Burns J W & Co. Inc. NY reduced its holdings in shares of Raytheon (NYSE:RTN) by 2.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 20,969 shares of the aerospace company’s stock after selling 549 shares during the quarter. Burns J W & Co. Inc. NY’s holdings in Raytheon were worth $3,939,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. OxFORD Asset Management LLP lifted its position in shares of Raytheon by 238.8% during the 2nd quarter. OxFORD Asset Management LLP now owns 51,452 shares of the aerospace company’s stock worth $8,308,000 after buying an additional 36,265 shares during the last quarter. Investment Centers of America Inc. increased its holdings in Raytheon by 26.8% in the 3rd quarter. Investment Centers of America Inc. now owns 2,635 shares of the aerospace company’s stock worth $492,000 after purchasing an additional 557 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Raytheon by 0.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 798,986 shares of the aerospace company’s stock worth $129,017,000 after purchasing an additional 2,849 shares in the last quarter. Boulegeris Investments Inc. increased its holdings in Raytheon by 32.5% in the 3rd quarter. Boulegeris Investments Inc. now owns 11,550 shares of the aerospace company’s stock worth $2,155,000 after purchasing an additional 2,835 shares in the last quarter. Finally, Stevens Capital Management LP acquired a new position in Raytheon in the 3rd quarter worth about $24,642,000. Institutional investors and hedge funds own 73.26% of the company’s stock.
In related news, Director Letitia A. Long sold 650 shares of the company’s stock in a transaction dated 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 owns 2,273 shares in the company, valued at approximately $422,391.59. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Frank R. Jimenez sold 175 shares of the company’s stock in a transaction dated Friday, December 29th. The shares were sold at an average price of $189.13, for a total value of $33,097.75. The disclosure for this sale can be found here. In the last three months, insiders sold 1,895 shares of company stock valued at $357,215. Insiders own 0.19% of the company’s stock.
Raytheon (NYSE:RTN) last issued its quarterly earnings results on Thursday, October 26th. The aerospace company reported $1.97 earnings per share for the quarter, beating the consensus estimate 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%. The business’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.79 earnings per share. equities analysts forecast that Raytheon will post 7.61 earnings per share for the current year.
Raytheon announced that its Board of Directors has approved a stock repurchase plan on Wednesday, November 15th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the aerospace company to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 3rd will be paid 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 1.63%. Raytheon’s payout ratio is 42.93%.
A number of equities analysts have issued reports on RTN shares. Citigroup reaffirmed a “buy” rating and issued a $215.00 target price (up previously from $192.00) on shares of Raytheon in a report on Monday, October 9th. Bank of America set a $220.00 target price on 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 Raytheon and gave the stock a “buy” rating in a report on Thursday, November 16th. Buckingham Research upped their target price on 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 lowered their target price on Raytheon from $200.00 to $195.00 and set an “outperform” rating for the company in a report on Friday, October 27th. Three investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $204.12.
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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