Clark Capital Management Group Inc. boosted its holdings in Raytheon (NYSE:RTN) by 4.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 154,342 shares of the aerospace company’s stock after buying an additional 7,271 shares during the period. Clark Capital Management Group Inc. owned approximately 0.05% of Raytheon worth $28,993,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of RTN. Signature Estate & Investment Advisors LLC bought a new stake in shares of Raytheon during the third quarter valued at approximately $103,000. Stonehearth Capital Management LLC bought a new stake in shares of Raytheon during the fourth quarter valued at approximately $103,000. Rowland & Co. Investment Counsel ADV bought a new stake in shares of Raytheon during the fourth quarter valued at approximately $106,000. Global Trust Asset Management LLC bought a new stake in shares of Raytheon during the fourth quarter valued at approximately $136,000. Finally, Invictus RG bought a new stake in shares of Raytheon during the third quarter valued at approximately $152,000. 73.51% of the stock is currently owned by institutional investors.
Shares of Raytheon (NYSE:RTN) traded down $1.14 during trading hours on Wednesday, reaching $209.48. The company’s stock had a trading volume of 152,003 shares, compared to its average volume of 1,735,259. Raytheon has a 52-week low of $148.65 and a 52-week high of $222.82. The company has a market capitalization of $60,770.00, a PE ratio of 27.84, a price-to-earnings-growth ratio of 1.99 and a beta of 0.71. The company has a quick ratio of 1.46, a current ratio of 1.54 and a debt-to-equity ratio of 0.48.
Raytheon declared that its board has approved a share repurchase program on Wednesday, November 15th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the aerospace company to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
A number of analysts have recently issued reports on RTN shares. Wells Fargo & Co restated an “outperform” rating and set a $202.00 price objective (up from $195.00) on shares of Raytheon in a research report on Tuesday, November 28th. Stifel Nicolaus restated a “buy” rating and set a $210.00 price objective on shares of Raytheon in a research report on Tuesday, January 9th. Morgan Stanley boosted their price objective on Raytheon from $224.00 to $245.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. ValuEngine upgraded Raytheon from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, Sanford C. Bernstein boosted their price objective on Raytheon from $231.00 to $255.00 and gave the company an “outperform” rating in a research report on Monday, January 29th. Three equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $214.12.
In other Raytheon news, Chairman Thomas A. Kennedy sold 44,778 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $215.90, for a total value of $9,667,570.20. Following the transaction, the chairman now owns 138,339 shares of the company’s stock, valued at $29,867,390.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Frank R. Jimenez sold 175 shares of the business’s stock in a transaction on Friday, December 29th. The stock was sold at an average price of $189.13, for a total value of $33,097.75. Following the completion of the transaction, the vice president now directly owns 28,311 shares in the company, valued at approximately $5,354,459.43. The disclosure for this sale can be found here. In the last three months, insiders sold 79,400 shares of company stock worth $17,052,714. Insiders own 0.19% of the company’s stock.
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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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