Martin Capital Partners LLC purchased a new stake in Raytheon (NYSE:RTN) in the 4th quarter, Holdings Channel reports. The firm purchased 8,078 shares of the aerospace company’s stock, valued at approximately $1,517,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. Signature Estate & Investment Advisors LLC purchased a new stake in Raytheon in the 3rd quarter valued at about $103,000. Stonehearth Capital Management LLC purchased a new stake in Raytheon in the 4th quarter valued at about $103,000. Rowland & Co. Investment Counsel ADV purchased a new stake in Raytheon in the 4th quarter valued at about $106,000. Global Trust Asset Management LLC purchased a new stake in Raytheon in the 4th quarter valued at about $136,000. Finally, Invictus RG purchased a new stake in Raytheon in the 3rd quarter valued at about $152,000. Institutional investors own 71.98% of the company’s stock.
Several research firms have commented on RTN. Stifel Nicolaus lifted their price target on Raytheon from $210.00 to $220.00 and gave the company a “buy” rating in a report on Friday, January 26th. Cowen restated a “buy” rating and issued a $215.00 price target on shares of Raytheon in a report on Thursday, January 25th. Robert W. Baird restated a “buy” rating and issued a $237.00 price target on shares of Raytheon in a report on Friday, January 26th. Royal Bank of Canada set a $235.00 price target on Raytheon and gave the company a “buy” rating in a report on Tuesday, January 23rd. Finally, JPMorgan Chase & Co. cut Raytheon from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $190.00 to $210.00 in a report on Tuesday, December 12th. Two equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $214.12.
Raytheon (NYSE:RTN) last released its quarterly earnings data on Thursday, January 25th. The aerospace company reported $2.03 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.01. The business had revenue of $6.78 billion for the quarter, compared to analyst estimates of $6.81 billion. Raytheon had a return on equity of 21.36% and a net margin of 7.98%. The company’s revenue was up 8.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.84 EPS. sell-side analysts anticipate that Raytheon will post 9.65 earnings per share for the current fiscal year.
Raytheon declared that its board has approved a stock repurchase program on Wednesday, November 15th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the aerospace company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
In related news, Director Letitia A. Long sold 650 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $185.83, for a total transaction of $120,789.50. Following the transaction, the director now directly owns 2,273 shares of the company’s stock, valued at approximately $422,391.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Thomas A. Kennedy sold 44,778 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $215.90, for a total value of $9,667,570.20. Following the transaction, the chairman now directly owns 138,339 shares in the company, valued at $29,867,390.10. The disclosure for this sale can be found here. Insiders have sold a total of 69,697 shares of company stock worth $14,955,503 over the last three months. 0.19% of the stock is currently owned by corporate 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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