Trustmark National Bank Trust Department lowered its stake in Raytheon Company (NYSE:RTN) by 1.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,151 shares of the aerospace company’s stock after selling 42 shares during the period. Trustmark National Bank Trust Department’s holdings in Raytheon were worth $633,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in RTN. Crestwood Advisors Group LLC acquired a new position in Raytheon during the first quarter valued at approximately $110,000. Oakworth Capital Inc. raised its position in Raytheon by 156.1% in the first quarter. Oakworth Capital Inc. now owns 730 shares of the aerospace company’s stock valued at $111,000 after buying an additional 445 shares during the period. Signature Estate & Investment Advisors LLC acquired a new position in Raytheon during the first quarter valued at approximately $111,000. Orrstown Financial Services Inc. raised its position in Raytheon by 22.6% in the first quarter. Orrstown Financial Services Inc. now owns 759 shares of the aerospace company’s stock valued at $116,000 after buying an additional 140 shares during the period. Finally, Adirondack Trust Co. raised its position in Raytheon by 7.1% in the first quarter. Adirondack Trust Co. now owns 803 shares of the aerospace company’s stock valued at $122,000 after buying an additional 53 shares during the period. 74.72% of the stock is owned by institutional investors.
Shares of Raytheon Company (NYSE RTN) opened at 176.90 on Friday. Raytheon Company has a 52-week low of $132.89 and a 52-week high of $181.05. The firm’s 50 day moving average is $170.94 and its 200-day moving average is $159.65. The company has a market capitalization of $51.34 billion, a P/E ratio of 24.43 and a beta of 0.59.
Raytheon (NYSE:RTN) last issued its quarterly earnings results on Thursday, July 27th. The aerospace company reported $1.89 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.74 by $0.15. Raytheon had a net margin of 8.68% and a return on equity of 20.74%. The business had revenue of $6.28 billion for the quarter, compared to the consensus estimate of $6.24 billion. During the same quarter in the prior year, the company earned $2.38 EPS. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. Equities research analysts anticipate that Raytheon Company will post $7.59 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 3rd. Investors of record on Wednesday, July 5th were given a $0.7975 dividend. The ex-dividend date was Friday, June 30th. This represents a $3.19 dividend on an annualized basis and a dividend yield of 1.80%. Raytheon’s dividend payout ratio is 43.94%.
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Several research analysts have recently commented on the stock. Stifel Nicolaus lifted their price target on shares of Raytheon from $160.00 to $175.00 and gave the company a “buy” rating in a report on Friday, April 28th. 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 research report on Tuesday. BidaskClub upgraded shares of Raytheon from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 12th. Argus reiterated a “buy” rating and issued a $195.00 price objective (up from $175.00) on shares of Raytheon in a research report on Friday, August 4th. Finally, Zacks Investment Research upgraded shares of Raytheon from a “hold” rating to a “buy” rating and set a $183.00 price objective on the stock in a research report on Tuesday, May 30th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Raytheon presently has a consensus rating of “Buy” and an average price target of $183.01.
In related news, Chairman Thomas A. Kennedy sold 10,703 shares of the stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $162.05, for a total transaction of $1,734,421.15. Following the completion of the sale, the chairman now directly owns 61,671 shares of the company’s stock, valued at approximately $9,993,785.55. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Michael J. Wood sold 1,442 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $162.98, for a total transaction of $235,017.16. Following the transaction, the chief accounting officer now directly owns 18,470 shares of the company’s stock, valued at $3,010,240.60. The disclosure for this sale can be found here. Insiders sold a total of 16,740 shares of company stock worth $2,730,129 over the last quarter. 0.19% of the stock is currently 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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