Argent Trust Co Cuts Holdings in Raytheon Company (RTN)
Argent Trust Co lowered its stake in Raytheon Company (NYSE:RTN) by 3.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,536 shares of the aerospace company’s stock after selling 130 shares during the quarter. Argent Trust Co’s holdings in Raytheon were worth $571,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. St. Johns Investment Management Company LLC acquired a new stake in shares of Raytheon in the second quarter valued at approximately $113,000. Jacobi Capital Management LLC raised its holdings in shares of Raytheon by 271.1% in the first quarter. Jacobi Capital Management LLC now owns 757 shares of the aerospace company’s stock valued at $114,000 after purchasing an additional 553 shares during the last quarter. Tarbox Family Office Inc. raised its holdings in shares of Raytheon by 1,666.7% in the second quarter. Tarbox Family Office Inc. now owns 795 shares of the aerospace company’s stock valued at $128,000 after purchasing an additional 750 shares during the last quarter. Shine Investment Advisory Services Inc. acquired a new stake in shares of Raytheon in the second quarter valued at approximately $139,000. Finally, CWM LLC raised its holdings in shares of Raytheon by 7.4% in the second quarter. CWM LLC now owns 916 shares of the aerospace company’s stock valued at $148,000 after purchasing an additional 63 shares during the last quarter. 73.75% of the stock is currently owned by hedge funds and other institutional investors.
Raytheon Company (NYSE RTN) opened at 187.73 on Friday. The firm’s 50-day moving average is $182.63 and its 200-day moving average is $167.10. The company has a market capitalization of $54.49 billion, a PE ratio of 25.93 and a beta of 0.59. Raytheon Company has a 52-week low of $132.89 and a 52-week high of $188.31.
Raytheon (NYSE:RTN) last announced its earnings results on Thursday, July 27th. The aerospace company reported $1.89 earnings per share (EPS) for the quarter, beating the 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 analyst estimates of $6.24 billion. During the same period last year, the firm posted $2.38 EPS. The business’s revenue was up 4.2% compared to the same quarter last year. On average, equities research analysts forecast that Raytheon Company will post $7.59 EPS for the current year.
The firm also recently announced 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 1.70%. The ex-dividend date of this dividend is Wednesday, October 11th. Raytheon’s dividend payout ratio is presently 43.94%.
RTN has been the topic of a number of recent research reports. Robert W. Baird reiterated an “outperform” rating and issued a $212.00 price objective (up from $170.00) on shares of Raytheon in a report on Thursday, August 10th. Vetr downgraded shares of Raytheon from a “buy” rating to a “hold” rating and set a $187.08 price objective on the stock. in a report on Wednesday, August 30th. Zacks Investment Research downgraded shares of Raytheon from a “buy” rating to a “hold” rating in a report on Monday, September 18th. BidaskClub downgraded shares of Raytheon from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Finally, Buckingham Research lifted their price objective on shares of Raytheon from $190.00 to $199.00 and gave the company a “buy” rating in a report on Friday, August 11th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $190.67.
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In other news, VP Frank R. Jimenez sold 500 shares of the firm’s stock in a transaction on Wednesday, August 30th. The stock was 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 directly owns 29,292 shares of the company’s stock, valued at approximately $5,329,386.48. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Robert E. Beauchamp bought 1,162 shares of the firm’s stock in a transaction dated Monday, July 31st. The shares were acquired at an average cost of $171.99 per share, with a total value of $199,852.38. Following the completion of the transaction, the director now owns 4,303 shares in the company, valued at $740,072.97. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 5,770 shares of company stock valued at $1,052,376. 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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