OLD National Bancorp IN decreased its holdings in shares of Raytheon (NYSE:RTN) by 2.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,771 shares of the aerospace company’s stock after selling 425 shares during the period. OLD National Bancorp IN’s holdings in Raytheon were worth $3,151,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Signature Estate & Investment Advisors LLC acquired a new position in Raytheon during the third quarter worth $103,000. Stonehearth Capital Management LLC acquired a new position in Raytheon during the fourth quarter worth $103,000. Rowland & Co. Investment Counsel ADV acquired a new position in Raytheon during the fourth quarter worth $106,000. Global Trust Asset Management LLC acquired a new position in Raytheon during the fourth quarter worth $136,000. Finally, Invictus RG acquired a new position in Raytheon during the third quarter worth $152,000. Hedge funds and other institutional investors own 72.66% of the company’s stock.
Several research firms have weighed in on RTN. Cowen restated a “buy” rating and set a $215.00 price objective on shares of Raytheon in a report on Friday. Sanford C. Bernstein increased their target price on shares of Raytheon from $231.00 to $255.00 and gave the company an “outperform” rating in a report on Monday, January 29th. Robert W. Baird reiterated a “buy” rating and issued a $237.00 target price on shares of Raytheon in a report on Friday, January 26th. Stifel Nicolaus increased their target price on shares of Raytheon from $210.00 to $220.00 and gave the company a “buy” rating in a report on Friday, January 26th. Finally, Royal Bank of Canada set a $235.00 target price on shares of Raytheon and gave the company a “buy” rating in a report on Tuesday, January 23rd. Three investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Raytheon currently has an average rating of “Buy” and a consensus price target of $210.77.
Raytheon (NYSE:RTN) opened at $204.52 on Monday. The firm has a market cap of $59,124.07, a PE ratio of 26.53, a P/E/G ratio of 1.94 and a beta of 0.76. The company has a current ratio of 1.54, a quick ratio of 1.46 and a debt-to-equity ratio of 0.48. Raytheon has a 1 year low of $148.65 and a 1 year high of $213.45.
Raytheon (NYSE:RTN) last posted its quarterly earnings results on Thursday, January 25th. The aerospace company reported $2.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.02 by $0.01. The company had revenue of $6.78 billion during 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 revenue for the quarter was up 8.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.84 earnings per share. equities analysts forecast that Raytheon will post 9.65 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, February 1st. Investors of record on Wednesday, January 3rd were given a dividend of $0.7975 per share. The ex-dividend date of this dividend was Tuesday, January 2nd. This represents a $3.19 annualized dividend and a yield of 1.56%. Raytheon’s payout ratio is currently 45.90%.
Raytheon declared that its board has authorized a stock 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. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related 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 completion of the transaction, the director now owns 11,360 shares in the company, valued at $2,161,467.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Frank R. Jimenez sold 3,405 shares of the 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 transaction, the vice president now owns 25,342 shares of the company’s stock, valued at approximately $5,345,388.06. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,274 shares of company stock valued at $1,486,162. 0.19% of the stock is owned by company insiders.
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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