Ipswich Investment Management Co. Inc. decreased its stake in Raytheon (NYSE:RTN) by 2.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 26,126 shares of the aerospace company’s stock after selling 764 shares during the quarter. Raytheon comprises 2.1% of Ipswich Investment Management Co. Inc.’s portfolio, making the stock its 11th biggest holding. Ipswich Investment Management Co. Inc.’s holdings in Raytheon were worth $4,908,000 as of its most recent filing with the SEC.
Several other institutional investors also recently made changes to their positions in RTN. Vanguard Group Inc. grew its stake in 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 buying an additional 367,898 shares during the last quarter. BlackRock Inc. raised its holdings in Raytheon by 2.7% in the 2nd quarter. BlackRock Inc. now owns 19,934,958 shares of the aerospace company’s stock valued at $3,219,097,000 after acquiring an additional 527,139 shares during the last quarter. Franklin Resources Inc. raised its holdings in Raytheon by 1.8% in the 2nd quarter. Franklin Resources Inc. now owns 2,611,461 shares of the aerospace company’s stock valued at $421,682,000 after acquiring an additional 46,444 shares during the last quarter. Alliancebernstein L.P. raised its holdings in Raytheon by 55.2% in the 2nd quarter. Alliancebernstein L.P. now owns 2,328,691 shares of the aerospace company’s stock valued at $376,037,000 after acquiring an additional 827,931 shares during the last quarter. Finally, UBS Asset Management Americas Inc. raised its holdings 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 valued at $294,889,000 after acquiring an additional 546,398 shares during the last quarter. Hedge funds and other institutional investors own 73.26% of the company’s stock.
In related news, 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 sale, the director now owns 11,360 shares in the company, valued at approximately $2,161,467.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Frank R. Jimenez sold 175 shares of the stock in a transaction that occurred on Friday, December 29th. The stock was sold at an average price of $189.13, for a total transaction of $33,097.75. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,895 shares of company stock valued at $357,215. 0.19% of the stock is owned by insiders.
Shares of Raytheon (NYSE:RTN) traded down $0.31 during trading hours on Tuesday, hitting $196.37. 1,178,200 shares of the company traded hands, compared to its average volume of 1,387,621. The company has a current ratio of 1.66, a quick ratio of 1.55 and a debt-to-equity ratio of 0.44. The stock has a market cap of $56,650.00, a P/E ratio of 26.43, a PEG ratio of 2.68 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.
Raytheon (NYSE:RTN) last issued its quarterly earnings results 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 during 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 firm’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.79 EPS. sell-side analysts predict that Raytheon will post 7.61 EPS for the current year.
Raytheon announced that its board has initiated a share repurchase program on Wednesday, November 15th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the aerospace company to buy shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 3rd will be given 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 1.62%. Raytheon’s dividend payout ratio (DPR) is presently 42.93%.
Several research analysts have recently issued reports on RTN shares. Citigroup reiterated a “buy” rating and issued a $215.00 price objective (up from $192.00) on shares of Raytheon in a report on Monday, October 9th. Bank of America set a $220.00 price objective on shares of Raytheon and gave the company a “buy” rating in a report on Friday, October 27th. Royal Bank of Canada set a $225.00 target price on shares of Raytheon and gave the stock a “buy” rating in a report on Thursday, November 16th. Buckingham Research raised their target price on shares of Raytheon from $199.00 to $204.00 and gave the stock a “buy” rating in a report on Tuesday, October 31st. Finally, Wells Fargo & Co reduced their target price on shares of Raytheon from $200.00 to $195.00 and set an “outperform” rating for the company in a report on Friday, October 27th. Three research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Raytheon currently has an average rating of “Buy” and a consensus target price of $204.12.
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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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