Raytheon Company (RTN) Stake Lessened by Commerce Bank
Commerce Bank cut its stake in Raytheon Company (NYSE:RTN) by 1.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,194 shares of the aerospace company’s stock after selling 532 shares during the period. Commerce Bank’s holdings in Raytheon were worth $4,553,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the company. St. Johns Investment Management Company LLC acquired a new position in Raytheon during the second quarter worth about $113,000. Jacobi Capital Management LLC raised its position in Raytheon by 271.1% in the first quarter. Jacobi Capital Management LLC now owns 757 shares of the aerospace company’s stock worth $114,000 after acquiring an additional 553 shares in the last quarter. Tarbox Family Office Inc. raised its position in Raytheon by 1,666.7% in the second quarter. Tarbox Family Office Inc. now owns 795 shares of the aerospace company’s stock worth $128,000 after acquiring an additional 750 shares in the last quarter. Shine Investment Advisory Services Inc. acquired a new stake in Raytheon in the 2nd quarter valued at about $139,000. Finally, CWM LLC lifted its holdings in Raytheon by 7.4% in the 2nd quarter. CWM LLC now owns 916 shares of the aerospace company’s stock valued at $148,000 after acquiring an additional 63 shares during the last quarter. Institutional investors and hedge funds own 73.75% of the company’s stock.
In other Raytheon news, Director Vernon E. Clark sold 829 shares of the stock in a transaction on Monday, August 14th. The shares were sold at an average price of $180.19, for a total value of $149,377.51. Following the sale, the director now directly owns 7,588 shares in the company, valued at $1,367,281.72. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Taylor W. Lawrence sold 3,791 shares of Raytheon stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $182.09, for a total transaction of $690,303.19. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,120 shares of company stock valued at $930,651. Corporate insiders own 0.19% of the company’s stock.
RTN has been the subject of several research reports. ValuEngine lowered shares of Raytheon from a “buy” rating to a “hold” rating in a research report on Monday. Jefferies Group LLC reaffirmed a “buy” rating and issued a $190.00 price objective on shares of Raytheon in a research note on Friday. Deutsche Bank AG upgraded shares of Raytheon from a “hold” rating to a “buy” rating and boosted their target price for the stock from $180.00 to $210.00 in a report on Friday. Zacks Investment Research downgraded shares of Raytheon from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Finally, Vetr lowered shares of Raytheon from a “buy” rating to a “hold” rating and set a $187.08 target price for the company. in a research note on Wednesday, August 30th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $190.67.
Shares of Raytheon Company (RTN) opened at 187.65 on Tuesday. Raytheon Company has a 12 month low of $132.89 and a 12 month high of $187.79. The firm has a market cap of $54.47 billion, a PE ratio of 25.92 and a beta of 0.59. The stock has a 50 day moving average price of $181.57 and a 200 day moving average price of $166.35.
Raytheon (NYSE:RTN) last announced its quarterly earnings results on Thursday, July 27th. The aerospace company reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.15. Raytheon had a net margin of 8.68% and a return on equity of 20.74%. The business had revenue of $6.28 billion for the quarter, compared to the consensus estimate of $6.24 billion. During the same period last year, the company posted $2.38 EPS. Raytheon’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, equities research analysts expect that Raytheon Company will post $7.59 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Thursday, October 12th will be issued a dividend of $0.7975 per share. This represents a $3.19 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend is Wednesday, October 11th. Raytheon’s dividend payout ratio is currently 43.94%.
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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