First Mercantile Trust Co. cut its position in Raytheon (NYSE:RTN) by 77.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 729 shares of the aerospace company’s stock after selling 2,553 shares during the quarter. First Mercantile Trust Co.’s holdings in Raytheon were worth $112,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Alliancebernstein L.P. raised its stake in Raytheon by 33.3% during the 3rd quarter. Alliancebernstein L.P. now owns 4,054,014 shares of the aerospace company’s stock valued at $837,803,000 after acquiring an additional 1,013,436 shares during the last quarter. Standard Life Aberdeen plc grew its holdings in Raytheon by 64.9% during the 3rd quarter. Standard Life Aberdeen plc now owns 1,950,068 shares of the aerospace company’s stock valued at $403,010,000 after buying an additional 767,198 shares during the last quarter. Pendal Group Ltd grew its holdings in Raytheon by 1,423.0% during the 4th quarter. Pendal Group Ltd now owns 736,834 shares of the aerospace company’s stock valued at $100,947,000 after buying an additional 688,455 shares during the last quarter. BlackRock Inc. grew its holdings in Raytheon by 2.9% during the 3rd quarter. BlackRock Inc. now owns 22,549,718 shares of the aerospace company’s stock valued at $4,660,126,000 after buying an additional 638,922 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in shares of Raytheon by 242.0% during the third quarter. Mackenzie Financial Corp now owns 565,776 shares of the aerospace company’s stock worth $116,923,000 after purchasing an additional 400,353 shares during the last quarter. 77.14% of the stock is owned by hedge funds and other institutional investors.
RTN has been the topic of a number of research analyst reports. Citigroup reduced their target price on Raytheon from $230.00 to $208.00 and set a “buy” rating on the stock in a report on Monday, January 14th. Bank of America cut their price objective on Raytheon from $245.00 to $230.00 and set a “buy” rating on the stock in a research report on Friday, October 26th. Susquehanna Bancshares began coverage on Raytheon in a research report on Thursday, January 10th. They issued a “positive” rating and a $187.00 price objective on the stock. Alembic Global Advisors raised Raytheon from a “neutral” rating to an “overweight” rating and set a $214.00 price objective on the stock in a research report on Tuesday, February 5th. Finally, Barclays cut their price objective on Raytheon from $239.00 to $195.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $217.31.
Raytheon (NYSE:RTN) last posted its quarterly earnings results on Thursday, January 31st. The aerospace company reported $2.93 EPS for the quarter, topping the Zacks’ consensus estimate of $2.89 by $0.04. The business had revenue of $7.36 billion during the quarter, compared to the consensus estimate of $7.50 billion. Raytheon had a return on equity of 25.81% and a net margin of 10.75%. During the same period last year, the firm earned $2.03 earnings per share. On average, analysts predict that Raytheon will post 11.59 EPS for the current year.
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Raytheon Company Profile
Raytheon Company develops integrated products, services, and solutions for defense and other government markets worldwide. It operates through five segments: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS); and Forcepoint.
See Also: Intrinsic Value
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