Prudential Financial Inc. increased its holdings in shares of Raytheon (NYSE:RTN) by 13.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 469,549 shares of the aerospace company’s stock after buying an additional 54,790 shares during the quarter. Prudential Financial Inc. owned 0.16% of Raytheon worth $87,608,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in RTN. Camarda Financial Advisors LLC lifted its position in shares of Raytheon by 0.5% during the 2nd quarter. Camarda Financial Advisors LLC now owns 10,678 shares of the aerospace company’s stock worth $1,724,000 after buying an additional 49 shares during the last quarter. River Wealth Advisors LLC lifted its position in shares of Raytheon by 15.8% during the 2nd quarter. River Wealth Advisors LLC now owns 2,863 shares of the aerospace company’s stock worth $462,000 after buying an additional 390 shares during the last quarter. Ingalls & Snyder LLC bought a new stake in shares of Raytheon during the 2nd quarter worth $540,000. ST Germain D J Co. Inc. bought a new stake in shares of Raytheon during the 2nd quarter worth $216,000. Finally, Essex Investment Management Co. LLC lifted its position in shares of Raytheon by 92.5% during the 2nd quarter. Essex Investment Management Co. LLC now owns 65,546 shares of the aerospace company’s stock worth $10,584,000 after buying an additional 31,498 shares during the last quarter. Institutional investors and hedge funds own 73.12% of the company’s stock.
RTN has been the subject of several research reports. Buckingham Research increased their target price on Raytheon from $199.00 to $204.00 and gave the company a “buy” rating in a research report on Tuesday, October 31st. Robert W. Baird reiterated a “buy” rating and issued a $212.00 target price on shares of Raytheon in a research report on Tuesday, October 24th. Cowen reiterated a “buy” rating and issued a $203.00 target price on shares of Raytheon in a research report on Thursday, October 26th. Wells Fargo & Co dropped their target price on Raytheon from $200.00 to $195.00 and set an “outperform” rating for the company in a research report on Friday, October 27th. Finally, Citigroup reiterated a “buy” rating and issued a $215.00 target price (up from $192.00) on shares of Raytheon in a research report on Monday, October 9th. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Raytheon currently has a consensus rating of “Buy” and an average target price of $201.77.
Raytheon (NYSE:RTN) last issued its quarterly earnings results on Thursday, October 26th. The aerospace company reported $1.97 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.07. The company had revenue of $6.28 billion during the quarter, compared to analysts’ expectations of $6.33 billion. Raytheon had a return on equity of 20.98% and a net margin of 8.77%. The business’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.79 earnings per share. sell-side analysts expect that Raytheon will post 7.61 EPS 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 paid a $0.7975 dividend. The ex-dividend date is Tuesday, January 2nd. This represents a $3.19 annualized dividend and a dividend yield of 1.69%. Raytheon’s payout ratio is 42.93%.
Raytheon announced that its Board of Directors has authorized a stock 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 buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
In other news, VP Frank R. Jimenez sold 175 shares of the stock in a transaction dated Friday, December 29th. The stock was sold at an average price of $189.13, for a total value of $33,097.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Letitia A. Long sold 650 shares of the stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $185.83, for a total value of $120,789.50. Following the completion of the sale, the director now directly owns 2,273 shares of the company’s stock, valued at approximately $422,391.59. The disclosure for this sale can be found here. In the last three months, insiders sold 1,895 shares of company stock valued at $357,215. Insiders own 0.19% of the company’s stock.
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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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