Cullen Capital Management LLC continued to hold its stake in shares of Raytheon Company (NYSE:RTN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 414,285 shares of the aerospace company’s stock at the close of the 2nd quarter. Raytheon accounts for about 2.4% of Cullen Capital Management LLC’s investment portfolio, making the stock its 22nd largest holding. Cullen Capital Management LLC owned approximately 0.14% of Raytheon worth $66,899,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Guardian Life Insurance Co. of America lifted its stake in Raytheon by 0.6% during the 1st quarter. Guardian Life Insurance Co. of America now owns 1,132 shares of the aerospace company’s stock valued at $173,000 after acquiring an additional 7 shares during the period. HM Capital Management LLC lifted its stake in Raytheon by 0.5% during the 2nd quarter. HM Capital Management LLC now owns 2,025 shares of the aerospace company’s stock valued at $327,000 after acquiring an additional 10 shares during the period. Ironwood Investment Management LLC lifted its stake in Raytheon by 0.7% during the 2nd quarter. Ironwood Investment Management LLC now owns 2,475 shares of the aerospace company’s stock valued at $400,000 after acquiring an additional 16 shares during the period. Pineno Levin & Ford Asset Management Inc. lifted its stake in Raytheon by 0.8% during the 2nd quarter. Pineno Levin & Ford Asset Management Inc. now owns 1,903 shares of the aerospace company’s stock valued at $307,000 after acquiring an additional 16 shares during the period. Finally, TCI Wealth Advisors Inc. lifted its stake in Raytheon by 0.8% during the 2nd quarter. TCI Wealth Advisors Inc. now owns 2,048 shares of the aerospace company’s stock valued at $331,000 after acquiring an additional 17 shares during the period. 73.80% of the stock is currently owned by institutional investors.
Several equities analysts have issued reports on the stock. J P Morgan Chase & Co lowered their target price on shares of Raytheon from $194.00 to $190.00 and set an “overweight” rating on the stock in a research note on Monday. Stifel Nicolaus upped their target price on shares of Raytheon from $185.00 to $195.00 and gave the company a “hold” rating in a research note on Friday, October 27th. Bank of America Corporation set a $220.00 target price on shares of Raytheon and gave the company a “buy” rating in a research note on Friday, October 27th. Sanford C. Bernstein restated an “outperform” rating and set a $199.00 target price (up previously from $188.00) on shares of Raytheon in a research note on Monday. They noted that the move was a valuation call. Finally, BidaskClub upgraded shares of Raytheon from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 12th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $199.24.
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Shares of Raytheon Company (NYSE:RTN) opened at 180.20 on Wednesday. The company has a 50-day moving average of $185.54 and a 200 day moving average of $171.42. Raytheon Company has a 12-month low of $132.89 and a 12-month high of $190.25. The stock has a market capitalization of $52.30 billion, a price-to-earnings ratio of 24.89 and a beta of 0.59.
Raytheon (NYSE:RTN) last released its earnings results on Thursday, October 26th. The aerospace company reported $1.97 EPS for the quarter, topping the Zacks’ consensus estimate 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 during the quarter, compared to the consensus estimate of $6.33 billion. During the same quarter in the previous year, the company posted $1.79 earnings per share. The company’s revenue was up 4.5% compared to the same quarter last year. 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, November 9th. Shareholders of record on Thursday, October 12th will be issued a $0.7975 dividend. This represents a $3.19 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend is Wednesday, October 11th. Raytheon’s payout ratio is presently 42.88%.
In other Raytheon news, VP Frank R. Jimenez sold 650 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $187.27, for a total value of $121,725.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Vernon E. Clark sold 829 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $180.19, for a total value of $149,377.51. Following the completion of the transaction, the director now directly owns 7,588 shares of the company’s stock, valued at $1,367,281.72. The disclosure for this sale can be found here. Insiders sold 5,770 shares of company stock valued at $1,052,376 over the last three months. 0.19% of the stock is currently owned by corporate insiders.
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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