Washington Trust Bank grew its position in shares of Raytheon (NYSE:RTN) by 3.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 37,112 shares of the aerospace company’s stock after acquiring an additional 1,195 shares during the period. Raytheon comprises 1.0% of Washington Trust Bank’s portfolio, making the stock its 27th largest position. Washington Trust Bank’s holdings in Raytheon were worth $6,972,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of RTN. Signature Estate & Investment Advisors LLC purchased a new position in shares of Raytheon during the third quarter valued at about $103,000. Jacobi Capital Management LLC increased its position in shares of Raytheon by 5.3% during the second quarter. Jacobi Capital Management LLC now owns 797 shares of the aerospace company’s stock valued at $132,000 after buying an additional 40 shares during the period. Shine Investment Advisory Services Inc. purchased a new position in shares of Raytheon during the second quarter valued at about $139,000. Invictus RG purchased a new stake in Raytheon in the third quarter worth about $152,000. Finally, Oakworth Capital Inc. grew its holdings in Raytheon by 34.9% in the second quarter. Oakworth Capital Inc. now owns 985 shares of the aerospace company’s stock worth $159,000 after purchasing an additional 255 shares during the period. 73.12% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Stephen J. Hadley sold 800 shares of the stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $190.27, for a total transaction of $152,216.00. Following the sale, the director now owns 11,360 shares in the company, valued at $2,161,467.20. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Frank R. Jimenez sold 175 shares of the stock in a transaction that occurred on Saturday, December 29th. The shares were sold at an average price of $189.13, for a total transaction of $33,097.75. Following the sale, the vice president now owns 28,311 shares in the company, valued at approximately $5,354,459.43. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,245 shares of company stock worth $236,425. Corporate insiders own 0.19% of the company’s stock.
Raytheon (NYSE:RTN) last posted its quarterly earnings results on Thursday, October 26th. The aerospace company reported $1.97 EPS for the quarter, beating the Zacks’ consensus estimate 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 for the quarter, compared to analysts’ expectations of $6.33 billion. During the same quarter in the prior year, the company posted $1.79 earnings per share. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. sell-side analysts forecast that Raytheon will post 7.61 EPS for the current year.
Raytheon announced that its board has approved a share buyback plan on Wednesday, November 15th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the aerospace company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 3rd will be issued a dividend of $0.7975 per share. This represents a $3.19 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date is Tuesday, January 2nd. Raytheon’s payout ratio is 42.93%.
A number of equities research analysts have weighed in on RTN shares. ValuEngine upgraded shares of Raytheon from a “hold” rating to a “buy” rating in a report on Monday, September 11th. Zacks Investment Research upgraded shares of Raytheon from a “hold” rating to a “buy” rating and set a $204.00 price objective on the stock in a report on Thursday, September 14th. Deutsche Bank upgraded shares of Raytheon from a “hold” rating to a “buy” rating and upped their price objective for the stock from $180.00 to $210.00 in a report on Friday, September 29th. Jefferies Group restated a “buy” rating and issued a $190.00 price objective on shares of Raytheon in a report on Friday, September 29th. Finally, Citigroup restated a “buy” rating and issued a $215.00 price objective (up previously from $192.00) on shares of Raytheon in a report on Monday, October 9th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $201.77.
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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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