California Public Employees Retirement System lifted its holdings in Raytheon (NYSE:RTN) by 2.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 762,393 shares of the aerospace company’s stock after buying an additional 15,577 shares during the quarter. California Public Employees Retirement System’s holdings in Raytheon were worth $143,216,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also added to or reduced their stakes in RTN. Signature Estate & Investment Advisors LLC purchased a new stake in Raytheon during the third quarter worth $103,000. Stonehearth Capital Management LLC purchased a new stake in Raytheon during the fourth quarter worth $103,000. Rowland & Co. Investment Counsel ADV purchased a new stake in Raytheon during the fourth quarter worth $106,000. Global Trust Asset Management LLC purchased a new stake in Raytheon during the fourth quarter worth $136,000. Finally, Invictus RG purchased a new stake in Raytheon during the third quarter worth $152,000. Hedge funds and other institutional investors own 73.29% of the company’s stock.
A number of analysts recently issued reports on the stock. Cowen reissued a “buy” rating and set a $215.00 price target on shares of Raytheon in a report on Friday. Sanford C. Bernstein increased their price target on shares of Raytheon from $231.00 to $255.00 and gave the stock an “outperform” rating in a report on Monday, January 29th. Robert W. Baird reissued a “buy” rating and set a $237.00 price target on shares of Raytheon in a report on Friday, January 26th. Stifel Nicolaus increased their price target on shares of Raytheon from $210.00 to $220.00 and gave the stock a “buy” rating in a report on Friday, January 26th. Finally, Royal Bank of Canada set a $235.00 price target on shares of Raytheon and gave the stock a “buy” rating in a report on Tuesday, January 23rd. Three investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Raytheon currently has an average rating of “Buy” and an average target price of $210.77.
Raytheon (NYSE:RTN) last posted its quarterly earnings data on Thursday, January 25th. The aerospace company reported $2.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.02 by $0.01. The business had revenue of $6.78 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the firm posted $1.84 earnings per share. equities research analysts predict that Raytheon will post 9.65 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Stockholders of record on Wednesday, January 3rd were given a $0.7975 dividend. This represents a $3.19 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date was Tuesday, January 2nd. Raytheon’s dividend payout ratio (DPR) is 45.97%.
Raytheon announced that its Board of Directors has approved a share buyback plan on Wednesday, November 15th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the aerospace company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
In other 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 value of $152,216.00. Following the completion of 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael J. Wood sold 1,974 shares of the stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $208.07, for a total transaction of $410,730.18. Following the completion of the sale, the vice president now owns 17,467 shares of the company’s stock, valued at $3,634,358.69. The disclosure for this sale can be found here. Insiders sold 7,274 shares of company stock valued at $1,486,162 over the last quarter. Company insiders own 0.19% of the company’s stock.
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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