Raytheon (RTN) Stake Lessened by Alliancebernstein L.P.
Alliancebernstein L.P. decreased its position in Raytheon (NYSE:RTN) by 4.9% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,773,479 shares of the aerospace company’s stock after selling 142,049 shares during the period. Alliancebernstein L.P.’s holdings in Raytheon were worth $520,998,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. BlackRock Inc. lifted its stake in Raytheon by 6.2% in the fourth quarter. BlackRock Inc. now owns 21,240,939 shares of the aerospace company’s stock worth $3,990,111,000 after acquiring an additional 1,237,648 shares during the period. Stifel Financial Corp lifted its stake in Raytheon by 2,385.7% in the third quarter. Stifel Financial Corp now owns 488,766 shares of the aerospace company’s stock worth $90,995,000 after acquiring an additional 469,103 shares during the period. APG Asset Management N.V. lifted its stake in Raytheon by 36.5% in the third quarter. APG Asset Management N.V. now owns 1,427,712 shares of the aerospace company’s stock worth $266,383,000 after acquiring an additional 381,913 shares during the period. USS Investment Management Ltd lifted its stake in Raytheon by 26.5% in the fourth quarter. USS Investment Management Ltd now owns 1,345,404 shares of the aerospace company’s stock worth $252,781,000 after acquiring an additional 281,900 shares during the period. Finally, Atlantic Trust Group LLC lifted its stake in Raytheon by 1,486.1% in the third quarter. Atlantic Trust Group LLC now owns 273,340 shares of the aerospace company’s stock worth $50,999,000 after acquiring an additional 256,106 shares during the period. Hedge funds and other institutional investors own 71.98% of the company’s stock.
In other news, Director Letitia A. Long sold 650 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now directly owns 2,273 shares in the company, valued at $422,391.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Michael J. Wood sold 3,989 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $215.88, for a total value of $861,145.32. Following the transaction, the chief accounting officer now owns 22,260 shares of the company’s stock, valued at $4,805,488.80. The disclosure for this sale can be found here. Insiders have sold 68,897 shares of company stock valued at $14,803,287 in the last three months. Insiders own 0.19% of the company’s stock.
Raytheon (NYSE:RTN) last announced its quarterly earnings data on Thursday, January 25th. The aerospace company reported $2.03 EPS for the quarter, beating the 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 return on equity of 21.36% and a net margin of 7.98%. The company’s revenue for the quarter was up 8.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.84 earnings per share. equities research analysts forecast that Raytheon will post 9.65 EPS for the current fiscal year.
Raytheon declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, November 15th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the aerospace company to repurchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
A number of brokerages recently commented on RTN. Cowen reaffirmed a “buy” rating and issued a $215.00 price target on shares of Raytheon in a research note on Friday, February 9th. Morgan Stanley raised their price target on Raytheon from $224.00 to $245.00 and gave the stock an “overweight” rating in a research note on Friday, February 23rd. Wells Fargo & Co reaffirmed an “outperform” rating and issued a $202.00 price target (up previously from $195.00) on shares of Raytheon in a research note on Tuesday, November 28th. Sanford C. Bernstein raised their price target on Raytheon from $231.00 to $255.00 and gave the stock an “outperform” rating in a research note on Monday, January 29th. Finally, Royal Bank of Canada set a $235.00 price target on Raytheon and gave the stock a “buy” rating in a research note on Tuesday, January 23rd. Two equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Raytheon has an average rating of “Buy” and a consensus target price of $214.12.
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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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