Wellington Management Group LLP Decreases Stake in Raytheon Company (NYSE:RTN)
Wellington Management Group LLP reduced its stake in shares of Raytheon Company (NYSE:RTN) by 1.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,654,221 shares of the aerospace company’s stock after selling 32,700 shares during the period. Wellington Management Group LLP owned approximately 0.91% of Raytheon worth $404,768,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Crestwood Advisors Group LLC purchased a new position in Raytheon during the first quarter valued at about $110,000. Oakworth Capital Inc. increased its stake in shares of Raytheon by 156.1% in the first quarter. Oakworth Capital Inc. now owns 730 shares of the aerospace company’s stock valued at $111,000 after buying an additional 445 shares in the last quarter. Signature Estate & Investment Advisors LLC bought a new stake in shares of Raytheon during the first quarter valued at $111,000. Orrstown Financial Services Inc. increased its stake in shares of Raytheon by 22.6% in the first quarter. Orrstown Financial Services Inc. now owns 759 shares of the aerospace company’s stock valued at $116,000 after buying an additional 140 shares in the last quarter. Finally, Adirondack Trust Co. increased its stake in shares of Raytheon by 7.1% in the first quarter. Adirondack Trust Co. now owns 803 shares of the aerospace company’s stock valued at $122,000 after buying an additional 53 shares in the last quarter. 74.72% of the stock is currently owned by hedge funds and other institutional investors.
Raytheon Company (NYSE:RTN) traded down 0.20% during mid-day trading on Friday, reaching $176.90. 1,096,760 shares of the company’s stock were exchanged. Raytheon Company has a 1-year low of $132.89 and a 1-year high of $181.05. The firm’s 50-day moving average is $170.94 and its 200 day moving average is $159.65. The stock has a market capitalization of $51.34 billion, a PE ratio of 24.43 and a beta of 0.59.
Raytheon (NYSE:RTN) last released its earnings results on Thursday, July 27th. The aerospace company reported $1.89 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.74 by $0.15. The firm had revenue of $6.28 billion for the quarter, compared to analysts’ expectations of $6.24 billion. Raytheon had a net margin of 8.68% and a return on equity of 20.74%. Raytheon’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the company earned $2.38 EPS. Analysts forecast that Raytheon Company will post $7.59 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 3rd. Stockholders of record on Wednesday, July 5th were paid a $0.7975 dividend. The ex-dividend date was Friday, June 30th. This represents a $3.19 annualized dividend and a dividend yield of 1.80%. Raytheon’s dividend payout ratio is currently 43.94%.
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Several equities research analysts have weighed in on the company. Vetr downgraded Raytheon from a “buy” rating to a “hold” rating and set a $187.08 price target on the stock. in a research report on Tuesday. BidaskClub raised Raytheon from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 12th. Robert W. Baird reissued an “outperform” rating and set a $212.00 target price (up from $170.00) on shares of Raytheon in a research note on Thursday, August 10th. Cowen and Company reissued an “outperform” rating and set a $189.00 target price (up from $182.00) on shares of Raytheon in a research note on Thursday, August 10th. Finally, Buckingham Research increased their target price on shares of Raytheon from $190.00 to $199.00 and gave the stock a “buy” rating in a research note on Friday, August 11th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $183.01.
In other news, CAO Michael J. Wood sold 1,442 shares of Raytheon stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $162.98, for a total value of $235,017.16. Following the transaction, the chief accounting officer now owns 18,470 shares of the company’s stock, valued at approximately $3,010,240.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert E. Beauchamp acquired 1,162 shares of the stock in a transaction dated Monday, July 31st. The stock was acquired at an average cost of $171.99 per share, for a total transaction of $199,852.38. Following the purchase, the director now directly owns 4,303 shares in the company, valued at $740,072.97. The disclosure for this purchase can be found here. Insiders sold a total of 16,740 shares of company stock worth $2,730,129 in the last ninety days. Corporate insiders own 0.19% of the company’s stock.
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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