Raymond James & Associates cut its stake in Raytheon (NYSE:RTN) by 2.6% in the 4th quarter, HoldingsChannel reports. The firm owned 517,845 shares of the aerospace company’s stock after selling 13,938 shares during the period. Raymond James & Associates’ holdings in Raytheon were worth $97,278,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of RTN. Investment Centers of America Inc. increased its stake in shares of Raytheon by 26.8% in the 3rd quarter. Investment Centers of America Inc. now owns 2,635 shares of the aerospace company’s stock worth $492,000 after acquiring an additional 557 shares in the last quarter. Boulegeris Investments Inc. increased its stake in shares of Raytheon by 32.5% in the 3rd quarter. Boulegeris Investments Inc. now owns 11,550 shares of the aerospace company’s stock worth $2,155,000 after acquiring an additional 2,835 shares in the last quarter. Stevens Capital Management LP bought a new position in shares of Raytheon in the 3rd quarter worth about $24,642,000. Marietta Wealth Management LLC increased its stake in shares of Raytheon by 7.4% in the 3rd quarter. Marietta Wealth Management LLC now owns 9,730 shares of the aerospace company’s stock worth $1,815,000 after acquiring an additional 667 shares in the last quarter. Finally, Independent Advisor Alliance increased its stake in shares of Raytheon by 151.1% in the 3rd quarter. Independent Advisor Alliance now owns 4,289 shares of the aerospace company’s stock worth $806,000 after acquiring an additional 2,581 shares in the last quarter. Institutional investors and hedge funds own 73.51% of the company’s stock.
Shares of Raytheon (NYSE:RTN) opened at $215.60 on Monday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.46 and a current ratio of 1.54. The stock has a market cap of $61,970.00, a PE ratio of 28.53, a PEG ratio of 2.03 and a beta of 0.71. Raytheon has a 1-year low of $148.65 and a 1-year high of $222.82.
Raytheon declared that its board has initiated a share repurchase program on Wednesday, November 15th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the aerospace company to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.
RTN has been the subject of several research reports. Wells Fargo & Co reiterated an “outperform” rating and issued a $202.00 price target (up from $195.00) on shares of Raytheon in a research note on Tuesday, November 28th. Stifel Nicolaus reissued a “buy” rating and set a $210.00 price objective on shares of Raytheon in a research report on Tuesday, January 9th. Morgan Stanley increased their price objective on shares of Raytheon from $224.00 to $245.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. ValuEngine raised shares of Raytheon from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, Sanford C. Bernstein increased their price objective on shares of Raytheon from $231.00 to $255.00 and gave the company an “outperform” rating in a research report on Monday, January 29th. Two investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $214.12.
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 transaction of $9,667,570.20. Following the sale, the chairman now owns 138,339 shares of the company’s stock, valued at approximately $29,867,390.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Anthony F. O’brien sold 10,503 shares of the firm’s stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $214.17, for a total transaction of $2,249,427.51. Following the sale, the chief financial officer now directly owns 35,328 shares in the company, valued at approximately $7,566,197.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 79,400 shares of company stock worth $17,052,714. Insiders own 0.19% of the company’s stock.
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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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