Bluestein R H & Co. Has $57.01 Million Stake in Raytheon Company (RTN)
Bluestein R H & Co. grew its holdings in Raytheon Company (NYSE:RTN) by 3.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 305,525 shares of the aerospace company’s stock after purchasing an additional 11,364 shares during the period. Raytheon makes up 3.1% of Bluestein R H & Co.’s portfolio, making the stock its 6th biggest position. Bluestein R H & Co. owned about 0.11% of Raytheon worth $57,005,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in RTN. Signature Estate & Investment Advisors LLC acquired a new position in shares of Raytheon in the third quarter worth $103,000. St. Johns Investment Management Company LLC acquired a new position in shares of Raytheon in the second quarter worth $113,000. Jacobi Capital Management LLC increased its stake 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 worth $114,000 after acquiring an additional 553 shares during the last quarter. Shine Investment Advisory Services Inc. acquired a new position in Raytheon during the second quarter worth $139,000. Finally, Invictus RG acquired a new position in Raytheon during the third quarter worth $152,000. Institutional investors own 73.53% of the company’s stock.
In other Raytheon news, VP Frank R. Jimenez sold 650 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $187.27, for a total transaction of $121,725.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Stephen J. Hadley sold 800 shares of the firm’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $190.27, for a total transaction of $152,216.00. Following the transaction, the director now owns 11,360 shares of the company’s stock, valued at approximately $2,161,467.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,545 shares of company stock worth $291,955. 0.19% of the stock is currently owned by company insiders.
Raytheon (NYSE:RTN) last issued its quarterly earnings results on Thursday, October 26th. The aerospace company reported $1.97 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 revenue was up 4.5% compared to the same quarter last year. During the same period last year, the business posted $1.79 earnings per share. research analysts predict that Raytheon Company will post 7.61 EPS for the current fiscal year.
Raytheon declared that its board has initiated a share repurchase plan on Wednesday, November 15th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the aerospace company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
The firm 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. This represents a $3.19 annualized dividend and a dividend yield of 1.71%. The ex-dividend date is Tuesday, January 2nd. Raytheon’s dividend payout ratio is currently 42.88%.
Several equities analysts have commented on the stock. Robert W. Baird reissued a “buy” rating and set a $212.00 target price on shares of Raytheon in a research report on Tuesday, October 24th. Royal Bank Of Canada reissued a “buy” rating and set a $209.00 target price on shares of Raytheon in a research report on Tuesday, October 10th. Citigroup reissued a “buy” rating and set a $215.00 target price (up from $192.00) on shares of Raytheon in a research report on Monday, October 9th. ValuEngine downgraded shares of Raytheon from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Finally, Cowen reissued a “buy” rating and set a $203.00 target price on shares of Raytheon in a research report on Thursday, October 19th. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $200.59.
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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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