Wesbanco Bank Inc. raised its stake in shares of Raytheon Company (NYSE:RTN) by 32.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,136 shares of the aerospace company’s stock after purchasing an additional 16,142 shares during the period. Wesbanco Bank Inc.’s holdings in Raytheon were worth $12,153,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of RTN. St. Johns Investment Management Company LLC purchased a new stake in shares of Raytheon in the second quarter worth approximately $113,000. Jacobi Capital Management LLC grew its stake in Raytheon by 271.1% in the first quarter. Jacobi Capital Management LLC now owns 757 shares of the aerospace company’s stock worth $114,000 after purchasing an additional 553 shares in the last quarter. Tarbox Family Office Inc. grew its stake in Raytheon by 1,666.7% in the second quarter. Tarbox Family Office Inc. now owns 795 shares of the aerospace company’s stock worth $128,000 after purchasing an additional 750 shares in the last quarter. Shine Investment Advisory Services Inc. bought a new position in Raytheon in the second quarter worth approximately $139,000. Finally, Sumitomo Mitsui Financial Group Inc. bought a new position in Raytheon in the first quarter worth approximately $149,000. Institutional investors and hedge funds own 73.53% of the company’s stock.
RTN has been the topic of several research analyst reports. Buckingham Research increased their price objective on Raytheon from $199.00 to $204.00 and gave the stock a “buy” rating in a research note on Tuesday, October 31st. Robert W. Baird reaffirmed a “buy” rating and set a $212.00 target price on shares of Raytheon in a research report on Tuesday, October 24th. Cowen reaffirmed a “buy” rating and set a $203.00 target price on shares of Raytheon in a research report on Thursday, October 26th. BidaskClub raised Raytheon from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 12th. Finally, Wells Fargo & Company lowered their price objective on Raytheon from $200.00 to $195.00 and set an “outperform” rating for the company in a research report on Friday, October 27th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $200.59.
Raytheon Company (NYSE:RTN) traded down $1.35 during trading hours on Monday, hitting $185.54. The stock had a trading volume of 1,306,257 shares, compared to its average volume of 1,474,296. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.66 and a quick ratio of 1.55. Raytheon Company has a 52-week low of $137.70 and a 52-week high of $191.36. The firm has a market cap of $53,640.00, a PE ratio of 24.72, a PEG ratio of 2.54 and a beta of 0.58.
Raytheon (NYSE:RTN) last posted its quarterly earnings data on Thursday, October 26th. The aerospace company reported $1.97 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.90 by $0.07. Raytheon had a return on equity of 20.98% and a net margin of 8.77%. The company 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 firm posted $1.79 EPS. Raytheon’s revenue was up 4.5% compared to the same quarter last year. equities research analysts expect that Raytheon Company will post 7.61 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders 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 dividend yield of 1.72%. The ex-dividend date is Tuesday, January 2nd. Raytheon’s dividend payout ratio is currently 42.93%.
Raytheon announced that its Board of Directors has initiated a share repurchase plan on Wednesday, November 15th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the aerospace company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other news, VP Frank R. Jimenez sold 650 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $187.27, for a total transaction of $121,725.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Stephen J. Hadley sold 800 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $190.27, for a total value of $152,216.00. Following the transaction, the director now owns 11,360 shares in the company, valued at $2,161,467.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,545 shares of company stock worth $291,955. Insiders own 0.19% of the company’s stock.
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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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