Skylands Capital LLC Lowers Holdings in Raytheon (RTN)
Skylands Capital LLC lowered its position in shares of Raytheon (NYSE:RTN) by 14.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 7,350 shares of the aerospace company’s stock after selling 1,200 shares during the quarter. Skylands Capital LLC’s holdings in Raytheon were worth $1,375,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Signature Estate & Investment Advisors LLC acquired a new position in shares of Raytheon in the 3rd quarter valued at about $103,000. Stonehearth Capital Management LLC acquired a new position in shares of Raytheon in the 4th quarter valued at about $103,000. Rowland & Co. Investment Counsel ADV acquired a new position in shares of Raytheon in the 4th quarter valued at about $106,000. Jacobi Capital Management LLC lifted its holdings in shares of Raytheon by 5.3% in the 2nd quarter. Jacobi Capital Management LLC now owns 797 shares of the aerospace company’s stock valued at $132,000 after buying an additional 40 shares during the period. Finally, Invictus RG acquired a new position in shares of Raytheon in the 3rd quarter valued at about $152,000. 73.26% of the stock is owned by institutional investors.
In other Raytheon news, Director Letitia A. Long sold 650 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $185.83, for a total transaction of $120,789.50. Following the completion of the sale, the director now directly owns 2,273 shares in the company, valued at approximately $422,391.59. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Frank R. Jimenez sold 175 shares of the business’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 sale, the vice president now owns 28,311 shares of the company’s stock, valued at $5,354,459.43. The disclosure for this sale can be found here. Insiders sold a total of 1,895 shares of company stock valued at $357,215 in the last ninety days. 0.19% of the stock is currently owned by insiders.
Raytheon (RTN) opened at $196.99 on Thursday. The firm has a market capitalization of $56,950.00, a PE ratio of 26.51, a P/E/G ratio of 2.71 and a beta of 0.58. Raytheon has a fifty-two week low of $141.28 and a fifty-two week high of $199.75. 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 released its quarterly earnings results on Thursday, October 26th. The aerospace company reported $1.97 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.07. The company had revenue of $6.28 billion during 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%. Raytheon’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.79 EPS. analysts forecast that Raytheon will post 7.61 earnings per share for the current fiscal year.
Raytheon announced that its board has approved a stock buyback program on Wednesday, November 15th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the aerospace company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 3rd will be issued a $0.7975 dividend. The ex-dividend date is Tuesday, January 2nd. This represents a $3.19 dividend on an annualized basis and a yield of 1.62%. Raytheon’s payout ratio is 42.93%.
Several brokerages have recently issued reports on RTN. Wells Fargo & Co reissued an “outperform” rating and issued a $215.00 price objective (up previously from $202.00) on shares of Raytheon in a report on Tuesday. Zacks Investment Research raised Raytheon from a “hold” rating to a “buy” rating and set a $217.00 price objective for the company in a report on Friday, January 12th. Stifel Nicolaus reissued a “buy” rating and issued a $210.00 price objective on shares of Raytheon in a report on Tuesday, January 9th. ValuEngine raised Raytheon from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Finally, JPMorgan Chase & Co. cut Raytheon from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $190.00 to $210.00 in a report on Tuesday, December 12th. Three research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $204.12.
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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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