HAP Trading LLC Acquires Shares of 10,548 Raytheon (RTN)
HAP Trading LLC acquired a new position in shares of Raytheon (NYSE:RTN) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 10,548 shares of the aerospace company’s stock, valued at approximately $1,981,000.
Several other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Raytheon by 6.2% during the fourth quarter. BlackRock Inc. now owns 21,240,939 shares of the aerospace company’s stock worth $3,990,111,000 after acquiring an additional 1,237,648 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Raytheon by 2.4% during the fourth quarter. Bank of New York Mellon Corp now owns 4,182,034 shares of the aerospace company’s stock worth $785,594,000 after acquiring an additional 99,090 shares during the last quarter. Bessemer Group Inc. raised its position in shares of Raytheon by 0.4% during the third quarter. Bessemer Group Inc. now owns 1,789,970 shares of the aerospace company’s stock worth $333,974,000 after acquiring an additional 7,442 shares during the last quarter. Capital World Investors raised its position in shares of Raytheon by 11.0% during the second quarter. Capital World Investors now owns 1,763,495 shares of the aerospace company’s stock worth $284,769,000 after acquiring an additional 174,495 shares during the last quarter. Finally, Legal & General Group Plc raised its position in shares of Raytheon by 1.1% during the third quarter. Legal & General Group Plc now owns 1,496,659 shares of the aerospace company’s stock worth $279,209,000 after acquiring an additional 16,088 shares during the last quarter. Institutional investors own 71.98% of the company’s stock.
Shares of Raytheon (RTN) opened at $217.73 on Monday. Raytheon has a one year low of $148.65 and a one year high of $218.78. The company has a market capitalization of $62,816.41, a P/E ratio of 28.24, a P/E/G ratio of 2.06 and a beta of 0.76. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.46 and a current ratio of 1.54.
Raytheon announced that its Board of Directors has approved a share buyback plan on Wednesday, November 15th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the aerospace company to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
In other Raytheon news, 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 value of $9,667,570.20. Following the completion of the sale, the chairman now owns 138,339 shares of the company’s stock, valued at $29,867,390.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 disclosure for this sale can be found here. Insiders sold 69,792 shares of company stock valued at $14,973,517 in the last three months. Insiders own 0.19% of the company’s stock.
A number of equities analysts have recently issued reports on the company. Sanford C. Bernstein restated an “outperform” rating and set a $199.00 price objective (up from $188.00) on shares of Raytheon in a research report on Monday, October 30th. They noted that the move was a valuation call. Wells Fargo & Co lowered their price objective on Raytheon from $200.00 to $195.00 and set an “outperform” rating for the company in a research report on Friday, October 27th. Buckingham Research raised their price objective on Raytheon from $199.00 to $204.00 and gave the stock a “buy” rating in a research report on Tuesday, October 31st. Stifel Nicolaus raised their target price on Raytheon from $185.00 to $195.00 and gave the stock a “hold” rating in a research note on Friday, October 27th. Finally, Cowen reaffirmed a “buy” rating and set a $203.00 target price on shares of Raytheon in a research note on Thursday, October 26th. Three research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Raytheon presently 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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