Axa Decreases Holdings in Raytheon Company (RTN)

Axa reduced its stake in Raytheon Company (NYSE:RTN) by 4.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 299,059 shares of the aerospace company’s stock after selling 14,994 shares during the period. Axa owned 0.10% of Raytheon worth $55,798,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. OxFORD Asset Management LLP increased its holdings in shares of Raytheon by 238.8% in the second quarter. OxFORD Asset Management LLP now owns 51,452 shares of the aerospace company’s stock valued at $8,308,000 after purchasing an additional 36,265 shares during the last quarter. National Pension Service increased its holdings in shares of Raytheon by 12.1% in the second quarter. National Pension Service now owns 248,655 shares of the aerospace company’s stock valued at $39,892,000 after purchasing an additional 26,830 shares during the last quarter. Abner Herrman & Brock LLC increased its holdings in shares of Raytheon by 8.2% in the second quarter. Abner Herrman & Brock LLC now owns 77,617 shares of the aerospace company’s stock valued at $12,534,000 after purchasing an additional 5,866 shares during the last quarter. Kornitzer Capital Management Inc. KS increased its holdings in shares of Raytheon by 13.9% in the second quarter. Kornitzer Capital Management Inc. KS now owns 6,720 shares of the aerospace company’s stock valued at $1,085,000 after purchasing an additional 820 shares during the last quarter. Finally, Appleton Partners Inc. MA increased its holdings in shares of Raytheon by 13.7% in the second quarter. Appleton Partners Inc. MA now owns 8,345 shares of the aerospace company’s stock valued at $1,348,000 after purchasing an additional 1,005 shares during the last quarter. Hedge funds and other institutional investors own 73.53% of the company’s stock.

RTN has been the topic of several research reports. Zacks Investment Research upgraded shares of Raytheon from a “hold” rating to a “buy” rating and set a $204.00 price objective on the stock in a report on Thursday, September 14th. ValuEngine upgraded shares of Raytheon from a “hold” rating to a “buy” rating in a research note on Monday, September 11th. Royal Bank of Canada set a $193.00 price target on shares of Raytheon and gave the company a “buy” rating in a research note on Monday, August 28th. Citigroup restated a “buy” rating and issued a $215.00 price target (up from $192.00) on shares of Raytheon in a research note on Monday, October 9th. Finally, Bank of America set a $220.00 price target on shares of Raytheon and gave the company a “buy” rating in a research note on Friday, October 27th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $201.77.

Raytheon Company (RTN) opened at $191.38 on Friday. The company has a market cap of $54,573.84, a PE ratio of 24.97, a P/E/G ratio of 2.57 and a beta of 0.58. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.66 and a quick ratio of 1.55. Raytheon Company has a one year low of $141.16 and a one year high of $191.54.

Raytheon (NYSE:RTN) last announced its quarterly earnings data on Thursday, October 26th. The aerospace company reported $1.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.07. The firm had revenue of $6.28 billion for 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% on a year-over-year basis. During the same period in the prior year, the company posted $1.79 earnings per share. research analysts anticipate that Raytheon Company will post 7.61 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 3rd will be paid a dividend of $0.7975 per share. The ex-dividend date of this dividend is Tuesday, January 2nd. This represents a $3.19 dividend on an annualized basis and a yield of 1.67%. Raytheon’s payout ratio is 42.88%.

Raytheon announced that its Board of Directors has initiated a share repurchase program on Wednesday, November 15th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the aerospace company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

In other Raytheon news, Director Stephen J. Hadley sold 800 shares of the stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $190.27, for a total transaction of $152,216.00. Following the sale, the director now directly owns 11,360 shares in the company, valued at $2,161,467.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Frank R. Jimenez sold 650 shares of the stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $187.27, for a total transaction of $121,725.50. The disclosure for this sale can be found here. Insiders have sold 1,545 shares of company stock worth $291,955 over the last quarter. Corporate insiders own 0.19% of the company’s stock.

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Raytheon 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.

Institutional Ownership by Quarter for Raytheon (NYSE:RTN)

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