Covington Capital Management lifted its position in shares of Raytheon (NYSE:RTN) by 28.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,896 shares of the aerospace company’s stock after buying an additional 7,916 shares during the quarter. Covington Capital Management’s holdings in Raytheon were worth $6,743,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of RTN. Signature Estate & Investment Advisors LLC acquired a new stake in shares of Raytheon during the third quarter worth $103,000. Stonehearth Capital Management LLC acquired a new stake in shares of Raytheon during the fourth quarter worth $103,000. Rowland & Co. Investment Counsel ADV acquired a new stake in shares of Raytheon during the fourth quarter worth $106,000. Global Trust Asset Management LLC acquired a new stake in shares of Raytheon during the fourth quarter worth $136,000. Finally, Invictus RG acquired a new stake in shares of Raytheon during the third quarter worth $152,000. Institutional investors own 73.51% of the company’s stock.
In other Raytheon news, Chairman Thomas A. Kennedy sold 44,778 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $215.90, for a total value of $9,667,570.20. Following the transaction, the chairman now directly 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 Securities & Exchange Commission, which can be accessed through this link. Also, VP Frank R. Jimenez sold 175 shares of the firm’s 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 completion of the transaction, the vice president now directly owns 28,311 shares in the company, valued at $5,354,459.43. The disclosure for this sale can be found here. Insiders sold 79,400 shares of company stock worth $17,052,714 over the last ninety days. Insiders own 0.19% of the company’s stock.
Raytheon (NYSE:RTN) traded down $0.87 during trading hours on Wednesday, reaching $209.75. 94,791 shares of the company’s stock were exchanged, compared to its average volume of 1,734,933. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.54 and a quick ratio of 1.46. The firm has a market capitalization of $60,770.00, a PE ratio of 27.97, a price-to-earnings-growth ratio of 1.99 and a beta of 0.71. Raytheon has a 1-year low of $148.65 and a 1-year high of $222.82.
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, beating analysts’ consensus estimates 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 analyst estimates of $6.81 billion. During the same period last year, the firm earned $1.84 earnings per share. The business’s quarterly revenue was up 8.0% compared to the same quarter last year. research analysts forecast that Raytheon will post 9.66 EPS for the current year.
Raytheon declared that its board has authorized a share repurchase plan on Wednesday, November 15th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the aerospace company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
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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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