Profund Advisors LLC Boosts Stake in Raytheon (RTN)
Profund Advisors LLC grew its stake in shares of Raytheon (NYSE:RTN) by 30.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,985 shares of the aerospace company’s stock after buying an additional 2,320 shares during the quarter. Profund Advisors LLC’s holdings in Raytheon were worth $1,876,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Investment Centers of America Inc. raised its position in shares of Raytheon by 26.8% during the 3rd quarter. Investment Centers of America Inc. now owns 2,635 shares of the aerospace company’s stock valued at $492,000 after buying an additional 557 shares in the last quarter. Boulegeris Investments Inc. raised its position in shares of Raytheon by 32.5% during the 3rd quarter. Boulegeris Investments Inc. now owns 11,550 shares of the aerospace company’s stock valued at $2,155,000 after buying an additional 2,835 shares in the last quarter. Stevens Capital Management LP purchased a new stake in shares of Raytheon during the 3rd quarter valued at $24,642,000. Marietta Wealth Management LLC raised its position in shares of Raytheon by 7.4% during the 3rd quarter. Marietta Wealth Management LLC now owns 9,730 shares of the aerospace company’s stock valued at $1,815,000 after buying an additional 667 shares in the last quarter. Finally, Independent Advisor Alliance raised its position in shares of Raytheon by 151.1% during the 3rd quarter. Independent Advisor Alliance now owns 4,289 shares of the aerospace company’s stock valued at $806,000 after buying an additional 2,581 shares in the last quarter. Hedge funds and other institutional investors own 72.50% of the company’s stock.
In other news, Chairman Thomas A. Kennedy sold 44,778 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were 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 directly owns 138,339 shares of the company’s stock, valued at approximately $29,867,390.10. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Anthony F. O’brien sold 10,503 shares of the firm’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $214.17, for a total transaction of $2,249,427.51. Following the completion of the sale, the chief financial officer now directly owns 35,328 shares of the company’s stock, valued at $7,566,197.76. The disclosure for this sale can be found here. In the last three months, insiders sold 79,400 shares of company stock worth $17,052,714. Insiders own 0.19% of the company’s stock.
Raytheon (NYSE:RTN) last announced its quarterly earnings results on Thursday, January 25th. The aerospace company reported $2.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.02 by $0.01. The business had revenue of $6.78 billion for the quarter, compared to analyst estimates of $6.81 billion. Raytheon had a net margin of 7.98% and a return on equity of 21.36%. The company’s revenue was up 8.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.84 EPS. equities analysts expect that Raytheon will post 9.66 earnings per share for the current year.
Raytheon announced that its board has approved a stock buyback program on Wednesday, November 15th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the aerospace company to purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
Several research firms 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. Royal Bank of Canada set a $225.00 target price on shares of Raytheon and gave the company a “buy” rating in a report on Thursday, November 16th. Zacks Investment Research raised shares of Raytheon from a “hold” rating to a “buy” rating and set a $217.00 target price on the stock in a report on Friday, January 12th. Cowen reaffirmed a “buy” rating and set a $215.00 target price on shares of Raytheon in a report on Thursday, January 25th. Finally, Sanford C. Bernstein increased their target price on shares of Raytheon from $231.00 to $255.00 and gave the company an “outperform” rating in a report on Monday, January 29th. Two investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $214.12.
Raytheon Company Profile
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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