Oakbrook Investments LLC decreased its position in shares of Raytheon (NYSE:RTN) by 21.8% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 15,250 shares of the aerospace company’s stock after selling 4,250 shares during the period. Oakbrook Investments LLC’s holdings in Raytheon were worth $2,865,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Raytheon by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 22,278,418 shares of the aerospace company’s stock worth $3,597,519,000 after acquiring an additional 367,898 shares during the period. BlackRock Inc. grew its holdings in shares of Raytheon by 2.7% during the 2nd quarter. BlackRock Inc. now owns 19,934,958 shares of the aerospace company’s stock worth $3,219,097,000 after acquiring an additional 527,139 shares during the period. Franklin Resources Inc. grew its holdings in shares of Raytheon by 1.8% during the 2nd quarter. Franklin Resources Inc. now owns 2,611,461 shares of the aerospace company’s stock worth $421,682,000 after acquiring an additional 46,444 shares during the period. Alliancebernstein L.P. grew its holdings in shares of Raytheon by 55.2% during the 2nd quarter. Alliancebernstein L.P. now owns 2,328,691 shares of the aerospace company’s stock worth $376,037,000 after acquiring an additional 827,931 shares during the period. Finally, UBS Asset Management Americas Inc. grew its holdings in shares of Raytheon by 42.7% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 1,826,164 shares of the aerospace company’s stock worth $294,889,000 after acquiring an additional 546,398 shares during the period. Hedge funds and other institutional investors own 73.26% of the company’s stock.
A number of research analysts have weighed in on RTN shares. Zacks Investment Research downgraded Raytheon from a “buy” rating to a “hold” rating in a report on Monday, October 30th. Citigroup reiterated a “buy” rating and set a $215.00 target price (up previously from $192.00) on shares of Raytheon in a report on Monday, October 9th. Stifel Nicolaus reiterated a “buy” rating and set a $210.00 target price on shares of Raytheon in a report on Tuesday, January 9th. Robert W. Baird reiterated a “buy” rating and set a $212.00 target price on shares of Raytheon in a report on Tuesday, October 24th. Finally, JPMorgan Chase & Co. downgraded Raytheon from an “overweight” rating to a “neutral” rating and upped their target price for the stock from $190.00 to $210.00 in a report on Tuesday, December 12th. Three analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $204.12.
In related news, VP Frank R. Jimenez sold 175 shares of the company’s stock in a transaction that occurred on Saturday, December 29th. The stock was sold at an average price of $189.13, for a total value of $33,097.75. Following the transaction, the vice president now directly owns 28,311 shares of the company’s stock, valued at approximately $5,354,459.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen J. Hadley sold 800 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $190.27, for a total value of $152,216.00. Following the completion of the transaction, the director now directly owns 11,360 shares in the company, valued at $2,161,467.20. The disclosure for this sale can be found here. Insiders sold a total of 1,895 shares of company stock worth $357,215 in the last 90 days. 0.19% of the stock is currently owned by company insiders.
Raytheon (NYSE:RTN) traded down $0.75 during trading on Thursday, hitting $196.24. The company had a trading volume of 742,133 shares, compared to its average volume of 1,422,082. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.66 and a quick ratio of 1.55. The stock has a market cap of $56,710.00, a P/E ratio of 26.41, a P/E/G ratio of 2.71 and a beta of 0.58. Raytheon has a 52 week low of $141.28 and a 52 week high of $199.75.
Raytheon (NYSE:RTN) last posted its quarterly earnings results on Thursday, October 26th. The aerospace company reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.07. The company had revenue of $6.28 billion for the quarter, compared to the consensus estimate of $6.33 billion. Raytheon had a return on equity of 20.98% and a net margin of 8.77%. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.79 EPS. research analysts predict that Raytheon will post 7.61 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 3rd will be paid a $0.7975 dividend. The ex-dividend date of this dividend is Tuesday, January 2nd. This represents a $3.19 annualized dividend and a dividend yield of 1.63%. Raytheon’s payout ratio is currently 42.93%.
Raytheon declared that its board has initiated a stock 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 generally a sign that the company’s management believes its stock is undervalued.
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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