Pittenger & Anderson Inc. raised its holdings in shares of Raytheon Company (NYSE:RTN) by 16.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,830 shares of the aerospace company’s stock after acquiring an additional 4,800 shares during the period. Pittenger & Anderson Inc.’s holdings in Raytheon were worth $6,499,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Signature Estate & Investment Advisors LLC bought a new stake in Raytheon during the 3rd quarter valued at $103,000. St. Johns Investment Management Company LLC bought a new stake in Raytheon during the 2nd quarter valued at $113,000. Jacobi Capital Management LLC raised its stake in Raytheon by 271.1% during the 1st quarter. Jacobi Capital Management LLC now owns 757 shares of the aerospace company’s stock valued at $114,000 after acquiring an additional 553 shares in the last quarter. Shine Investment Advisory Services Inc. bought a new stake in Raytheon during the 2nd quarter valued at $139,000. Finally, Horan Capital Advisors LLC. bought a new stake in Raytheon during the 3rd quarter valued at $168,000. 73.53% of the stock is currently owned by hedge funds and other institutional investors.
In related news, VP Frank R. Jimenez sold 650 shares of Raytheon stock in a transaction 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 legal filing with the SEC, which is available through this hyperlink. Also, Director Stephen J. Hadley sold 800 shares of Raytheon stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $190.27, for a total value of $152,216.00. Following the completion of the transaction, the director now owns 11,360 shares in the company, valued at $2,161,467.20. The disclosure for this sale can be found here. Insiders sold a total of 1,545 shares of company stock worth $291,955 over the last 90 days. Insiders own 0.19% of the company’s stock.
Raytheon (NYSE:RTN) last issued its earnings results on Thursday, October 26th. The aerospace company reported $1.97 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.90 by $0.07. The business had revenue of $6.28 billion for the quarter, compared to analysts’ expectations of $6.33 billion. Raytheon had a return on equity of 20.98% and a net margin of 8.77%. The company’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.79 EPS. sell-side analysts expect that Raytheon Company will post 7.61 EPS for the current year.
Raytheon declared that its Board of Directors has authorized a share repurchase plan on Wednesday, November 15th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the aerospace company to buy shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 3rd will be issued a $0.7975 dividend. This represents a $3.19 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date is Tuesday, January 2nd. Raytheon’s payout ratio is 42.88%.
A number of analysts have recently commented on the company. Buckingham Research boosted their price objective on Raytheon from $190.00 to $199.00 and gave the stock a “buy” rating in a research note on Friday, August 11th. Zacks Investment Research raised Raytheon from a “hold” rating to a “buy” rating and set a $204.00 price objective on the stock in a research note on Thursday, September 14th. ValuEngine raised Raytheon from a “hold” rating to a “buy” rating in a research note on Monday, September 11th. Royal Bank Of Canada set a $193.00 price objective on Raytheon and gave the stock a “buy” rating in a research note on Monday, August 28th. Finally, BidaskClub downgraded Raytheon from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 19th. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $200.59.
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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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