) by 54.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 94,942 shares of the aerospace company’s stock after acquiring an additional 33,340 shares during the period. Raytheon makes up about 0.2% of Paloma Partners Management Co’s investment portfolio, making the stock its 29th largest position. Paloma Partners Management Co’s holdings in Raytheon were worth $17,835,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of RTN. Signature Estate & Investment Advisors LLC bought a new position in Raytheon during the third quarter valued at $103,000. Stonehearth Capital Management LLC purchased a new stake in shares of Raytheon during the fourth quarter valued at $103,000. Rowland & Co. Investment Counsel ADV purchased a new stake in shares of Raytheon during the fourth quarter valued at $106,000. Global Trust Asset Management LLC purchased a new stake in shares of Raytheon during the fourth quarter valued at $136,000. Finally, Invictus RG purchased a new stake in shares of Raytheon during the third quarter valued at $152,000. Institutional investors and hedge funds own 73.51% of the company’s stock.
A number of brokerages have recently issued reports on RTN. Morgan Stanley boosted their target price on shares of Raytheon from $224.00 to $245.00 and gave the company an “overweight” rating in a research note on Friday, February 23rd. Sanford C. Bernstein boosted their target price on shares of Raytheon from $231.00 to $255.00 and gave the company an “outperform” rating in a research note on Monday, January 29th. Cowen reissued a “buy” rating and set a $215.00 target price on shares of Raytheon in a research note on Wednesday, January 31st. Robert W. Baird reissued a “buy” rating and set a $237.00 target price on shares of Raytheon in a research note on Friday, January 26th. Finally, Stifel Nicolaus boosted their target price on shares of Raytheon from $210.00 to $220.00 and gave the company a “buy” rating in a research note on Friday, January 26th. Two analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Raytheon presently has an average rating of “Buy” and a consensus price target of $214.12.
Raytheon (NYSE:RTN) last released its quarterly earnings data 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 company had revenue of $6.78 billion during the quarter, compared to analyst estimates of $6.81 billion. During the same period in the prior year, the firm earned $1.84 earnings per share. The firm’s revenue for the quarter was up 8.0% compared to the same quarter last year. analysts anticipate that Raytheon will post 9.66 EPS for the current year.
Raytheon declared that its Board of Directors has approved a share buyback program on Wednesday, November 15th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the aerospace company to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In related news, VP Frank R. Jimenez sold 175 shares of the company’s stock in a transaction dated Friday, December 29th. The shares were sold at an average price of $189.13, for a total value of $33,097.75. Following the completion of the sale, the vice president now directly owns 28,311 shares of the company’s stock, valued at $5,354,459.43. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Thomas A. Kennedy sold 44,778 shares of the company’s stock in a transaction dated 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 completion of the sale, the chairman now directly owns 138,339 shares of the company’s stock, valued at $29,867,390.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 79,400 shares of company stock valued at $17,052,714. 0.19% of the stock is owned by insiders.
TRADEMARK VIOLATION WARNING: “Paloma Partners Management Co Has $17.84 Million Holdings in Raytheon (RTN)” was posted by American Banking News and is owned by of American Banking News. If you are reading this news story on another website, it was illegally stolen and reposted in violation of U.S. and international trademark & copyright law. The legal version of this news story can be read at https://www.americanbankingnews.com/2018/03/12/paloma-partners-management-co-has-17-84-million-holdings-in-raytheon-rtn.html.
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.
Want to see what other hedge funds are holding RTN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Raytheon (NYSE:RTN).
Receive News & Ratings for Raytheon Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Raytheon and related companies with MarketBeat.com's FREE daily email newsletter.