Janney Montgomery Scott LLC cut its position in Raytheon Company (NYSE:RTN) by 2.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 121,352 shares of the aerospace company’s stock after selling 3,136 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Raytheon were worth $22,642,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Signature Estate & Investment Advisors LLC bought a new stake in Raytheon in the 3rd quarter valued at $103,000. St. Johns Investment Management Company LLC bought a new stake in Raytheon in the 2nd quarter valued at $113,000. Jacobi Capital Management LLC boosted its stake 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 purchasing an additional 553 shares during the period. Invictus RG bought a new stake in Raytheon in the 3rd quarter valued at $152,000. Finally, Shine Investment Advisory Services Inc. bought a new stake in Raytheon in the 2nd quarter valued at $139,000. Institutional investors and hedge funds own 73.53% of the company’s stock.
Shares of Raytheon Company (NYSE RTN) traded down $0.99 during mid-day trading on Tuesday, hitting $187.08. The company had a trading volume of 880,700 shares, compared to its average volume of 1,466,192. 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 twelve month low of $137.70 and a twelve month high of $191.36. The company has a market cap of $54,368.59, a P/E ratio of 24.88, a P/E/G ratio of 2.56 and a beta of 0.58.
Raytheon (NYSE:RTN) last announced its quarterly earnings data 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 return on equity of 20.98% and a net margin of 8.77%. The business had revenue of $6.28 billion during the quarter, compared to the consensus estimate of $6.33 billion. During the same period in the prior year, the company earned $1.79 EPS. Raytheon’s revenue for the quarter was up 4.5% on a year-over-year basis. analysts anticipate that Raytheon Company will post 7.61 EPS for the current year.
Raytheon announced that its Board of Directors has authorized a stock repurchase program on Wednesday, November 15th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the aerospace company to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 3rd will be given a dividend of $0.7975 per share. The ex-dividend date of this dividend is Tuesday, January 2nd. This represents a $3.19 annualized dividend and a dividend yield of 1.71%. Raytheon’s dividend payout ratio is currently 42.88%.
In related news, Director Stephen J. Hadley sold 800 shares of the company’s stock in a transaction on 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 sale, the director now directly owns 11,360 shares in the company, valued at approximately $2,161,467.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Frank R. Jimenez sold 650 shares of the company’s stock in a transaction on Monday, October 2nd. The stock was 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. Over the last 90 days, insiders have sold 1,545 shares of company stock valued at $291,955. 0.19% of the stock is owned by corporate insiders.
Several analysts recently issued reports on RTN shares. Buckingham Research boosted their price target on Raytheon from $199.00 to $204.00 and gave the company a “buy” rating in a research note on Tuesday, October 31st. Robert W. Baird reiterated a “buy” rating and set a $212.00 target price on shares of Raytheon in a research report on Tuesday, October 24th. Cowen reiterated a “buy” rating and set a $203.00 target price on shares of Raytheon in a research report on Thursday, October 26th. BidaskClub downgraded Raytheon from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 19th. Finally, Wells Fargo & Company cut their target price on Raytheon from $200.00 to $195.00 and set an “outperform” rating for the company in a research report on Friday, October 27th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Raytheon has an average rating of “Buy” and an average target price of $201.77.
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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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