Sii Investments Inc. WI reduced its stake in shares of Raytheon Company (NYSE:RTN) by 2.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,450 shares of the aerospace company’s stock after selling 1,232 shares during the period. Sii Investments Inc. WI’s holdings in Raytheon were worth $8,300,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the stock. Pathstone Family Office LLC grew its stake in Raytheon by 2.6% in the 1st quarter. Pathstone Family Office LLC now owns 3,079 shares of the aerospace company’s stock worth $470,000 after acquiring an additional 79 shares during the period. Parallel Advisors LLC grew its stake in Raytheon by 24.5% in the 1st quarter. Parallel Advisors LLC now owns 2,458 shares of the aerospace company’s stock worth $386,000 after acquiring an additional 484 shares during the period. Dimensional Fund Advisors LP grew its stake in Raytheon by 1.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 796,137 shares of the aerospace company’s stock worth $121,413,000 after acquiring an additional 7,840 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its stake in Raytheon by 0.8% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 76,255 shares of the aerospace company’s stock worth $11,642,000 after acquiring an additional 600 shares during the period. Finally, Regal Investment Advisors LLC purchased a new stake in Raytheon in the 1st quarter worth approximately $258,000. Hedge funds and other institutional investors own 73.53% of the company’s stock.
Several analysts have commented on RTN shares. Buckingham Research lifted their target price on shares of Raytheon from $199.00 to $204.00 and gave the stock a “buy” rating in a research note on Tuesday, October 31st. Robert W. Baird reissued a “buy” rating and set a $212.00 price objective on shares of Raytheon in a research note on Tuesday, October 24th. Cowen reissued a “buy” rating and set a $203.00 price objective on shares of Raytheon in a research note on Thursday, October 26th. BidaskClub raised shares of Raytheon from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 12th. Finally, Wells Fargo & Company lowered their price objective on shares of Raytheon from $200.00 to $195.00 and set an “outperform” rating for the company in a research note on Friday, October 27th. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $200.59.
Raytheon (NYSE:RTN) last issued its quarterly earnings data on Thursday, October 26th. The aerospace company reported $1.97 EPS for the quarter, topping analysts’ consensus estimates of $1.90 by $0.07. Raytheon had a net margin of 8.77% and a return on equity of 20.98%. The firm had revenue of $6.28 billion for the quarter, compared to analyst estimates of $6.33 billion. During the same quarter in the previous year, the business posted $1.79 EPS. The firm’s revenue was up 4.5% compared to the same quarter last year. research analysts predict that Raytheon Company will post 7.61 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 3rd will be issued a $0.7975 dividend. The ex-dividend date of this dividend is Tuesday, January 2nd. This represents a $3.19 dividend on an annualized basis and a yield of 1.72%. Raytheon’s dividend payout ratio is currently 42.93%.
Raytheon announced that its Board of Directors has initiated a share repurchase plan on Wednesday, November 15th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the aerospace company to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
In other news, Director Stephen J. Hadley sold 800 shares of the company’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $190.27, for a total value of $152,216.00. Following the sale, the director now owns 11,360 shares in the company, valued at approximately $2,161,467.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Frank R. Jimenez sold 650 shares of the company’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 disclosure for this sale can be found here. In the last 90 days, insiders sold 1,545 shares of company stock worth $291,955. Company insiders own 0.19% of the company’s stock.
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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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