Ipswich Investment Management Co. Inc. trimmed its position in shares of Raytheon (NYSE:RTN) by 2.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,126 shares of the aerospace company’s stock after selling 764 shares during the period. Raytheon makes up approximately 2.1% of Ipswich Investment Management Co. Inc.’s investment portfolio, making the stock its 11th largest position. Ipswich Investment Management Co. Inc.’s holdings in Raytheon were worth $4,908,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Signature Estate & Investment Advisors LLC acquired a new stake in Raytheon during the third quarter worth about $103,000. Stonehearth Capital Management LLC acquired a new stake in Raytheon during the fourth quarter worth about $103,000. Rowland & Co. Investment Counsel ADV acquired a new stake in Raytheon during the fourth quarter worth about $106,000. Jacobi Capital Management LLC grew its stake in Raytheon by 5.3% during the second quarter. Jacobi Capital Management LLC now owns 797 shares of the aerospace company’s stock worth $132,000 after buying an additional 40 shares in the last quarter. Finally, Invictus RG acquired a new stake in Raytheon during the third quarter worth about $152,000. Hedge funds and other institutional investors own 73.26% of the company’s stock.
RTN has been the topic of a number of analyst reports. Zacks Investment Research downgraded shares of Raytheon from a “buy” rating to a “hold” rating in a research note on Monday, September 18th. Deutsche Bank upgraded shares of Raytheon from a “hold” rating to a “buy” rating and increased their price objective for the stock from $180.00 to $210.00 in a research note on Friday, September 29th. Jefferies Group reiterated a “buy” rating and set a $190.00 price objective on shares of Raytheon in a research note on Friday, September 29th. ValuEngine downgraded shares of Raytheon from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Finally, Citigroup reiterated a “buy” rating and set a $215.00 price objective (up from $192.00) on shares of Raytheon in a research note on Monday, October 9th. Three equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $204.12.
In related news, VP Frank R. Jimenez sold 175 shares of the firm’s stock in a transaction that occurred on Saturday, December 29th. The shares were sold at an average price of $189.13, for a total value of $33,097.75. Following the completion of the transaction, the vice president now owns 28,311 shares in the company, valued at approximately $5,354,459.43. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Stephen J. Hadley sold 800 shares of the firm’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 transaction of $152,216.00. Following the completion of the transaction, the director now owns 11,360 shares of the company’s stock, valued at approximately $2,161,467.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,895 shares of company stock valued at $357,215. 0.19% of the stock is owned by company insiders.
Raytheon (RTN) traded up $4.11 during mid-day trading on Tuesday, hitting $197.46. 1,491,500 shares of the stock were exchanged, compared to its average volume of 1,383,322. The company has a market capitalization of $56,670.00, a PE ratio of 26.58, a P/E/G ratio of 2.73 and a beta of 0.58. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.66 and a quick ratio of 1.55. Raytheon has a 52-week low of $141.28 and a 52-week high of $198.07.
Raytheon (NYSE:RTN) last posted its earnings results on Thursday, October 26th. The aerospace company reported $1.97 EPS for the quarter, topping analysts’ consensus estimates of $1.90 by $0.07. The firm had revenue of $6.28 billion during the quarter, compared to analysts’ expectations of $6.33 billion. Raytheon had a net margin of 8.77% and a return on equity of 20.98%. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.79 earnings per share. sell-side analysts forecast that Raytheon will post 7.61 EPS for the current fiscal year.
The firm also recently disclosed 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 of this dividend is Tuesday, January 2nd. This represents a $3.19 dividend on an annualized basis and a yield of 1.62%. Raytheon’s dividend payout ratio (DPR) is presently 42.93%.
Raytheon declared that its Board of Directors has initiated a share repurchase plan on Wednesday, November 15th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the aerospace company to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors 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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