Global X Management Co. LLC increased its holdings in shares of Raytheon (NYSE:RTN) by 115.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 3,942 shares of the aerospace company’s stock after buying an additional 2,114 shares during the period. Global X Management Co. LLC’s holdings in Raytheon were worth $741,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of the company. Bessemer Group Inc. grew its position in shares of Raytheon by 0.4% during the 3rd quarter. Bessemer Group Inc. now owns 1,789,970 shares of the aerospace company’s stock valued at $333,974,000 after acquiring an additional 7,442 shares during the period. Capital World Investors lifted its stake in Raytheon by 11.0% in the 2nd quarter. Capital World Investors now owns 1,763,495 shares of the aerospace company’s stock valued at $284,769,000 after buying an additional 174,495 shares in the last quarter. Legal & General Group Plc lifted its stake in Raytheon by 1.1% in the 3rd quarter. Legal & General Group Plc now owns 1,496,659 shares of the aerospace company’s stock valued at $279,209,000 after buying an additional 16,088 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Raytheon by 13,784.9% in the 2nd quarter. Janus Henderson Group PLC now owns 1,494,150 shares of the aerospace company’s stock valued at $241,276,000 after buying an additional 1,483,389 shares in the last quarter. Finally, APG Asset Management N.V. lifted its stake in Raytheon by 36.5% in the 3rd quarter. APG Asset Management N.V. now owns 1,427,712 shares of the aerospace company’s stock valued at $266,383,000 after buying an additional 381,913 shares in the last quarter. Hedge funds and other institutional investors own 71.98% of the company’s stock.
Raytheon (RTN) opened at $216.54 on Wednesday. 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 12 month low of $148.65 and a 12 month high of $218.78. The firm has a market cap of $62,816.41, a P/E ratio of 28.24, a price-to-earnings-growth ratio of 2.06 and a beta of 0.77.
Raytheon (NYSE:RTN) last released its earnings results on Thursday, January 25th. The aerospace company reported $2.03 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.02 by $0.01. Raytheon had a net margin of 7.98% and a return on equity of 21.36%. The business had revenue of $6.78 billion for the quarter, compared to analyst estimates of $6.81 billion. During the same period last year, the company posted $1.84 EPS. The business’s revenue was up 8.0% on a year-over-year basis. sell-side analysts predict that Raytheon will post 9.65 earnings per share for the current fiscal year.
Raytheon declared that its board has authorized a share buyback program on Wednesday, November 15th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the aerospace company to purchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In other Raytheon news, VP Frank R. Jimenez sold 175 shares of the firm’s stock in a transaction that occurred on Friday, December 29th. The shares were sold at an average price of $189.13, for a total value of $33,097.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Thomas A. Kennedy sold 44,778 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $215.90, for a total transaction of $9,667,570.20. Following the completion of the transaction, the chairman now directly owns 138,339 shares in the company, valued at $29,867,390.10. The disclosure for this sale can be found here. Insiders sold a total of 69,792 shares of company stock worth $14,973,517 over the last three months. Corporate insiders own 0.19% of the company’s stock.
RTN has been the topic of a number of research reports. ValuEngine raised shares of Raytheon from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Bank of America set a $220.00 price target on shares of Raytheon and gave the company a “buy” rating in a research note on Friday, October 27th. Cowen reaffirmed a “buy” rating and issued a $203.00 price target on shares of Raytheon in a research note on Thursday, October 26th. Robert W. Baird reaffirmed a “buy” rating and issued a $212.00 price target on shares of Raytheon in a research note on Tuesday, October 24th. Finally, Royal Bank of Canada set a $225.00 price target on shares of Raytheon and gave the company a “buy” rating in a research note on Thursday, November 16th. Three investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Raytheon has a consensus rating of “Buy” and a consensus target price of $210.77.
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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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