First City Capital Management Inc. decreased its holdings in shares of Raytheon (NYSE:RTN) by 3.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 10,009 shares of the aerospace company’s stock after selling 375 shares during the period. Raytheon makes up approximately 1.3% of First City Capital Management Inc.’s investment portfolio, making the stock its 24th biggest position. First City Capital Management Inc.’s holdings in Raytheon were worth $1,880,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. BlackRock Inc. lifted its stake in Raytheon by 6.2% during the fourth quarter. BlackRock Inc. now owns 21,240,939 shares of the aerospace company’s stock worth $3,990,111,000 after purchasing an additional 1,237,648 shares during the last quarter. Stifel Financial Corp lifted its stake in Raytheon by 2,385.7% during the third quarter. Stifel Financial Corp now owns 488,766 shares of the aerospace company’s stock worth $90,995,000 after purchasing an additional 469,103 shares during the last quarter. APG Asset Management N.V. lifted its stake in Raytheon by 36.5% during the third quarter. APG Asset Management N.V. now owns 1,427,712 shares of the aerospace company’s stock worth $266,383,000 after purchasing an additional 381,913 shares during the last quarter. USS Investment Management Ltd lifted its stake in Raytheon by 26.5% during the fourth quarter. USS Investment Management Ltd now owns 1,345,404 shares of the aerospace company’s stock worth $252,781,000 after purchasing an additional 281,900 shares during the last quarter. Finally, Atlantic Trust Group LLC lifted its stake in Raytheon by 1,486.1% during the third quarter. Atlantic Trust Group LLC now owns 273,340 shares of the aerospace company’s stock worth $50,999,000 after purchasing an additional 256,106 shares during the last quarter. 71.98% of the stock is owned by institutional investors.
In related news, Chairman Thomas A. Kennedy sold 44,778 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $215.90, for a total transaction of $9,667,570.20. Following the transaction, the chairman now owns 138,339 shares in the company, valued at approximately $29,867,390.10. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Michael J. Wood sold 3,989 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $215.88, for a total value of $861,145.32. Following the transaction, the chief accounting officer now owns 22,260 shares in the company, valued at approximately $4,805,488.80. The disclosure for this sale can be found here. In the last three months, insiders sold 69,792 shares of company stock valued at $14,973,517. 0.19% of the stock is currently owned by corporate insiders.
Shares of Raytheon (RTN) opened at $219.86 on Tuesday. Raytheon has a 52 week low of $148.65 and a 52 week high of $220.90. The company has a quick ratio of 1.46, a current ratio of 1.54 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $62,963.55, a PE ratio of 31.63, a PEG ratio of 2.07 and a beta of 0.76.
Raytheon (NYSE:RTN) last released its earnings results on Thursday, January 25th. The aerospace company reported $2.03 earnings per share for the quarter, beating analysts’ consensus estimates of $2.02 by $0.01. Raytheon had a return on equity of 21.36% and a net margin of 7.98%. The company had revenue of $6.78 billion during the quarter, compared to analyst estimates of $6.81 billion. During the same quarter in the previous year, the company posted $1.84 EPS. Raytheon’s revenue for the quarter was up 8.0% on a year-over-year basis. analysts expect that Raytheon will post 9.64 earnings per share for the current year.
Raytheon declared that its Board of Directors has initiated a share repurchase plan on Wednesday, November 15th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the aerospace company to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
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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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