Smith Graham & Co. Investment Advisors LP increased its holdings in shares of Raytheon (NYSE:RTN) by 14.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 37,100 shares of the aerospace company’s stock after purchasing an additional 4,550 shares during the period. Smith Graham & Co. Investment Advisors LP’s holdings in Raytheon were worth $6,969,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Signature Estate & Investment Advisors LLC purchased a new position in shares of Raytheon in the third quarter worth $103,000. Stonehearth Capital Management LLC purchased a new position in shares of Raytheon in the fourth quarter worth $103,000. Rowland & Co. Investment Counsel ADV purchased a new position in shares of Raytheon in the fourth quarter worth $106,000. Jacobi Capital Management LLC raised its holdings in shares of Raytheon by 5.3% in 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 during the last quarter. Finally, Invictus RG purchased a new position in shares of Raytheon in the third quarter worth $152,000. Hedge funds and other institutional investors own 72.66% of the company’s stock.
Shares of Raytheon (RTN) traded up $3.05 during mid-day trading on Wednesday, reaching $212.58. 1,865,342 shares of the company’s stock were exchanged, compared to its average volume of 1,890,000. The company has a quick ratio of 1.46, a current ratio of 1.54 and a debt-to-equity ratio of 0.48. Raytheon has a one year low of $148.65 and a one year high of $213.45. The stock has a market capitalization of $61,450.00, a P/E ratio of 30.63, a PEG ratio of 1.97 and a beta of 0.76.
Raytheon (NYSE:RTN) last released its quarterly earnings results on Thursday, January 25th. The aerospace company reported $2.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.02 by $0.01. The business had revenue of $6.78 billion for the quarter, compared to the consensus estimate of $6.81 billion. Raytheon had a net margin of 7.98% and a return on equity of 21.36%. The business’s revenue was up 8.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.84 EPS. analysts anticipate that Raytheon will post 9.65 earnings per share for the current fiscal year.
Raytheon declared that its board has approved a stock repurchase program on Wednesday, November 15th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the aerospace company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
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 transaction of $152,216.00. Following the sale, the director now directly owns 11,360 shares of the company’s stock, valued at approximately $2,161,467.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Letitia A. Long sold 650 shares of the company’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 sale, the director now directly owns 2,273 shares in the company, valued at $422,391.59. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,074 shares of company stock worth $1,648,810. 0.19% of the stock is owned by insiders.
Several research analysts recently issued reports on RTN shares. Bank of America set a $220.00 target price on shares of Raytheon and gave the stock 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. Wells Fargo & Co cut their price objective 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. Finally, Robert W. Baird reaffirmed a “buy” rating and issued a $212.00 price objective on shares of Raytheon in a report on Tuesday, October 24th. Three investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Raytheon currently has an average rating of “Buy” and an average price target of $210.77.
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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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