Toronto Dominion Bank Has $24.26 Million Position in Raytheon (RTN)
Toronto Dominion Bank increased its stake in shares of Raytheon (NYSE:RTN) by 12.6% in the fourth quarter, Holdings Channel reports. The firm owned 129,121 shares of the aerospace company’s stock after buying an additional 14,412 shares during the period. Toronto Dominion Bank’s holdings in Raytheon were worth $24,255,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Linscomb & Williams Inc. lifted its stake in shares of Raytheon by 1.8% during the 2nd quarter. Linscomb & Williams Inc. now owns 1,734 shares of the aerospace company’s stock worth $280,000 after purchasing an additional 30 shares during the last quarter. Wilbanks Smith & Thomas Asset Management LLC lifted its stake in shares of Raytheon by 3.6% during the 2nd quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 1,963 shares of the aerospace company’s stock worth $317,000 after purchasing an additional 69 shares during the last quarter. Scholtz & Company LLC lifted its stake in shares of Raytheon by 0.6% during the 2nd quarter. Scholtz & Company LLC now owns 14,423 shares of the aerospace company’s stock worth $2,329,000 after purchasing an additional 80 shares during the last quarter. Trustmark National Bank Trust Department increased its position in Raytheon by 2.0% during the 2nd quarter. Trustmark National Bank Trust Department now owns 4,234 shares of the aerospace company’s stock valued at $684,000 after buying an additional 83 shares in the last quarter. Finally, Harfst & Associates Inc. increased its position in Raytheon by 4.7% during the 2nd quarter. Harfst & Associates Inc. now owns 2,929 shares of the aerospace company’s stock valued at $472,000 after buying an additional 131 shares in the last quarter. Hedge funds and other institutional investors own 72.66% of the company’s stock.
In other Raytheon news, VP Frank R. Jimenez sold 3,405 shares of the firm’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $210.93, for a total transaction of $718,216.65. Following the completion of the sale, the vice president now owns 25,342 shares of the company’s stock, valued at $5,345,388.06. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Stephen J. Hadley sold 800 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $190.27, for a total value 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 8,074 shares of company stock worth $1,648,810. 0.19% of the stock is currently owned by company insiders.
Raytheon (NYSE:RTN) last released its earnings results on Thursday, January 25th. The aerospace company reported $2.03 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.01. Raytheon had a return on equity of 21.36% and a net margin of 7.98%. The business had revenue of $6.78 billion for the quarter, compared to the consensus estimate of $6.81 billion. During the same quarter last year, the business posted $1.84 earnings per share. The business’s quarterly revenue was up 8.0% compared to the same quarter last year. sell-side analysts expect that Raytheon will post 9.65 EPS for the current year.
Raytheon announced that its board has initiated a stock repurchase program on Wednesday, November 15th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the aerospace company to buy shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
Several research analysts recently issued reports on RTN shares. Royal Bank of Canada set a $235.00 target price on Raytheon and gave the company a “buy” rating in a research report on Tuesday, January 23rd. Zacks Investment Research lowered Raytheon from a “buy” rating to a “hold” rating in a report on Monday, October 30th. Robert W. Baird reissued a “buy” rating and issued a $237.00 price objective on shares of Raytheon in a report on Friday, January 26th. Stifel Nicolaus raised their target price on Raytheon from $210.00 to $220.00 and gave the stock a “buy” rating in a report on Friday, January 26th. Finally, JPMorgan Chase & Co. lowered Raytheon from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $190.00 to $210.00 in a report on Tuesday, December 12th. Three research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target 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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