Fiduciary Trust Co. decreased its holdings in Raytheon Company (NYSE:RTN) by 3.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,592 shares of the aerospace company’s stock after selling 703 shares during the period. Fiduciary Trust Co.’s holdings in Raytheon were worth $3,842,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also recently made changes to their positions in RTN. St. Johns Investment Management Company LLC bought a new stake in Raytheon during the second quarter valued at about $113,000. Jacobi Capital Management LLC boosted its holdings 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 acquiring an additional 553 shares in the last quarter. Tarbox Family Office Inc. boosted its holdings 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 acquiring an additional 750 shares in the last quarter. Shine Investment Advisory Services Inc. acquired a new stake in Raytheon in the second quarter worth about $139,000. Finally, Sumitomo Mitsui Financial Group Inc. acquired a new stake in Raytheon in the first quarter worth about $149,000. Hedge funds and other institutional investors own 73.53% of the company’s stock.
In other news, Director Stephen J. Hadley sold 800 shares of the company’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $190.27, for a total transaction of $152,216.00. Following the completion of the transaction, the director now directly owns 11,360 shares of the company’s stock, valued at approximately $2,161,467.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 disclosure for this sale can be found here. Insiders sold a total of 1,545 shares of company stock worth $291,955 in the last quarter. Company insiders own 0.19% of the company’s stock.
RTN has been the subject of several research analyst reports. Zacks Investment Research upgraded Raytheon from a “hold” rating to a “buy” rating and set a $204.00 price target for the company in a research report on Thursday, September 14th. ValuEngine upgraded Raytheon from a “hold” rating to a “buy” rating in a research report on Monday, September 11th. Royal Bank Of Canada set a $193.00 price target on Raytheon and gave the company a “buy” rating in a research report on Monday, August 28th. Citigroup restated a “buy” rating and issued a $215.00 price objective (up from $192.00) on shares of Raytheon in a research report on Monday, October 9th. Finally, Bank of America set a $220.00 price objective on Raytheon and gave the company a “buy” rating in a research report on Friday, October 27th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $200.59.
Raytheon Company (NYSE RTN) traded down $1.35 during midday trading on Monday, reaching $185.54. The company’s stock had a trading volume of 1,306,257 shares, compared to its average volume of 1,474,296. The firm has a market capitalization of $53,640.00, a price-to-earnings ratio of 24.72, a P/E/G ratio of 2.54 and a beta of 0.58. 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 one year low of $137.70 and a one year high of $191.36.
Raytheon (NYSE:RTN) last released its quarterly earnings data on Thursday, October 26th. The aerospace company reported $1.97 earnings per share for the quarter, topping the Zacks’ 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 analyst estimates of $6.33 billion. During the same quarter in the previous year, the company posted $1.79 earnings per share. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. equities research analysts predict that Raytheon Company will post 7.61 earnings per share for the current fiscal year.
Raytheon declared that its board has authorized a stock 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 a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 3rd will be issued a $0.7975 dividend. The ex-dividend date is Tuesday, January 2nd. This represents a $3.19 annualized dividend and a dividend yield of 1.72%. Raytheon’s dividend payout ratio is presently 42.93%.
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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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