Raytheon (RTN) Stake Lessened by Chelsea Counsel Co.
Chelsea Counsel Co. decreased its position in Raytheon (NYSE:RTN) by 41.8% in the 4th quarter, HoldingsChannel reports. The fund owned 9,530 shares of the aerospace company’s stock after selling 6,845 shares during the quarter. Raytheon comprises approximately 1.0% of Chelsea Counsel Co.’s portfolio, making the stock its 29th largest holding. Chelsea Counsel Co.’s holdings in Raytheon were worth $1,790,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of RTN. OxFORD Asset Management LLP boosted its holdings in shares of Raytheon by 238.8% in the 2nd quarter. OxFORD Asset Management LLP now owns 51,452 shares of the aerospace company’s stock worth $8,308,000 after buying an additional 36,265 shares during the last quarter. Fishman Jay A Ltd. MI boosted its holdings in shares of Raytheon by 31.5% in the 2nd quarter. Fishman Jay A Ltd. MI now owns 94,392 shares of the aerospace company’s stock worth $15,242,000 after buying an additional 22,610 shares during the last quarter. Summit Securities Group LLC boosted its holdings in shares of Raytheon by 275.2% in the 2nd quarter. Summit Securities Group LLC now owns 5,861 shares of the aerospace company’s stock worth $946,000 after buying an additional 4,299 shares during the last quarter. Investment Centers of America Inc. boosted its holdings in shares of Raytheon by 26.8% in the 3rd quarter. Investment Centers of America Inc. now owns 2,635 shares of the aerospace company’s stock worth $492,000 after buying an additional 557 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Raytheon by 0.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 798,986 shares of the aerospace company’s stock worth $129,017,000 after buying an additional 2,849 shares during the last quarter. Hedge funds and other institutional investors own 73.12% of the company’s stock.
In other news, Director Letitia A. Long sold 650 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $185.83, for a total transaction of $120,789.50. Following the sale, the director now directly owns 2,273 shares in the company, valued at $422,391.59. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Frank R. Jimenez sold 175 shares of the company’s stock in a transaction dated Friday, December 29th. The shares were sold at an average price of $189.13, for a total value of $33,097.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,895 shares of company stock worth $357,215. Company insiders own 0.19% of the company’s stock.
A number of equities analysts recently weighed in on the stock. Zacks Investment Research raised shares of Raytheon from a “hold” rating to a “buy” rating and set a $217.00 price target on the stock in a report on Friday. ValuEngine downgraded shares of Raytheon from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Stifel Nicolaus boosted their price target on shares of Raytheon from $185.00 to $195.00 and gave the stock a “hold” rating in a report on Friday, October 27th. Royal Bank of Canada reissued a “buy” rating and issued a $209.00 price target on shares of Raytheon in a report on Tuesday, October 10th. Finally, JPMorgan Chase & Co. cut their price target on shares of Raytheon from $194.00 to $190.00 and set an “overweight” rating on the stock in a report on Monday, October 30th. Three equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $203.36.
Raytheon (NYSE RTN) traded up $3.93 during midday trading on Friday, reaching $197.28. 1,178,101 shares of the company’s stock traded hands, compared to its average volume of 1,369,775. The stock has a market capitalization of $57,010.00, a P/E ratio of 26.55, a PEG ratio of 2.39 and a beta of 0.58. Raytheon has a 1-year low of $141.28 and a 1-year high of $194.69. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.55 and a current ratio of 1.66.
Raytheon (NYSE:RTN) last released its quarterly earnings data on Thursday, October 26th. The aerospace company reported $1.97 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.90 by $0.07. The business had revenue of $6.28 billion for the quarter, compared to the consensus estimate of $6.33 billion. Raytheon had a net margin of 8.77% and a return on equity of 20.98%. The company’s revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.79 earnings per share. equities research analysts expect that Raytheon will post 7.61 EPS for the current fiscal year.
Raytheon announced that its Board of Directors has authorized a stock buyback plan on Wednesday, November 15th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the aerospace company to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 3rd will be given a dividend of $0.7975 per share. This represents a $3.19 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend is Tuesday, January 2nd. Raytheon’s dividend payout ratio is presently 42.93%.
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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