Cypress Asset Management Inc. TX reduced its stake in Raytheon (NYSE:RTN) by 6.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,525 shares of the aerospace company’s stock after selling 1,870 shares during the quarter. Raytheon comprises approximately 1.8% of Cypress Asset Management Inc. TX’s holdings, making the stock its 12th largest position. Cypress Asset Management Inc. TX’s holdings in Raytheon were worth $6,102,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of RTN. Squar Milner Financial Services LLC bought a new stake in shares of Raytheon in the 2nd quarter worth approximately $100,000. Rainier Group Investment Advisory LLC purchased a new position in Raytheon in the 1st quarter worth approximately $103,000. Clarus Wealth Advisors purchased a new position in Raytheon in the 2nd quarter worth approximately $113,000. Fort L.P. purchased a new position in Raytheon in the 2nd quarter worth approximately $117,000. Finally, Mainstay Capital Management LLC ADV raised its holdings in Raytheon by 19,218.3% in the 2nd quarter. Mainstay Capital Management LLC ADV now owns 25,307 shares of the aerospace company’s stock worth $131,000 after acquiring an additional 25,176 shares during the last quarter. 72.90% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts recently weighed in on the stock. Zacks Investment Research lowered shares of Raytheon from a “buy” rating to a “hold” rating in a report on Wednesday, June 27th. Morgan Stanley decreased their price objective on shares of Raytheon from $239.00 to $228.00 and set an “overweight” rating for the company in a report on Thursday, July 12th. Stifel Nicolaus decreased their price objective on shares of Raytheon from $235.00 to $230.00 and set a “buy” rating for the company in a report on Friday, July 27th. Finally, UBS Group assumed coverage on shares of Raytheon in a report on Wednesday, August 15th. They issued a “buy” rating and a $250.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $228.43.
Raytheon (NYSE:RTN) last announced its earnings results on Thursday, July 26th. The aerospace company reported $2.78 earnings per share for the quarter, beating analysts’ consensus estimates of $2.32 by $0.46. The business had revenue of $6.63 billion during the quarter, compared to analyst estimates of $6.51 billion. Raytheon had a net margin of 9.24% and a return on equity of 24.01%. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.98 EPS. As a group, research analysts forecast that Raytheon will post 9.93 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 8th. Shareholders of record on Wednesday, October 10th will be paid a dividend of $0.8675 per share. The ex-dividend date of this dividend is Tuesday, October 9th. This represents a $3.47 dividend on an annualized basis and a yield of 1.82%. Raytheon’s dividend payout ratio is presently 45.54%.
In other Raytheon news, VP Taylor W. Lawrence sold 3,299 shares of the business’s stock in a transaction on Thursday, August 30th. The shares were sold at an average price of $199.41, for a total transaction of $657,853.59. Following the completion of the sale, the vice president now directly owns 44,220 shares in the company, valued at approximately $8,817,910.20. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.19% of the stock is currently owned by insiders.
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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