Essex Investment Management Co. LLC Decreases Holdings in Raytheon (RTN)

Essex Investment Management Co. LLC reduced its stake in shares of Raytheon (NYSE:RTN) by 3.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 62,194 shares of the aerospace company’s stock after selling 2,187 shares during the period. Raytheon makes up about 1.5% of Essex Investment Management Co. LLC’s holdings, making the stock its 8th largest position. Essex Investment Management Co. LLC’s holdings in Raytheon were worth $11,683,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of RTN. Janus Henderson Group PLC boosted its position in shares of Raytheon by 13,784.9% in the 2nd quarter. Janus Henderson Group PLC now owns 1,494,150 shares of the aerospace company’s stock worth $241,276,000 after buying an additional 1,483,389 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Raytheon by 55.2% in the 2nd quarter. Alliancebernstein L.P. now owns 2,328,691 shares of the aerospace company’s stock worth $376,037,000 after buying an additional 827,931 shares in the last quarter. UBS Asset Management Americas Inc. boosted its position in shares of Raytheon by 42.7% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 1,826,164 shares of the aerospace company’s stock worth $294,889,000 after buying an additional 546,398 shares in the last quarter. BlackRock Inc. boosted its position in shares of Raytheon by 2.7% in the 2nd quarter. BlackRock Inc. now owns 19,934,958 shares of the aerospace company’s stock worth $3,219,097,000 after buying an additional 527,139 shares in the last quarter. Finally, Stifel Financial Corp boosted its position in shares of Raytheon by 2,385.7% in the 3rd quarter. Stifel Financial Corp now owns 488,766 shares of the aerospace company’s stock worth $90,995,000 after buying an additional 469,103 shares in the last quarter. Institutional investors own 73.29% of the company’s stock.

In other news, VP Frank R. Jimenez sold 3,405 shares of the company’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $210.93, for a total transaction of $718,216.65. Following the completion of the transaction, the vice president now owns 25,342 shares of the company’s stock, valued at approximately $5,345,388.06. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Frank R. Jimenez sold 175 shares of the company’s stock in a transaction dated Saturday, December 29th. The shares were sold at an average price of $189.13, for a total transaction of $33,097.75. Following the transaction, the vice president now directly owns 28,311 shares of the company’s stock, valued at approximately $5,354,459.43. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,274 shares of company stock worth $1,486,162. 0.19% of the stock is owned by insiders.

Raytheon (NYSE RTN) opened at $201.13 on Wednesday. The stock has a market cap of $57,343.30, a PE ratio of 28.94, a price-to-earnings-growth ratio of 1.88 and a beta of 0.76. The company has a quick ratio of 1.46, a current ratio of 1.54 and a debt-to-equity ratio of 0.48. Raytheon has a 1-year low of $147.84 and a 1-year high of $213.45.

Raytheon (NYSE:RTN) last released its earnings results on Thursday, January 25th. The aerospace company reported $2.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.02 by $0.01. The company 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 firm’s quarterly revenue was up 8.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.84 EPS. equities research analysts predict that Raytheon will post 9.65 earnings per share for the current year.

Raytheon declared that its board has approved a share buyback plan on Wednesday, November 15th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the aerospace company to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

The company also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Wednesday, January 3rd were issued a $0.7975 dividend. The ex-dividend date of this dividend was Tuesday, January 2nd. This represents a $3.19 dividend on an annualized basis and a yield of 1.59%. Raytheon’s dividend payout ratio (DPR) is 45.90%.

Several research firms recently commented on RTN. Zacks Investment Research lowered shares of Raytheon from a “buy” rating to a “hold” rating in a research report on Monday, October 30th. Stifel Nicolaus boosted their price objective on shares of Raytheon from $210.00 to $220.00 and gave the stock a “buy” rating in a research report on Friday, January 26th. Cowen reiterated a “buy” rating and issued a $215.00 price objective on shares of Raytheon in a research report on Thursday, January 25th. Robert W. Baird reiterated a “buy” rating and issued a $237.00 price objective on shares of Raytheon in a research report on Friday, January 26th. Finally, Royal Bank of Canada reiterated a “buy” rating and issued a $209.00 price objective on shares of Raytheon in a research report on Tuesday, October 10th. Three analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $210.77.

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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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Institutional Ownership by Quarter for Raytheon (NYSE:RTN)

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