Raytheon Company (RTN) Position Cut by Fiduciary Trust Co.
Fiduciary Trust Co. lessened its stake in Raytheon Company (NYSE:RTN) by 3.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in RTN. St. Johns Investment Management Company LLC bought a new position in shares of Raytheon during the 2nd quarter valued at about $113,000. Jacobi Capital Management LLC lifted its stake in Raytheon by 271.1% during the first quarter. Jacobi Capital Management LLC now owns 757 shares of the aerospace company’s stock valued at $114,000 after buying an additional 553 shares in the last quarter. Tarbox Family Office Inc. lifted its stake in Raytheon by 1,666.7% during the second quarter. Tarbox Family Office Inc. now owns 795 shares of the aerospace company’s stock valued at $128,000 after buying an additional 750 shares in the last quarter. Shine Investment Advisory Services Inc. purchased a new stake in Raytheon during the second quarter valued at about $139,000. Finally, Sumitomo Mitsui Financial Group Inc. purchased a new stake in Raytheon during the first quarter valued at about $149,000. Hedge funds and other institutional investors own 74.24% of the company’s stock.
Raytheon Company (RTN) opened at $182.85 on Friday. The firm has a market cap of $52,859.56, a P/E 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 Company has a 52-week low of $137.70 and a 52-week high of $190.25.
Raytheon (NYSE:RTN) last announced its quarterly earnings results on Thursday, October 26th. The aerospace company reported $1.97 EPS for the quarter, beating 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 company had revenue of $6.28 billion for the quarter, compared to the consensus estimate of $6.33 billion. During the same quarter last year, the company posted $1.79 earnings per share. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. equities analysts expect that Raytheon Company will post 7.61 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 3rd will be issued 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 yield of 1.74%. Raytheon’s dividend payout ratio (DPR) is presently 42.88%.
Raytheon announced that its Board of Directors has initiated 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 buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
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In other Raytheon news, VP Taylor W. Lawrence sold 3,791 shares of the stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $182.09, for a total transaction of $690,303.19. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Frank R. Jimenez sold 500 shares of the stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $181.94, for a total value of $90,970.00. Following the transaction, the vice president now owns 29,292 shares in the company, valued at approximately $5,329,386.48. The disclosure for this sale can be found here. In the last quarter, insiders have sold 4,941 shares of company stock worth $902,999. Corporate insiders own 0.19% of the company’s stock.
A number of analysts have commented on RTN shares. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $183.00 price objective (up from $180.00) on shares of Raytheon in a research note on Sunday, July 30th. Stifel Nicolaus reaffirmed a “buy” rating and set a $185.00 price objective (up from $175.00) on shares of Raytheon in a research note on Sunday, July 30th. BidaskClub lowered shares of Raytheon from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Bank of America Corporation reaffirmed a “buy” rating and set a $200.00 price objective (up from $185.00) on shares of Raytheon in a research note on Tuesday, August 1st. Finally, Argus reaffirmed a “buy” rating and set a $195.00 price objective (up from $175.00) on shares of Raytheon in a research note on Friday, August 4th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The company currently 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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