Raytheon Company (RTN) Position Lowered by Klingenstein Fields & Co. LLC
Klingenstein Fields & Co. LLC cut its holdings in shares of Raytheon Company (NYSE:RTN) by 5.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 234,163 shares of the aerospace company’s stock after selling 12,439 shares during the period. Raytheon makes up 1.7% of Klingenstein Fields & Co. LLC’s portfolio, making the stock its 12th biggest position. Klingenstein Fields & Co. LLC owned about 0.08% of Raytheon worth $43,690,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in RTN. St. Johns Investment Management Company LLC purchased a new stake in shares of Raytheon during the second quarter valued at $113,000. Jacobi Capital Management LLC boosted its position in shares of Raytheon by 271.1% during the first quarter. Jacobi Capital Management LLC now owns 757 shares of the aerospace company’s stock valued at $114,000 after buying an additional 553 shares during the last quarter. Tarbox Family Office Inc. boosted its position in shares of Raytheon by 1,666.7% during the second quarter. Tarbox Family Office Inc. now owns 795 shares of the aerospace company’s stock valued at $128,000 after buying an additional 750 shares during the last quarter. Shine Investment Advisory Services Inc. purchased a new stake in shares of Raytheon during the second quarter valued at $139,000. Finally, Orrstown Financial Services Inc. boosted its position in shares of Raytheon by 20.9% during the second quarter. Orrstown Financial Services Inc. now owns 918 shares of the aerospace company’s stock valued at $148,000 after buying an additional 159 shares during the last quarter. 74.24% of the stock is currently owned by institutional investors.
Shares of Raytheon Company (NYSE RTN) opened at $182.85 on Friday. The stock has a market capitalization of $53,270.00, a P/E ratio of 24.33, a P/E/G ratio of 2.50 and a beta of 0.57. Raytheon Company has a 12 month low of $137.70 and a 12 month high of $190.25. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.55 and a current ratio of 1.66.
Raytheon (NYSE:RTN) last issued its earnings results on Thursday, October 26th. The aerospace company reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.07. The company had revenue of $6.28 billion for the quarter, compared to the consensus estimate of $6.33 billion. Raytheon had a return on equity of 20.98% and a net margin of 8.77%. The firm’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the company earned $1.79 EPS. equities analysts forecast that Raytheon Company will post 7.61 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 3rd will be paid a dividend of $0.7975 per share. This represents a $3.19 annualized dividend and a yield of 1.74%. The ex-dividend date is Tuesday, January 2nd. Raytheon’s dividend payout ratio (DPR) is presently 42.93%.
Raytheon announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, November 15th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the aerospace company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
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RTN has been the topic of a number of recent research reports. Robert W. Baird reissued an “outperform” rating and issued a $212.00 target price (up previously from $170.00) on shares of Raytheon in a report on Thursday, August 10th. Vetr downgraded Raytheon from a “buy” rating to a “hold” rating and set a $187.08 target price on the stock. in a report on Wednesday, August 30th. Zacks Investment Research downgraded Raytheon from a “buy” rating to a “hold” rating in a report on Monday, September 18th. BidaskClub downgraded Raytheon from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Finally, Buckingham Research increased their target price on Raytheon from $190.00 to $199.00 and gave the company a “buy” rating in a report on Friday, August 11th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Raytheon currently has an average rating of “Buy” and an average target price of $200.18.
In related news, VP Taylor W. Lawrence sold 3,791 shares of Raytheon stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $182.09, for a total transaction of $690,303.19. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 value of $90,970.00. Following the sale, the vice president now directly owns 29,292 shares in the company, valued at approximately $5,329,386.48. The disclosure for this sale can be found here. Insiders have sold a total of 4,941 shares of company stock worth $902,999 in the last three months. 0.19% of the stock is owned by corporate insiders.
Raytheon Company Profile
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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