FDx Advisors Inc. Sells 2,598 Shares of Raytheon Company (RTN)
FDx Advisors Inc. lessened its stake in Raytheon Company (NYSE:RTN) by 14.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,009 shares of the aerospace company’s stock after selling 2,598 shares during the period. FDx Advisors Inc.’s holdings in Raytheon were worth $2,800,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Raytheon by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 22,278,418 shares of the aerospace company’s stock valued at $3,597,519,000 after purchasing an additional 367,898 shares during the period. BlackRock Inc. increased its holdings in Raytheon by 2.7% during the 2nd quarter. BlackRock Inc. now owns 19,934,958 shares of the aerospace company’s stock valued at $3,219,097,000 after purchasing an additional 527,139 shares during the period. State Street Corp increased its holdings in Raytheon by 2.6% during the 1st quarter. State Street Corp now owns 12,585,731 shares of the aerospace company’s stock valued at $1,919,348,000 after purchasing an additional 313,435 shares during the period. Morgan Stanley increased its holdings in Raytheon by 7.2% during the 1st quarter. Morgan Stanley now owns 4,491,454 shares of the aerospace company’s stock valued at $684,945,000 after purchasing an additional 302,274 shares during the period. Finally, Clearbridge Investments LLC increased its holdings in Raytheon by 0.7% during the 1st quarter. Clearbridge Investments LLC now owns 3,527,842 shares of the aerospace company’s stock valued at $537,996,000 after purchasing an additional 23,172 shares during the period. 73.87% of the stock is owned by institutional investors.
A number of research analysts recently issued reports on RTN shares. Argus restated a “buy” rating and set a $195.00 price target (up previously from $175.00) on shares of Raytheon in a report on Friday, August 4th. Bank of America Corporation restated a “buy” rating and set a $200.00 price target (up previously from $185.00) on shares of Raytheon in a report on Tuesday, August 1st. BidaskClub downgraded Raytheon from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Stifel Nicolaus reiterated a “buy” rating and set a $185.00 target price (up previously from $175.00) on shares of Raytheon in a report on Sunday, July 30th. Finally, Royal Bank Of Canada set a $193.00 target price on Raytheon and gave the stock a “buy” rating in a report on Monday, August 28th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $200.18.
In related news, VP Frank R. Jimenez sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $181.94, for a total value of $90,970.00. Following the transaction, the vice president now directly owns 29,292 shares of the company’s stock, valued at approximately $5,329,386.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Taylor W. Lawrence sold 3,791 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $182.09, for a total value of $690,303.19. The disclosure for this sale can be found here. Insiders sold a total of 4,941 shares of company stock worth $902,999 over the last ninety days. 0.19% of the stock is currently owned by insiders.
Shares of Raytheon Company (RTN) opened at $183.88 on Tuesday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.66 and a quick ratio of 1.55. Raytheon Company has a 12-month low of $137.70 and a 12-month high of $190.25. The company has a market capitalization of $53,110.00, a P/E ratio of 24.19, a PEG ratio of 2.48 and a beta of 0.57.
Raytheon (NYSE:RTN) last issued its quarterly earnings results on Thursday, October 26th. The aerospace company reported $1.97 EPS for the quarter, topping analysts’ consensus estimates of $1.90 by $0.07. Raytheon had a return on equity of 20.98% and a net margin of 8.77%. The firm had revenue of $6.28 billion for the quarter, compared to analysts’ expectations of $6.33 billion. During the same period in the previous year, the firm posted $1.79 EPS. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. research analysts predict that Raytheon Company will post 7.61 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 3rd will be given a $0.7975 dividend. The ex-dividend date is Tuesday, January 2nd. This represents a $3.19 dividend on an annualized basis and a dividend yield of 1.73%. Raytheon’s dividend payout ratio is currently 42.93%.
Raytheon declared that its board has initiated a stock repurchase plan on Wednesday, November 15th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the aerospace company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
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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