Raytheon (RTN) Shares Sold by Ontario Teachers Pension Plan Board
Ontario Teachers Pension Plan Board cut its stake in Raytheon (NYSE:RTN) by 29.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 52,058 shares of the aerospace company’s stock after selling 21,846 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Raytheon were worth $9,779,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Synovus Financial Corp lifted its stake in Raytheon by 7.5% in the fourth quarter. Synovus Financial Corp now owns 29,022 shares of the aerospace company’s stock worth $5,450,000 after acquiring an additional 2,023 shares during the period. American International Group Inc. lifted its stake in Raytheon by 4.3% in the fourth quarter. American International Group Inc. now owns 102,069 shares of the aerospace company’s stock worth $19,174,000 after acquiring an additional 4,235 shares during the period. Valmark Advisers Inc. purchased a new stake in Raytheon in the fourth quarter worth about $523,000. HAP Trading LLC purchased a new stake in Raytheon in the fourth quarter worth about $1,981,000. Finally, Valeo Financial Advisors LLC lifted its stake in Raytheon by 68.5% in the fourth quarter. Valeo Financial Advisors LLC now owns 2,777 shares of the aerospace company’s stock worth $522,000 after acquiring an additional 1,129 shares during the period. Hedge funds and other institutional investors own 71.98% of the company’s stock.
A number of research firms recently weighed in on RTN. Cowen reaffirmed a “buy” rating and issued a $215.00 price objective on shares of Raytheon in a research note on Friday, February 9th. Wells Fargo & Co reaffirmed an “outperform” rating and issued a $202.00 price objective (up from $195.00) on shares of Raytheon in a research note on Tuesday, November 28th. Sanford C. Bernstein upped their price objective on shares of Raytheon from $231.00 to $255.00 and gave the stock an “outperform” rating in a research note on Monday, January 29th. Royal Bank of Canada set a $235.00 price objective on shares of Raytheon and gave the stock a “buy” rating in a research note on Tuesday, January 23rd. Finally, Stifel Nicolaus upped their price objective on shares of Raytheon from $210.00 to $220.00 and gave the stock a “buy” rating in a research note on Friday, January 26th. Three research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target 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 Thomson Reuters’ consensus estimate of $2.02 by $0.01. The business had revenue of $6.78 billion during the quarter, compared to analyst estimates of $6.81 billion. Raytheon had a net margin of 7.98% and a return on equity of 21.36%. The company’s quarterly revenue was up 8.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.84 earnings per share. equities research analysts predict that Raytheon will post 9.65 EPS for the current year.
Raytheon declared that its Board of Directors has approved a stock buyback plan on Wednesday, November 15th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the aerospace company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In related news, Chairman Thomas A. Kennedy sold 44,778 shares of the stock in a transaction that occurred on 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 completion of the transaction, the chairman now directly owns 138,339 shares of the company’s stock, valued at approximately $29,867,390.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen J. Hadley sold 800 shares of the stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $190.27, for a total transaction of $152,216.00. Following the completion of the transaction, the director now directly owns 11,360 shares of the company’s stock, valued at $2,161,467.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 69,792 shares of company stock valued at $14,973,517. Insiders own 0.19% of the company’s stock.
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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