Raytheon Company (RTN) Stake Lowered by Point72 Asset Management L.P.
Point72 Asset Management L.P. decreased its holdings in shares of Raytheon Company (NYSE:RTN) by 79.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,100 shares of the aerospace company’s stock after selling 214,669 shares during the quarter. Point72 Asset Management L.P.’s holdings in Raytheon were worth $10,654,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in RTN. Janus Henderson Group PLC lifted its position in Raytheon by 13,784.9% in the 2nd quarter. Janus Henderson Group PLC now owns 1,494,150 shares of the aerospace company’s stock worth $241,276,000 after buying an additional 1,483,389 shares during the last quarter. Alliancebernstein L.P. lifted its position in Raytheon by 55.2% in the 2nd quarter. Alliancebernstein L.P. now owns 2,328,691 shares of the aerospace company’s stock worth $376,037,000 after buying an additional 827,931 shares during the last quarter. UBS Asset Management Americas Inc. lifted its position in Raytheon by 42.7% in 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 buying an additional 546,398 shares during the last quarter. BlackRock Inc. lifted its position in Raytheon by 2.7% in the 2nd quarter. BlackRock Inc. now owns 19,934,958 shares of the aerospace company’s stock worth $3,219,097,000 after buying an additional 527,139 shares during the last quarter. Finally, Stifel Financial Corp lifted its position in Raytheon by 2,385.7% in the 3rd quarter. Stifel Financial Corp now owns 488,766 shares of the aerospace company’s stock worth $90,995,000 after buying an additional 469,103 shares during the last quarter. Institutional investors own 73.53% of the company’s stock.
In other news, VP Frank R. Jimenez sold 650 shares of the stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $187.27, for a total value of $121,725.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Stephen J. Hadley sold 800 shares of the stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $190.27, for a total value of $152,216.00. Following the completion of the sale, 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. Over the last three months, insiders sold 1,545 shares of company stock worth $291,955. Insiders own 0.19% of the company’s stock.
A number of analysts recently weighed in on the company. J P Morgan Chase & Co downgraded Raytheon from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $190.00 to $210.00 in a research report on Tuesday. Jefferies Group reiterated a “buy” rating and issued a $190.00 price objective on shares of Raytheon in a research report on Friday, September 29th. ValuEngine downgraded Raytheon from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Wells Fargo & Company reiterated an “outperform” rating and issued a $202.00 price objective (up previously from $195.00) on shares of Raytheon in a research report on Tuesday, November 28th. Finally, BidaskClub downgraded Raytheon from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 19th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $201.77.
Shares of Raytheon Company (RTN) opened at $191.38 on Friday. The firm has a market capitalization of $54,573.84, a price-to-earnings ratio of 24.97, a P/E/G ratio of 2.57 and a beta of 0.58. Raytheon Company has a 12 month low of $141.16 and a 12 month high of $191.54. The company has a quick ratio of 1.55, a current ratio of 1.66 and a debt-to-equity ratio of 0.44.
Raytheon (NYSE:RTN) last issued its quarterly earnings results on Thursday, October 26th. The aerospace company reported $1.97 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.90 by $0.07. The company had revenue of $6.28 billion for the quarter, compared to analysts’ expectations of $6.33 billion. Raytheon had a return on equity of 20.98% and a net margin of 8.77%. The firm’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.79 earnings per share. analysts predict that Raytheon Company will post 7.61 EPS for the current year.
Raytheon announced that its board has approved a share repurchase program on Wednesday, November 15th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the aerospace company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.67%. Raytheon’s dividend payout ratio is currently 42.88%.
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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.
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