Raymond James & Associates lessened its stake in Raytheon (NYSE:RTN) by 2.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 517,845 shares of the aerospace company’s stock after selling 13,938 shares during the period. Raymond James & Associates owned approximately 0.18% of Raytheon worth $97,278,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in RTN. IFC Holdings Incorporated FL grew its stake in Raytheon by 33.8% in the 3rd quarter. IFC Holdings Incorporated FL now owns 2,539 shares of the aerospace company’s stock worth $472,000 after buying an additional 642 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new position in Raytheon in the 3rd quarter worth approximately $13,398,000. TRUE Private Wealth Advisors purchased a new position in Raytheon in the 3rd quarter worth approximately $200,000. Victory Capital Management Inc. grew its stake in Raytheon by 6.7% in the 3rd quarter. Victory Capital Management Inc. now owns 21,226 shares of the aerospace company’s stock worth $3,960,000 after buying an additional 1,342 shares in the last quarter. Finally, Linscomb & Williams Inc. grew its stake in Raytheon by 127.2% in the 3rd quarter. Linscomb & Williams Inc. now owns 3,940 shares of the aerospace company’s stock worth $735,000 after buying an additional 2,206 shares in the last quarter. 73.51% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently issued reports on the stock. Stifel Nicolaus upped their price objective 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. Cowen reaffirmed a “buy” rating and issued a $215.00 price objective on shares of Raytheon in a research note on Thursday, January 25th. Royal Bank of Canada set a $235.00 price objective on shares of Raytheon and gave the company a “buy” rating in a research note on Tuesday, January 23rd. JPMorgan Chase & Co. cut shares of Raytheon from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $190.00 to $210.00 in a research note on Tuesday, December 12th. Finally, Robert W. Baird reaffirmed a “buy” rating and issued a $237.00 price objective on shares of Raytheon in a research note on Friday, January 26th. Two research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $214.12.
Raytheon (NYSE:RTN) last announced its quarterly earnings results on Thursday, January 25th. The aerospace company reported $2.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.02 by $0.01. The business had revenue of $6.78 billion during the quarter, compared to analysts’ expectations of $6.81 billion. Raytheon had a net margin of 7.98% and a return on equity of 21.36%. The firm’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.84 EPS. equities research analysts expect that Raytheon will post 9.66 earnings per share for the current fiscal year.
Raytheon announced that its Board of Directors has authorized a stock buyback plan on Wednesday, November 15th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the aerospace company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other Raytheon news, CAO Michael J. Wood sold 3,989 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $215.88, for a total transaction of $861,145.32. Following the completion of the sale, the chief accounting officer now owns 22,260 shares of the company’s stock, valued at approximately $4,805,488.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Anthony F. O’brien sold 10,503 shares of the stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $214.17, for a total transaction of $2,249,427.51. Following the sale, the chief financial officer now directly owns 35,328 shares of the company’s stock, valued at approximately $7,566,197.76. The disclosure for this sale can be found here. Insiders have sold a total of 79,400 shares of company stock valued at $17,052,714 in the last three months. 0.19% of the stock is currently owned by corporate insiders.
Raytheon Company Profile
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.
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.