TIAA CREF Investment Management LLC reduced its position in shares of Raytheon (NYSE:RTN) by 30.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,500,198 shares of the aerospace company’s stock after selling 650,478 shares during the period. TIAA CREF Investment Management LLC’s holdings in Raytheon were worth $281,812,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Signature Estate & Investment Advisors LLC purchased a new stake in shares of Raytheon during the third quarter worth about $103,000. Stonehearth Capital Management LLC purchased a new stake in shares of Raytheon during the fourth quarter worth about $103,000. Rowland & Co. Investment Counsel ADV purchased a new stake in shares of Raytheon during the fourth quarter worth about $106,000. Global Trust Asset Management LLC purchased a new stake in shares of Raytheon during the fourth quarter worth about $136,000. Finally, Invictus RG purchased a new stake in shares of Raytheon during the third quarter worth about $152,000. Institutional investors own 73.51% of the company’s stock.
In other Raytheon news, Director Letitia A. Long sold 650 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $185.83, for a total transaction of $120,789.50. Following the completion of the transaction, the director now owns 2,273 shares of the company’s stock, valued at $422,391.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Thomas A. Kennedy sold 44,778 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chairman now directly owns 138,339 shares of the company’s stock, valued at approximately $29,867,390.10. The disclosure for this sale can be found here. Insiders have sold 79,400 shares of company stock valued at $17,052,714 in the last ninety days. Insiders own 0.19% of the company’s stock.
Raytheon (NYSE RTN) opened at $210.62 on Wednesday. Raytheon has a one year low of $148.65 and a one year high of $222.82. The stock has a market cap of $60,597.79, a PE ratio of 30.31, a P/E/G ratio of 1.99 and a beta of 0.71. The company has a quick ratio of 1.46, a current ratio of 1.54 and a debt-to-equity ratio of 0.48.
Raytheon (NYSE:RTN) last announced its earnings results on Thursday, January 25th. The aerospace company reported $2.03 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.02 by $0.01. Raytheon had a net margin of 7.98% and a return on equity of 21.36%. The business had revenue of $6.78 billion during the quarter, compared to the consensus estimate of $6.81 billion. During the same quarter last year, the firm earned $1.84 earnings per share. The business’s revenue for the quarter was up 8.0% on a year-over-year basis. analysts anticipate that Raytheon will post 9.66 EPS for the current year.
Raytheon declared that its Board of Directors has authorized a share buyback plan on Wednesday, November 15th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the aerospace company to buy shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
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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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