Raytheon Company (RTN) Shares Sold by Synovus Financial Corp
Synovus Financial Corp lessened its holdings in shares of Raytheon Company (NYSE:RTN) by 6.0% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 30,308 shares of the aerospace company’s stock after selling 1,924 shares during the period. Synovus Financial Corp’s holdings in Raytheon were worth $4,894,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. National Pension Service lifted its position in shares of Raytheon by 12.1% during the 2nd quarter. National Pension Service now owns 248,655 shares of the aerospace company’s stock worth $39,892,000 after purchasing an additional 26,830 shares during the last quarter. Lockheed Martin Investment Management Co. acquired a new position in shares of Raytheon during the 1st quarter worth about $1,830,000. Abner Herrman & Brock LLC lifted its position in shares of Raytheon by 8.2% during the 2nd quarter. Abner Herrman & Brock LLC now owns 77,617 shares of the aerospace company’s stock worth $12,534,000 after purchasing an additional 5,866 shares during the last quarter. Kornitzer Capital Management Inc. KS lifted its position in shares of Raytheon by 13.9% during the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 6,720 shares of the aerospace company’s stock worth $1,085,000 after purchasing an additional 820 shares during the last quarter. Finally, Appleton Partners Inc. MA lifted its position in shares of Raytheon by 13.7% during the 2nd quarter. Appleton Partners Inc. MA now owns 8,345 shares of the aerospace company’s stock worth $1,348,000 after purchasing an additional 1,005 shares during the last quarter. 73.75% of the stock is owned by institutional investors and hedge funds.
In other news, Director Vernon E. Clark sold 829 shares of Raytheon stock in a transaction that occurred 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 completion of 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 can be accessed through this link. Also, VP Frank R. Jimenez sold 500 shares of Raytheon stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $181.94, for a total transaction of $90,970.00. Following the completion of the sale, the vice president now owns 29,292 shares of the company’s stock, valued at $5,329,386.48. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,770 shares of company stock valued at $1,052,376. Corporate insiders own 0.19% of the company’s stock.
Several research firms recently weighed in on RTN. Zacks Investment Research raised Raytheon from a “hold” rating to a “buy” rating and set a $204.00 price objective for the company in a research report on Thursday, September 14th. Vetr cut Raytheon from a “buy” rating to a “hold” rating and set a $187.08 price objective for the company. in a research report on Tuesday, August 15th. BidaskClub raised Raytheon from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 12th. Deutsche Bank AG raised Raytheon from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $180.00 to $210.00 in a research report on Friday, September 29th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $185.00 price objective (up previously from $175.00) on shares of Raytheon in a research report on Sunday, July 30th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Raytheon has a consensus rating of “Buy” and a consensus price target of $190.67.
Raytheon Company (RTN) opened at 187.18 on Friday. The firm has a market capitalization of $54.33 billion, a PE ratio of 25.85 and a beta of 0.59. The stock has a 50 day moving average price of $182.33 and a 200-day moving average price of $166.88. Raytheon Company has a one year low of $132.89 and a one year high of $188.31.
Raytheon (NYSE:RTN) last issued its quarterly earnings data on Thursday, July 27th. The aerospace company reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.15. Raytheon had a return on equity of 20.74% and a net margin of 8.68%. The company had revenue of $6.28 billion during the quarter, compared to analysts’ expectations of $6.24 billion. During the same quarter in the previous year, the company posted $2.38 earnings per share. The business’s revenue was up 4.2% on a year-over-year basis. On average, equities analysts forecast that Raytheon Company will post $7.59 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Stockholders 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 dividend yield of 1.70%. The ex-dividend date of this dividend is Wednesday, October 11th. Raytheon’s dividend payout ratio is presently 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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