Cannell Peter B & Co. Inc. cut its holdings in shares of Raytheon (NYSE:RTN) by 28.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,817 shares of the aerospace company’s stock after selling 15,567 shares during the period. Cannell Peter B & Co. Inc.’s holdings in Raytheon were worth $8,593,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in the business. Schwab Charles Investment Management Inc. increased its stake in shares of Raytheon by 2.0% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,036,894 shares of the aerospace company’s stock valued at $194,781,000 after acquiring an additional 20,175 shares during the last quarter. Smith Graham & Co. Investment Advisors LP increased its stake in shares of Raytheon by 14.0% in the 4th quarter. Smith Graham & Co. Investment Advisors LP now owns 37,100 shares of the aerospace company’s stock valued at $6,969,000 after acquiring an additional 4,550 shares during the last quarter. Howard Capital Management increased its stake in shares of Raytheon by 0.6% in the 4th quarter. Howard Capital Management now owns 51,536 shares of the aerospace company’s stock valued at $9,681,000 after acquiring an additional 306 shares during the last quarter. Narwhal Capital Management increased its stake in shares of Raytheon by 10.4% in the 4th quarter. Narwhal Capital Management now owns 43,315 shares of the aerospace company’s stock valued at $8,137,000 after acquiring an additional 4,090 shares during the last quarter. Finally, Segment Wealth Management LLC increased its stake in shares of Raytheon by 2.7% in the 4th quarter. Segment Wealth Management LLC now owns 18,736 shares of the aerospace company’s stock valued at $3,519,000 after acquiring an additional 491 shares during the last quarter. Institutional investors own 72.71% of the company’s stock.
RTN has been the subject of a number of recent analyst reports. Royal Bank of Canada set a $235.00 price target on Raytheon and gave the company a “buy” rating in a research note on Tuesday, January 23rd. Cowen reaffirmed a “buy” rating and issued a $215.00 price target on shares of Raytheon in a research note on Thursday, January 25th. Stifel Nicolaus upped their price target on Raytheon from $210.00 to $220.00 and gave the company a “buy” rating in a research note on Friday, January 26th. Robert W. Baird reaffirmed a “buy” rating and issued a $237.00 price target on shares of Raytheon in a research note on Friday, January 26th. Finally, Sanford C. Bernstein upped their price target on Raytheon from $231.00 to $255.00 and gave the company an “outperform” rating in a research note on Monday, January 29th. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $220.53.
In other news, Director Stephen J. Hadley sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 15th. The shares were sold at an average price of $209.23, for a total transaction of $209,230.00. Following the completion of the transaction, the director now directly owns 9,524 shares of the company’s stock, valued at approximately $1,992,706.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dinesh C. Paliwal purchased 1,219 shares of the firm’s stock in a transaction dated Monday, April 30th. The shares were acquired at an average cost of $205.00 per share, with a total value of $249,895.00. Following the completion of the purchase, the director now directly owns 2,752 shares in the company, valued at $564,160. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 38,969 shares of company stock valued at $8,323,643. 0.19% of the stock is owned by company insiders.
Raytheon opened at $213.95 on Tuesday, according to MarketBeat Ratings. Raytheon has a 52-week low of $158.32 and a 52-week high of $229.75. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.62 and a quick ratio of 1.52. The company has a market cap of $60.63 billion, a P/E ratio of 28.08, a price-to-earnings-growth ratio of 1.86 and a beta of 0.70.
Raytheon (NYSE:RTN) last posted its earnings results on Thursday, April 26th. The aerospace company reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.10 by $0.10. Raytheon had a return on equity of 22.69% and a net margin of 8.40%. The business had revenue of $6.27 billion during the quarter, compared to analysts’ expectations of $6.21 billion. During the same period in the prior year, the business earned $1.74 EPS. Raytheon’s revenue for the quarter was up 4.4% compared to the same quarter last year. sell-side analysts expect that Raytheon will post 9.87 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 10th. Investors of record on Wednesday, April 11th were paid a dividend of $0.8675 per share. This represents a $3.47 dividend on an annualized basis and a yield of 1.62%. This is a boost from Raytheon’s previous quarterly dividend of $0.80. The ex-dividend date was Tuesday, April 10th. Raytheon’s dividend payout ratio is presently 45.54%.
Raytheon Company develops integrated products, services, and solutions for defense and other government markets worldwide. It operates through five segments: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS); and Forcepoint.
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