Short Interest in Raytheon (RTN) Expands By 72.4%
Raytheon (NYSE:RTN) was the recipient of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 5,131,126 shares, a growth of 72.4% from the October 15th total of 2,976,226 shares. Currently, 1.8% of the shares of the stock are short sold. Based on an average daily volume of 2,661,749 shares, the short-interest ratio is currently 1.9 days.
In other Raytheon news, VP Taylor W. Lawrence sold 3,299 shares of the company’s stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $199.41, for a total transaction of $657,853.59. Following the completion of the sale, the vice president now directly owns 44,220 shares in the company, valued at $8,817,910.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.19% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Investment Partners LTD. bought a new position in Raytheon during the 3rd quarter worth $207,000. WESPAC Advisors SoCal LLC bought a new position in Raytheon during the 3rd quarter worth $103,000. Squar Milner Financial Services LLC bought a new position in Raytheon during the 2nd quarter worth $100,000. Fort L.P. bought a new position in Raytheon during the 2nd quarter worth $117,000. Finally, Livingston Group Asset Management CO operating as Southport Capital Management bought a new position in Raytheon during the 3rd quarter worth $134,000. 73.34% of the stock is owned by institutional investors and hedge funds.
Raytheon (NYSE:RTN) last announced its quarterly earnings results on Thursday, October 25th. The aerospace company reported $2.25 EPS for the quarter, beating the Zacks’ consensus estimate of $1.97 by $0.28. Raytheon had a return on equity of 24.43% and a net margin of 9.33%. The company had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. During the same period in the prior year, the company earned $1.97 EPS. As a group, analysts expect that Raytheon will post 10.1 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 8th. Stockholders of record on Wednesday, October 10th were paid a $0.8675 dividend. This represents a $3.47 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend was Tuesday, October 9th. Raytheon’s payout ratio is 45.54%.
Several equities research analysts have weighed in on RTN shares. Zacks Investment Research upgraded Raytheon from a “hold” rating to a “buy” rating and set a $224.00 target price for the company in a research note on Wednesday, July 18th. Stifel Nicolaus cut their target price on Raytheon from $235.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, July 27th. UBS Group started coverage on Raytheon in a research note on Wednesday, August 15th. They set a “buy” rating and a $250.00 target price for the company. Bank of America dropped their price target on Raytheon from $245.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, October 26th. Finally, Wells Fargo & Co dropped their price target on Raytheon from $225.00 to $215.00 and set an “outperform” rating for the company in a research note on Friday, October 26th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $231.08.
Raytheon Company Profile
Raytheon Company develops integrated products, services, and solutions for defense and other government markets worldwide. It operates through five segments: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS); and Forcepoint.
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