Artisan Partners Limited Partnership increased its holdings in Raytheon Company (NYSE:RTN) by 97.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 131,675 shares of the aerospace company’s stock after purchasing an additional 64,996 shares during the quarter. Artisan Partners Limited Partnership’s holdings in Raytheon were worth $24,568,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. OxFORD Asset Management LLP raised its holdings in Raytheon by 238.8% in the 2nd quarter. OxFORD Asset Management LLP now owns 51,452 shares of the aerospace company’s stock worth $8,308,000 after purchasing an additional 36,265 shares during the period. National Pension Service raised its holdings in Raytheon by 12.1% in the 2nd quarter. National Pension Service now owns 248,655 shares of the aerospace company’s stock worth $39,892,000 after purchasing an additional 26,830 shares during the period. Abner Herrman & Brock LLC raised its holdings in Raytheon by 8.2% in the 2nd quarter. Abner Herrman & Brock LLC now owns 77,617 shares of the aerospace company’s stock worth $12,534,000 after purchasing an additional 5,866 shares during the period. Kornitzer Capital Management Inc. KS raised its holdings in Raytheon by 13.9% in the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 6,720 shares of the aerospace company’s stock worth $1,085,000 after purchasing an additional 820 shares during the period. Finally, Appleton Partners Inc. MA raised its holdings in Raytheon by 13.7% in the 2nd quarter. Appleton Partners Inc. MA now owns 8,345 shares of the aerospace company’s stock worth $1,348,000 after purchasing an additional 1,005 shares during the period. 73.53% of the stock is owned by institutional investors.
Raytheon Company (NYSE RTN) traded up $1.35 during trading hours on Thursday, reaching $185.20. The company’s stock had a trading volume of 1,214,000 shares, compared to its average volume of 1,472,432. Raytheon Company has a 52 week low of $137.70 and a 52 week high of $191.36. The company has a current ratio of 1.66, a quick ratio of 1.55 and a debt-to-equity ratio of 0.44. The stock has a market cap of $53,148.65, a price-to-earnings ratio of 24.32, a P/E/G ratio of 2.50 and a beta of 0.58.
Raytheon (NYSE:RTN) last posted its quarterly earnings data on Thursday, October 26th. The aerospace company reported $1.97 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.90 by $0.07. The company had revenue of $6.28 billion during the quarter, compared to analyst estimates of $6.33 billion. Raytheon had a return on equity of 20.98% and a net margin of 8.77%. Raytheon’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.79 EPS. analysts anticipate that Raytheon Company will post 7.61 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 3rd will be given a $0.7975 dividend. The ex-dividend date of this dividend is Tuesday, January 2nd. This represents a $3.19 dividend on an annualized basis and a dividend yield of 1.72%. Raytheon’s dividend payout ratio (DPR) is presently 42.88%.
Raytheon announced that its board has initiated a share repurchase plan on Wednesday, November 15th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the aerospace company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
RTN has been the subject of a number of analyst reports. Zacks Investment Research raised Raytheon from a “hold” rating to a “buy” rating and set a $204.00 price target for the company in a report on Thursday, September 14th. ValuEngine raised Raytheon from a “hold” rating to a “buy” rating in a report on Monday, September 11th. Royal Bank Of Canada set a $193.00 price objective on Raytheon and gave the stock a “buy” rating in a research note on Monday, August 28th. Citigroup reiterated a “buy” rating and set a $215.00 price objective (up from $192.00) on shares of Raytheon in a research note on Monday, October 9th. Finally, Bank of America set a $220.00 price objective on Raytheon and gave the stock a “buy” rating in a research note on Friday, October 27th. Five research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Raytheon currently has a consensus rating of “Buy” and an average target price of $200.59.
In other news, VP Frank R. Jimenez sold 650 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $187.27, for a total value of $121,725.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stephen J. Hadley sold 800 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $190.27, for a total value of $152,216.00. Following the completion of the sale, the director now owns 11,360 shares of the company’s stock, valued at $2,161,467.20. The disclosure for this sale can be found here. Insiders sold 1,545 shares of company stock valued at $291,955 over the last 90 days. Company insiders own 0.19% of the company’s stock.
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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