Raytheon (RTN) Stake Lessened by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its stake in shares of Raytheon (NYSE:RTN) by 1.7% in the 4th quarter, HoldingsChannel reports. The fund owned 3,391,971 shares of the aerospace company’s stock after selling 57,375 shares during the period. Bank of New York Mellon Corp’s holdings in Raytheon were worth $520,157,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RTN. Athena Capital Advisors LLC bought a new stake in Raytheon during the 4th quarter valued at approximately $26,000. Laurel Wealth Advisors LLC bought a new stake in Raytheon during the 4th quarter valued at approximately $34,000. Proficio Capital Partners LLC boosted its stake in Raytheon by 42.9% during the 4th quarter. Proficio Capital Partners LLC now owns 223 shares of the aerospace company’s stock valued at $34,000 after purchasing an additional 67 shares during the period. Capital Investment Advisory Services LLC bought a new stake in Raytheon during the 4th quarter valued at approximately $39,000. Finally, Penserra Capital Management LLC boosted its stake in Raytheon by 36.1% during the 4th quarter. Penserra Capital Management LLC now owns 264 shares of the aerospace company’s stock valued at $40,000 after purchasing an additional 70 shares during the period. Institutional investors own 73.93% of the company’s stock.

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In other news, CAO Michael J. Wood sold 3,501 shares of the stock in a transaction that occurred on Friday, February 15th. The stock was sold at an average price of $183.86, for a total value of $643,693.86. Following the completion of the transaction, the chief accounting officer now directly owns 19,217 shares of the company’s stock, valued at approximately $3,533,237.62. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Frank R. Jimenez sold 4,094 shares of the stock in a transaction that occurred on Friday, February 15th. The stock was sold at an average price of $183.89, for a total value of $752,845.66. Following the completion of the transaction, the vice president now directly owns 36,964 shares of the company’s stock, valued at $6,797,309.96. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.

Raytheon stock opened at $186.19 on Friday. The company has a quick ratio of 1.37, a current ratio of 1.46 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $52.67 billion, a price-to-earnings ratio of 17.55, a PEG ratio of 1.42 and a beta of 0.95. Raytheon has a 12 month low of $144.27 and a 12 month high of $229.75.

Raytheon (NYSE:RTN) last posted its quarterly earnings results on Thursday, January 31st. The aerospace company reported $2.93 EPS for the quarter, beating the consensus estimate of $2.89 by $0.04. The firm had revenue of $7.36 billion during the quarter, compared to analysts’ expectations of $7.50 billion. Raytheon had a return on equity of 25.81% and a net margin of 10.75%. During the same quarter in the prior year, the firm posted $2.03 EPS. As a group, analysts expect that Raytheon will post 11.59 earnings per share for the current fiscal year.

Several brokerages recently weighed in on RTN. Zacks Investment Research downgraded Raytheon from a “buy” rating to a “hold” rating in a research note on Monday, December 31st. ValuEngine upgraded Raytheon from a “sell” rating to a “hold” rating in a research note on Thursday, January 24th. Argus restated a “buy” rating and set a $200.00 target price on shares of Raytheon in a research note on Friday, February 1st. Morgan Stanley decreased their target price on Raytheon from $228.00 to $221.00 and set an “overweight” rating for the company in a research note on Wednesday, November 14th. Finally, Barclays decreased their target price on Raytheon from $239.00 to $195.00 and set an “equal weight” rating for the company in a research note on Tuesday, December 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $217.31.

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About Raytheon

Raytheon Company develops integrated products, services, and solutions for defense and other government markets worldwide. It operates through five segments: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS); and Forcepoint.

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