Franklin Resources Inc. grew its position in Raytheon (NYSE:RTN) by 6.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,851,144 shares of the aerospace company’s stock after purchasing an additional 166,467 shares during the quarter. Franklin Resources Inc.’s holdings in Raytheon were worth $535,605,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of RTN. TIAA FSB raised its position in shares of Raytheon by 0.9% in the 3rd quarter. TIAA FSB now owns 100,882 shares of the aerospace company’s stock worth $18,823,000 after acquiring an additional 888 shares in the last quarter. Aperio Group LLC raised its position in shares of Raytheon by 3.8% in the 3rd quarter. Aperio Group LLC now owns 286,820 shares of the aerospace company’s stock worth $53,515,000 after acquiring an additional 10,485 shares in the last quarter. State of New Jersey Common Pension Fund D raised its position in shares of Raytheon by 9.4% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 350,000 shares of the aerospace company’s stock worth $65,303,000 after acquiring an additional 30,000 shares in the last quarter. First National Bank & Trust Co. of Newtown bought a new position in shares of Raytheon in the 3rd quarter worth $215,000. Finally, Meyer Handelman Co. raised its position in shares of Raytheon by 108.4% in the 3rd quarter. Meyer Handelman Co. now owns 15,838 shares of the aerospace company’s stock worth $2,956,000 after acquiring an additional 8,238 shares in the last quarter. Institutional investors and hedge funds own 72.50% of the company’s stock.
Raytheon (RTN) opened at $214.81 on Friday. Raytheon has a 1 year low of $148.65 and a 1 year high of $222.82. The stock has a market capitalization of $62,180.00, a PE ratio of 28.53, a P/E/G ratio of 2.03 and a beta of 0.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.46 and a current ratio of 1.54.
Raytheon announced that its board has authorized a stock buyback plan on Wednesday, November 15th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the aerospace company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
Several research firms have recently commented on RTN. Morgan Stanley boosted their price target on Raytheon from $224.00 to $245.00 and gave the stock an “overweight” rating in a research report on Friday, February 23rd. Sanford C. Bernstein boosted their price target on Raytheon from $231.00 to $255.00 and gave the stock an “outperform” rating in a research report on Monday, January 29th. Cowen reissued a “buy” rating and issued a $215.00 price target on shares of Raytheon in a research report on Wednesday, January 31st. Robert W. Baird reissued a “buy” rating and issued a $237.00 price target on shares of Raytheon in a research report on Friday, January 26th. Finally, Stifel Nicolaus boosted their price target on Raytheon from $210.00 to $220.00 and gave the stock a “buy” rating in a research report on Friday, January 26th. Two investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $214.12.
In other Raytheon news, CAO Michael J. Wood sold 3,989 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $215.88, for a total transaction of $861,145.32. Following the sale, the chief accounting officer now owns 22,260 shares in the company, valued at approximately $4,805,488.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Thomas A. Kennedy sold 44,778 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $215.90, for a total value of $9,667,570.20. Following the sale, the chairman now owns 138,339 shares in the company, valued at approximately $29,867,390.10. The disclosure for this sale can be found here. In the last quarter, insiders have sold 79,400 shares of company stock worth $17,052,714. Company 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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