Greenwood Capital Associates LLC lessened its position in shares of Raytheon Company (NYSE:RTN) by 5.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,320 shares of the aerospace company’s stock after selling 1,109 shares during the period. Greenwood Capital Associates LLC owned 6,337.13% of Raytheon worth $3,418,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Guardian Life Insurance Co. of America raised its stake in Raytheon by 0.6% during the first quarter. Guardian Life Insurance Co. of America now owns 1,132 shares of the aerospace company’s stock worth $173,000 after buying an additional 7 shares during the last quarter. HM Capital Management LLC grew its holdings in Raytheon by 0.5% in the second quarter. HM Capital Management LLC now owns 2,025 shares of the aerospace company’s stock worth $327,000 after purchasing an additional 10 shares during the period. Ironwood Investment Management LLC grew its holdings in Raytheon by 0.7% in the second quarter. Ironwood Investment Management LLC now owns 2,475 shares of the aerospace company’s stock worth $400,000 after purchasing an additional 16 shares during the period. Pineno Levin & Ford Asset Management Inc. grew its holdings in Raytheon by 0.8% in the second quarter. Pineno Levin & Ford Asset Management Inc. now owns 1,903 shares of the aerospace company’s stock worth $307,000 after purchasing an additional 16 shares during the period. Finally, TCI Wealth Advisors Inc. grew its holdings in Raytheon by 0.8% in the second quarter. TCI Wealth Advisors Inc. now owns 2,048 shares of the aerospace company’s stock worth $331,000 after purchasing an additional 17 shares during the period. 73.87% of the stock is owned by institutional investors and hedge funds.
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In other Raytheon news, VP Frank R. Jimenez sold 650 shares of Raytheon 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Frank R. Jimenez sold 500 shares of Raytheon stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $181.94, for a total transaction of $90,970.00. Following the completion of the sale, the vice president now directly owns 29,292 shares in the company, valued at approximately $5,329,386.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,941 shares of company stock worth $902,999. 0.19% of the stock is owned by corporate insiders.
A number of research firms have commented on RTN. Zacks Investment Research upgraded shares of Raytheon from a “hold” rating to a “buy” rating and set a $204.00 price target for the company in a report on Thursday, September 14th. Sanford C. Bernstein restated an “outperform” rating and issued a $199.00 price target (up from $188.00) on shares of Raytheon in a report on Monday, October 30th. They noted that the move was a valuation call. Vetr cut shares of Raytheon from a “buy” rating to a “hold” rating and set a $187.08 price target for the company. in a report on Tuesday, August 15th. Wells Fargo & Company reduced their price target on shares of Raytheon from $200.00 to $195.00 and set an “outperform” rating for the company in a report on Friday, October 27th. Finally, Buckingham Research raised their price target on shares of Raytheon from $199.00 to $204.00 and gave the stock a “buy” rating in a report on Tuesday, October 31st. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $200.18.
Raytheon Company (RTN) opened at $182.85 on Monday. Raytheon Company has a twelve month low of $137.70 and a twelve month high of $190.25. The firm has a market cap of $52,859.56, a PE ratio of 24.19, a P/E/G ratio of 2.48 and a beta of 0.57. 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 (NYSE:RTN) last released its quarterly earnings results on Thursday, October 26th. The aerospace company reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.07. Raytheon had a net margin of 8.77% and a return on equity of 20.98%. The business had revenue of $6.28 billion for the quarter, compared to analysts’ expectations of $6.33 billion. During the same period in the previous year, the company earned $1.79 earnings per share. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. analysts predict that Raytheon Company will post 7.61 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 3rd will be issued a dividend of $0.7975 per share. This represents a $3.19 annualized dividend and a yield of 1.74%. The ex-dividend date is Tuesday, January 2nd. Raytheon’s dividend payout ratio (DPR) is presently 42.88%.
Raytheon announced that its Board of Directors has approved 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 reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
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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