Boston Partners cut its stake in shares of Raytheon Company (NYSE:RTN) by 14.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,878,508 shares of the aerospace company’s stock after selling 496,006 shares during the period. Boston Partners owned 0.99% of Raytheon worth $537,072,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Annex Advisory Services LLC raised its stake in Raytheon by 8.9% in the third quarter. Annex Advisory Services LLC now owns 5,572 shares of the aerospace company’s stock valued at $1,040,000 after buying an additional 454 shares during the period. Wesbanco Bank Inc. raised its stake in Raytheon by 32.9% in the third quarter. Wesbanco Bank Inc. now owns 65,136 shares of the aerospace company’s stock valued at $12,153,000 after buying an additional 16,142 shares during the period. Prudential Financial Inc. raised its stake in Raytheon by 13.2% in the third quarter. Prudential Financial Inc. now owns 469,549 shares of the aerospace company’s stock valued at $87,608,000 after buying an additional 54,790 shares during the period. Penobscot Investment Management Company Inc. raised its stake in Raytheon by 20.3% in the third quarter. Penobscot Investment Management Company Inc. now owns 15,001 shares of the aerospace company’s stock valued at $2,799,000 after buying an additional 2,530 shares during the period. Finally, Cape Cod Five Cents Savings Bank raised its stake in Raytheon by 17.1% in the third quarter. Cape Cod Five Cents Savings Bank now owns 11,477 shares of the aerospace company’s stock valued at $2,141,000 after buying an additional 1,678 shares during the period. 74.24% of the stock is owned by hedge funds and other institutional investors.
Shares of Raytheon Company (NYSE:RTN) opened at $182.85 on Friday. The stock has a market capitalization 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. Raytheon Company has a 12-month low of $137.70 and a 12-month high of $190.25. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.55 and a current ratio of 1.66.
Raytheon (NYSE:RTN) last issued its quarterly earnings results on Thursday, October 26th. The aerospace company reported $1.97 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.90 by $0.07. The business had revenue of $6.28 billion for the quarter, compared to the consensus estimate of $6.33 billion. Raytheon had a return on equity of 20.98% and a net margin of 8.77%. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.79 earnings per share. analysts forecast that Raytheon Company will post 7.61 EPS for the current fiscal year.
The business 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. This represents a $3.19 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend is Tuesday, January 2nd. Raytheon’s dividend payout ratio is currently 42.88%.
Raytheon announced that its Board of Directors has authorized a share buyback plan on Wednesday, November 15th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the aerospace company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
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Several analysts have issued reports on RTN shares. Zacks Investment Research upgraded Raytheon from a “hold” rating to a “buy” rating and set a $204.00 price objective on the stock in a research note on Thursday, September 14th. ValuEngine upgraded Raytheon from a “hold” rating to a “buy” rating in a research note on Monday, September 11th. Royal Bank Of Canada set a $193.00 price objective on Raytheon and gave the company a “buy” rating in a research note on Monday, August 28th. Citigroup Inc. restated a “buy” rating and issued a $215.00 price objective (up previously from $192.00) on shares of Raytheon in a research note on Monday, October 9th. Finally, Bank of America Corporation set a $220.00 price objective on Raytheon and gave the company a “buy” rating in a research note on Friday, October 27th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $200.18.
In related news, VP Frank R. Jimenez sold 650 shares of the 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 filing with the SEC, which is accessible through this link. Also, VP Frank R. Jimenez sold 500 shares of the stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $181.94, for a total value of $90,970.00. Following the sale, the vice president now directly owns 29,292 shares in the company, valued at approximately $5,329,386.48. The disclosure for this sale can be found here. Insiders have sold 4,941 shares of company stock worth $902,999 in the last three months. 0.19% of the stock is currently owned by company insiders.
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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