Becker Capital Management Inc. cut its holdings in Raytheon Company (NYSE:RTN) by 4.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 259,080 shares of the aerospace company’s stock after selling 12,895 shares during the period. Raytheon accounts for about 1.7% of Becker Capital Management Inc.’s holdings, making the stock its 18th biggest position. Becker Capital Management Inc. owned 0.09% of Raytheon worth $48,339,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. St. Johns Investment Management Company LLC acquired a new position in Raytheon in the 2nd quarter valued at $113,000. Jacobi Capital Management LLC raised its holdings in Raytheon by 271.1% in the 1st quarter. Jacobi Capital Management LLC now owns 757 shares of the aerospace company’s stock valued at $114,000 after acquiring an additional 553 shares during the last quarter. Tarbox Family Office Inc. raised its holdings in Raytheon by 1,666.7% in the 2nd quarter. Tarbox Family Office Inc. now owns 795 shares of the aerospace company’s stock valued at $128,000 after acquiring an additional 750 shares during the last quarter. Shine Investment Advisory Services Inc. acquired a new position in Raytheon in the 2nd quarter valued at $139,000. Finally, Orrstown Financial Services Inc. grew its stake in shares of Raytheon by 20.9% during the 2nd quarter. Orrstown Financial Services Inc. now owns 918 shares of the aerospace company’s stock valued at $148,000 after buying an additional 159 shares during the period. Institutional investors own 74.24% of the company’s stock.
In other Raytheon news, VP Frank R. Jimenez sold 650 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $187.27, for a total value of $121,725.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Frank R. Jimenez sold 500 shares of the company’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $181.94, for a total transaction of $90,970.00. Following the completion of the transaction, the vice president now directly owns 29,292 shares of the company’s stock, valued at $5,329,386.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 4,941 shares of company stock valued at $902,999. 0.19% of the stock is currently owned by corporate insiders.
Shares of Raytheon Company (RTN) opened at $182.85 on Friday. The company has a current ratio of 1.66, a quick ratio of 1.55 and a debt-to-equity ratio of 0.44. Raytheon Company has a 12-month low of $137.70 and a 12-month high of $190.25. The firm has a market cap of $53,270.00, a price-to-earnings ratio of 24.33, a P/E/G ratio of 2.50 and a beta of 0.57.
Raytheon (NYSE:RTN) last posted its quarterly earnings data on Thursday, October 26th. The aerospace company reported $1.97 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.07. The company had revenue of $6.28 billion during the quarter, compared to analysts’ expectations of $6.33 billion. Raytheon had a net margin of 8.77% and a return on equity of 20.98%. The firm’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.79 EPS. analysts anticipate that Raytheon Company will post 7.61 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 3rd will be given a $0.7975 dividend. The ex-dividend date of this dividend is Tuesday, January 2nd. This represents a $3.19 dividend on an annualized basis and a yield of 1.74%. Raytheon’s payout ratio is currently 42.93%.
Raytheon declared that its board has authorized a share repurchase plan on Wednesday, November 15th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the aerospace company to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.
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Several analysts have recently issued reports on the stock. Robert W. Baird reissued a “buy” rating and set a $212.00 price objective on shares of Raytheon in a research note on Tuesday, October 24th. Royal Bank Of Canada reissued a “buy” rating and set a $209.00 price objective on shares of Raytheon in a research note on Tuesday, October 10th. Citigroup Inc. reissued a “buy” rating and set a $215.00 price objective (up from $192.00) on shares of Raytheon in a research note on Monday, October 9th. ValuEngine cut shares of Raytheon from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Finally, Cowen and Company reissued a “buy” rating and set a $203.00 price objective on shares of Raytheon in a research note on Thursday, October 19th. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $200.18.
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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