Buckingham Capital Management Inc. Reduces Position in Raytheon Company (RTN)
Buckingham Capital Management Inc. cut its stake in shares of Raytheon Company (NYSE:RTN) by 10.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,826 shares of the aerospace company’s stock after selling 215 shares during the period. Buckingham Capital Management Inc.’s holdings in Raytheon were worth $278,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Discovery Capital Management LLC CT purchased a new position in Raytheon during the fourth quarter valued at approximately $64,397,000. Wexford Capital LP bought a new stake in shares of Raytheon during the fourth quarter valued at about $408,000. Loomis Sayles & Co. L P boosted its stake in shares of Raytheon by 14.8% in the fourth quarter. Loomis Sayles & Co. L P now owns 93,828 shares of the aerospace company’s stock valued at $13,324,000 after buying an additional 12,081 shares during the last quarter. Sciencast Management LP boosted its stake in shares of Raytheon by 78.3% in the fourth quarter. Sciencast Management LP now owns 5,979 shares of the aerospace company’s stock valued at $849,000 after buying an additional 2,625 shares during the last quarter. Finally, GLG LLC boosted its stake in shares of Raytheon by 182.0% in the fourth quarter. GLG LLC now owns 45,352 shares of the aerospace company’s stock valued at $6,440,000 after buying an additional 29,268 shares during the last quarter. 74.83% of the stock is owned by hedge funds and other institutional investors.
Shares of Raytheon Company (RTN) traded down 0.16% during trading on Friday, reaching $173.87. The company had a trading volume of 1,434,852 shares. The firm has a market capitalization of $50.47 billion, a price-to-earnings ratio of 24.02 and a beta of 0.59. Raytheon Company has a 52 week low of $132.89 and a 52 week high of $174.60. The firm has a 50-day moving average of $165.60 and a 200 day moving average of $157.06.
Raytheon (NYSE:RTN) last posted its quarterly earnings results on Thursday, July 27th. The aerospace company reported $1.89 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.74 by $0.15. Raytheon had a return on equity of 20.74% and a net margin of 8.68%. The firm had revenue of $6.28 billion during the quarter, compared to the consensus estimate of $6.24 billion. During the same quarter in the previous year, the business earned $2.38 earnings per share. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, equities research analysts forecast that Raytheon Company will post $7.58 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 3rd. Shareholders of record on Wednesday, July 5th were given a dividend of $0.7975 per share. This represents a $3.19 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date was Friday, June 30th. Raytheon’s dividend payout ratio (DPR) is presently 43.94%.
Several analysts have issued reports on RTN shares. Zacks Investment Research cut Raytheon from a “buy” rating to a “hold” rating in a report on Friday, May 19th. Vetr cut Raytheon from a “buy” rating to a “hold” rating and set a $166.27 target price for the company. in a report on Tuesday, May 9th. Deutsche Bank AG upped their target price on Raytheon from $156.00 to $160.00 and gave the company a “hold” rating in a report on Friday, April 28th. Royal Bank Of Canada restated a “buy” rating and issued a $181.00 target price on shares of Raytheon in a report on Friday, June 2nd. Finally, Stifel Nicolaus upped their target price on Raytheon from $160.00 to $175.00 and gave the company a “buy” rating in a report on Friday, April 28th. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Raytheon presently has a consensus rating of “Buy” and an average target price of $176.56.
In other Raytheon news, VP Wesley D. Kremer sold 1,010 shares of the business’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $163.10, for a total transaction of $164,731.00. Following the completion of the sale, the vice president now owns 23,136 shares of the company’s stock, valued at $3,773,481.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert E. Beauchamp bought 1,162 shares of the firm’s stock in a transaction dated Monday, July 31st. The stock was bought at an average cost of $171.99 per share, with a total value of $199,852.38. Following the transaction, the director now directly owns 4,303 shares of the company’s stock, valued at $740,072.97. The disclosure for this purchase can be found here. In the last three months, insiders have sold 15,911 shares of company stock valued at $2,580,752. 0.19% of the stock is owned by company insiders.
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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