State of Alaska Department of Revenue Has $6.59 Million Stake in Raytheon (RTN)
State of Alaska Department of Revenue grew its position in Raytheon (NYSE:RTN) by 322.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 35,084 shares of the aerospace company’s stock after buying an additional 26,775 shares during the period. State of Alaska Department of Revenue’s holdings in Raytheon were worth $6,588,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Signature Estate & Investment Advisors LLC bought a new stake in shares of Raytheon during the 3rd quarter worth about $103,000. Stonehearth Capital Management LLC bought a new stake in shares of Raytheon during the 4th quarter worth about $103,000. Rowland & Co. Investment Counsel ADV bought a new stake in shares of Raytheon during the 4th quarter worth about $106,000. Jacobi Capital Management LLC boosted its holdings in shares of Raytheon by 5.3% during the 2nd 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 period. Finally, Invictus RG bought a new stake in shares of Raytheon during the 3rd quarter worth about $152,000. 73.26% of the stock is owned by institutional investors.
Several brokerages recently commented on RTN. Wells Fargo & Co reaffirmed an “outperform” rating and set a $215.00 target price (up previously from $202.00) on shares of Raytheon in a report on Tuesday, January 16th. Zacks Investment Research raised shares of Raytheon from a “hold” rating to a “buy” rating and set a $217.00 target price for the company in a report on Friday, January 12th. Stifel Nicolaus reaffirmed a “buy” rating and set a $210.00 target price on shares of Raytheon in a report on Tuesday, January 9th. ValuEngine raised shares of Raytheon from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Finally, JPMorgan Chase & Co. downgraded shares of Raytheon from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $190.00 to $210.00 in a report on Tuesday, December 12th. Three analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $204.12.
Raytheon (NYSE:RTN) last posted its quarterly earnings data on Thursday, October 26th. The aerospace company reported $1.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.90 by $0.07. The firm 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 business’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.79 EPS. equities research analysts expect that Raytheon will post 7.61 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 3rd will be issued a $0.7975 dividend. This represents a $3.19 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend is Tuesday, January 2nd. Raytheon’s dividend payout ratio is currently 42.88%.
Raytheon declared that its Board of Directors has approved a stock repurchase plan on Wednesday, November 15th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the aerospace company to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
In other Raytheon news, VP Frank R. Jimenez sold 175 shares of the business’s stock in a transaction dated Saturday, December 29th. The shares were sold at an average price of $189.13, for a total value of $33,097.75. Following the completion of the sale, the vice president now owns 28,311 shares of the company’s stock, valued at approximately $5,354,459.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen J. Hadley sold 800 shares of the business’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 completion of the transaction, the director now owns 11,360 shares of the company’s stock, valued at $2,161,467.20. The disclosure for this sale can be found here. Insiders sold a total of 1,895 shares of company stock valued at $357,215 in the last three months. Insiders own 0.19% of the company’s stock.
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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