Canal Capital Management LLC Buys New Holdings in Raytheon Company (RTN)

Canal Capital Management LLC bought a new position in Raytheon Company (NYSE:RTN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,138 shares of the aerospace company’s stock, valued at approximately $212,000.

Several other hedge funds also recently added to or reduced their stakes in RTN. BlackRock Inc. raised its stake in Raytheon by 2,166.0% during the first quarter. BlackRock Inc. now owns 19,407,819 shares of the aerospace company’s stock valued at $2,959,694,000 after purchasing an additional 18,551,353 shares in the last quarter. Janus Henderson Group PLC raised its stake in Raytheon by 13,784.9% during the second quarter. Janus Henderson Group PLC now owns 1,494,150 shares of the aerospace company’s stock valued at $241,276,000 after purchasing an additional 1,483,389 shares in the last quarter. Vanguard Group Inc. raised its stake in Raytheon by 4.7% during the first quarter. Vanguard Group Inc. now owns 21,910,520 shares of the aerospace company’s stock valued at $3,341,355,000 after purchasing an additional 989,986 shares in the last quarter. Alliancebernstein L.P. raised its stake in Raytheon by 55.2% during the second quarter. Alliancebernstein L.P. now owns 2,328,691 shares of the aerospace company’s stock valued at $376,037,000 after purchasing an additional 827,931 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised its stake in Raytheon by 42.7% during the second quarter. UBS Asset Management Americas Inc. now owns 1,826,164 shares of the aerospace company’s stock valued at $294,889,000 after purchasing an additional 546,398 shares in the last quarter. 73.80% of the stock is currently owned by hedge funds and other institutional investors.

In other Raytheon news, VP Frank R. Jimenez sold 500 shares of the stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $181.94, for a total transaction of $90,970.00. Following the transaction, the vice president now directly owns 29,292 shares in the company, valued at approximately $5,329,386.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Vernon E. Clark sold 829 shares of the stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $180.19, for a total transaction of $149,377.51. Following the transaction, the director now owns 7,588 shares in the company, valued at $1,367,281.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,770 shares of company stock worth $1,052,376. 0.19% of the stock is owned by company insiders.

RTN has been the topic of a number of recent research reports. Robert W. Baird reaffirmed an “outperform” rating and set a $212.00 price target (up previously from $170.00) on shares of Raytheon in a research note on Thursday, August 10th. Vetr downgraded shares of Raytheon from a “buy” rating to a “hold” rating and set a $187.08 price target on the stock. in a research note on Wednesday, August 30th. Zacks Investment Research downgraded shares of Raytheon from a “buy” rating to a “hold” rating in a research note on Monday, September 18th. BidaskClub cut shares of Raytheon from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Finally, Buckingham Research boosted their price objective on shares of Raytheon from $190.00 to $199.00 and gave the company a “buy” rating in a research report on Friday, August 11th. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Raytheon currently has an average rating of “Buy” and a consensus target price of $199.24.

Raytheon Company (NYSE:RTN) opened at $184.71 on Friday. The company has a quick ratio of 1.55, a current ratio of 1.66 and a debt-to-equity ratio of 0.44. The company has a market cap of $53,397.26, a PE ratio of 24.43, a PEG ratio of 2.51 and a beta of 0.57. Raytheon Company has a 1-year low of $132.91 and a 1-year high of $190.25.

Raytheon (NYSE:RTN) last posted its quarterly 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. The firm had revenue of $6.28 billion for the quarter, compared to analysts’ expectations of $6.33 billion. Raytheon had a net margin of 8.77% and a return on equity of 20.98%. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.79 earnings per share. research analysts predict that Raytheon Company will post 7.61 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Stockholders 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 dividend yield of 1.73%. The ex-dividend date of this dividend is Wednesday, October 11th. Raytheon’s payout ratio is presently 42.88%.

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Raytheon 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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Institutional Ownership by Quarter for Raytheon (NYSE:RTN)

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