Stone Ridge Asset Management LLC Takes Position in Raytheon (RTN)
Stone Ridge Asset Management LLC purchased a new position in Raytheon (NYSE:RTN) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 25,403 shares of the aerospace company’s stock, valued at approximately $4,772,000.
Other institutional investors have also bought and sold shares of the company. Signature Estate & Investment Advisors LLC bought a new position in shares of Raytheon in the 3rd quarter worth about $103,000. Stonehearth Capital Management LLC bought a new position in shares of Raytheon in the 4th quarter worth about $103,000. Rowland & Co. Investment Counsel ADV bought a new position in shares of Raytheon in the 4th quarter worth about $106,000. Global Trust Asset Management LLC bought a new position in shares of Raytheon in the 4th quarter worth about $136,000. Finally, Invictus RG bought a new position in shares of Raytheon in the 3rd quarter worth about $152,000. Institutional investors own 72.50% of the company’s stock.
A number of research analysts have recently issued reports on the stock. Wells Fargo & Co restated an “outperform” rating and issued a $215.00 price target (up from $202.00) on shares of Raytheon in a research report on Tuesday, January 16th. Royal Bank of Canada set a $225.00 price target on shares of Raytheon and gave the stock a “buy” rating in a research report on Thursday, November 16th. Zacks Investment Research upgraded shares of Raytheon from a “hold” rating to a “buy” rating and set a $217.00 price target on the stock in a research report on Friday, January 12th. Cowen restated a “buy” rating and issued a $215.00 price target on shares of Raytheon in a research report on Thursday, January 25th. Finally, Sanford C. Bernstein raised their price target on shares of Raytheon from $231.00 to $255.00 and gave the stock an “outperform” rating in a research report on Monday, January 29th. Two equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $214.12.
Raytheon (NYSE:RTN) last released its earnings results on Thursday, January 25th. The aerospace company reported $2.03 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.02 by $0.01. The firm had revenue of $6.78 billion for the quarter, compared to analysts’ expectations of $6.81 billion. Raytheon had a net margin of 7.98% and a return on equity of 21.36%. Raytheon’s quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter last year, the company earned $1.84 EPS. equities analysts predict that Raytheon will post 9.66 earnings per share for the current year.
Raytheon declared that its board has approved a stock buyback plan on Wednesday, November 15th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the aerospace company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
In other Raytheon 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 transaction of $9,667,570.20. Following the transaction, the chairman now 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 can be accessed through this link. Also, Director Letitia A. Long sold 650 shares of the firm’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $185.83, for a total transaction of $120,789.50. Following the transaction, the director now directly owns 2,273 shares in the company, valued at approximately $422,391.59. The disclosure for this sale can be found here. In the last three months, insiders have sold 79,400 shares of company stock worth $17,052,714. 0.19% of the stock is owned by corporate insiders.
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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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