Providence First Trust Co Invests $2.18 Million in Raytheon Company (RTN) Stock
Providence First Trust Co acquired a new position in shares of Raytheon Company (NYSE:RTN) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 13,516 shares of the aerospace company’s stock, valued at approximately $2,183,000. Raytheon accounts for 2.1% of Providence First Trust Co’s portfolio, making the stock its 14th biggest position.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. HPM Partners LLC acquired a new stake in shares of Raytheon during the 1st quarter worth approximately $273,000. Pekin Singer Strauss Asset Management IL bought a new stake in Raytheon in the first quarter valued at $426,000. Cobblestone Capital Advisors LLC NY bought a new stake in Raytheon in the first quarter valued at $208,000. Pinnacle Financial Partners Inc. lifted its stake in Raytheon by 2.1% in the first quarter. Pinnacle Financial Partners Inc. now owns 1,680 shares of the aerospace company’s stock valued at $256,000 after buying an additional 35 shares during the last quarter. Finally, US Bancorp DE boosted its holdings in shares of Raytheon by 13.4% during the first quarter. US Bancorp DE now owns 336,049 shares of the aerospace company’s stock valued at $51,247,000 after acquiring an additional 39,619 shares during the period. Hedge funds and other institutional investors own 73.75% of the company’s stock.
In other Raytheon news, VP Taylor W. Lawrence sold 3,791 shares of Raytheon stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $182.09, for a total transaction of $690,303.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Vernon E. Clark sold 829 shares of the company’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $180.19, for a total transaction of $149,377.51. Following the sale, the director now owns 7,588 shares of the company’s stock, valued at approximately $1,367,281.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,120 shares of company stock valued at $930,651. 0.19% of the stock is currently owned by insiders.
Several analysts recently weighed in on RTN shares. Stifel Nicolaus reiterated a “buy” rating and issued a $185.00 price objective (up from $175.00) on shares of Raytheon in a research report on Sunday, July 30th. Sanford C. Bernstein restated an “outperform” rating and issued a $183.00 target price (up previously from $180.00) on shares of Raytheon in a research report on Sunday, July 30th. Vetr cut Raytheon from a “buy” rating to a “hold” rating and set a $187.08 price target on the stock. in a report on Tuesday, August 15th. Zacks Investment Research raised Raytheon from a “hold” rating to a “buy” rating and set a $205.00 price target on the stock in a report on Wednesday, September 20th. Finally, BidaskClub upgraded Raytheon from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 12th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Raytheon has an average rating of “Buy” and a consensus price target of $190.67.
Shares of Raytheon Company (NYSE RTN) opened at 188.31 on Wednesday. Raytheon Company has a 1-year low of $132.89 and a 1-year high of $188.31. The stock’s 50 day moving average price is $181.80 and its 200 day moving average price is $166.58. The company has a market capitalization of $54.66 billion, a price-to-earnings ratio of 26.01 and a beta of 0.59.
Raytheon (NYSE:RTN) last released its earnings results on Thursday, July 27th. The aerospace company reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.15. The company had revenue of $6.28 billion for the quarter, compared to the consensus estimate of $6.24 billion. Raytheon had a net margin of 8.68% and a return on equity of 20.74%. The company’s revenue was up 4.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.38 EPS. Analysts expect that Raytheon Company will post $7.59 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Stockholders of record on Thursday, October 12th will be given a dividend of $0.7975 per share. This represents a $3.19 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Wednesday, October 11th. Raytheon’s dividend payout ratio is 43.94%.
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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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