Cullen Frost Bankers Inc. reduced its stake in shares of Raytheon Company (NYSE:RTN) by 13.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 94,947 shares of the aerospace company’s stock after selling 15,257 shares during the period. Cullen Frost Bankers Inc.’s holdings in Raytheon were worth $17,716,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. St. Johns Investment Management Company LLC acquired a new position in Raytheon in the 2nd quarter valued at $113,000. Jacobi Capital Management LLC raised its holdings 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 acquiring an additional 553 shares during the last quarter. Tarbox Family Office Inc. raised its holdings in Raytheon by 1,666.7% in the 2nd quarter. Tarbox Family Office Inc. now owns 795 shares of the aerospace company’s stock valued at $128,000 after acquiring an additional 750 shares during the last quarter. Shine Investment Advisory Services Inc. acquired a new position in Raytheon in the 2nd quarter valued at $139,000. Finally, Orrstown Financial Services Inc. raised its holdings in Raytheon by 20.9% in the 2nd quarter. Orrstown Financial Services Inc. now owns 918 shares of the aerospace company’s stock valued at $148,000 after acquiring an additional 159 shares during the last quarter. Hedge funds and other institutional investors own 74.24% of the company’s stock.
In related news, VP Frank R. Jimenez sold 500 shares of the company’s stock in a transaction on Wednesday, August 30th. The shares were 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 of the company’s stock, valued at approximately $5,329,386.48. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 transaction of $121,725.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,941 shares of company stock valued at $902,999. 0.19% of the stock is owned by corporate insiders.
Shares of Raytheon Company (RTN) opened at $182.85 on Friday. 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 12-month low of $137.70 and a 12-month high of $190.25. The firm has a market cap of $53,270.00, a price-to-earnings ratio of 24.33, a P/E/G ratio of 2.50 and a beta of 0.57.
Raytheon (NYSE:RTN) last announced its quarterly earnings results on Thursday, October 26th. The aerospace company reported $1.97 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.07. Raytheon had a net margin of 8.77% and a return on equity of 20.98%. The firm had revenue of $6.28 billion during the quarter, compared to analysts’ expectations of $6.33 billion. During the same period in the prior year, the company earned $1.79 EPS. The firm’s revenue was up 4.5% on a year-over-year basis. analysts anticipate that Raytheon Company will post 7.61 earnings per share for the current year.
The firm also recently declared 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 is Tuesday, January 2nd. This represents a $3.19 dividend on an annualized basis and a yield of 1.74%. Raytheon’s dividend payout ratio (DPR) is 42.93%.
Raytheon declared that its board has authorized a share 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 an indication that the company’s board of directors believes its stock is undervalued.
RTN has been the subject of several analyst reports. Argus reiterated a “buy” rating and issued a $195.00 price target (up from $175.00) on shares of Raytheon in a report on Friday, August 4th. Bank of America Corporation reiterated a “buy” rating and issued a $200.00 price target (up from $185.00) on shares of Raytheon in a report on Tuesday, August 1st. BidaskClub downgraded Raytheon from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Stifel Nicolaus reiterated a “buy” rating and issued a $185.00 price target (up from $175.00) on shares of Raytheon in a report on Sunday, July 30th. Finally, Royal Bank Of Canada set a $193.00 price objective on shares of Raytheon and gave the company a “buy” rating in a research note on Monday, August 28th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price 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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