San Francisco Sentry Investment Group CA Decreases Position in Raytheon (RTN)
San Francisco Sentry Investment Group CA reduced its stake in shares of Raytheon (NYSE:RTN) by 36.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 3,981 shares of the aerospace company’s stock after selling 2,325 shares during the quarter. San Francisco Sentry Investment Group CA’s holdings in Raytheon were worth $748,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Signature Estate & Investment Advisors LLC bought a new position in Raytheon during the third quarter valued at approximately $103,000. Stonehearth Capital Management LLC bought a new position in Raytheon during the fourth quarter valued at approximately $103,000. Rowland & Co. Investment Counsel ADV bought a new position in Raytheon during the fourth quarter valued at approximately $106,000. Global Trust Asset Management LLC bought a new position in Raytheon during the fourth quarter valued at approximately $136,000. Finally, Invictus RG bought a new position in Raytheon during the third quarter valued at approximately $152,000. Institutional investors and hedge funds own 73.29% of the company’s stock.
Several equities analysts recently weighed in on the stock. Sanford C. Bernstein raised their price objective on shares of Raytheon from $231.00 to $255.00 and gave the company an “outperform” rating in a research report on Monday, January 29th. Cowen reaffirmed a “buy” rating and set a $215.00 price objective on shares of Raytheon in a research report on Wednesday, January 31st. Robert W. Baird reaffirmed a “buy” rating and set a $237.00 price objective on shares of Raytheon in a research report on Friday, January 26th. Stifel Nicolaus raised their price objective on shares of Raytheon from $210.00 to $220.00 and gave the company a “buy” rating in a research report on Friday, January 26th. Finally, Royal Bank of Canada set a $235.00 price objective on shares of Raytheon and gave the company a “buy” rating in a research report on Tuesday, January 23rd. Three investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $210.77.
Raytheon (NYSE:RTN) last released its quarterly earnings results on Thursday, January 25th. The aerospace company reported $2.03 EPS 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 company had revenue of $6.78 billion for the quarter, compared to analyst estimates of $6.81 billion. During the same quarter last year, the firm posted $1.84 earnings per share. The company’s quarterly revenue was up 8.0% compared to the same quarter last year. sell-side analysts forecast that Raytheon will post 9.65 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 1st. Stockholders of record on Wednesday, January 3rd were paid a $0.7975 dividend. The ex-dividend date of this dividend was Tuesday, January 2nd. This represents a $3.19 annualized dividend and a dividend yield of 1.56%. Raytheon’s payout ratio is 45.90%.
Raytheon announced that its Board of Directors has initiated a stock repurchase program on Wednesday, November 15th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the aerospace company to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
In other news, VP Frank R. Jimenez sold 3,405 shares of the firm’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $210.93, for a total value of $718,216.65. Following the sale, the vice president now owns 25,342 shares in the company, valued at $5,345,388.06. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Frank R. Jimenez sold 175 shares of the firm’s stock in a transaction on Friday, December 29th. The stock was sold at an average price of $189.13, for a total transaction of $33,097.75. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,274 shares of company stock worth $1,486,162. 0.19% of the stock is currently owned by corporate insiders.
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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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