Gerber Kawasaki Wealth & Investment Management trimmed its position in Raytheon Company (NYSE:RTN) by 22.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,268 shares of the aerospace company’s stock after selling 370 shares during the period. Gerber Kawasaki Wealth & Investment Management’s holdings in Raytheon were worth $238,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Raytheon by 1.7% in the second quarter. Vanguard Group Inc. now owns 22,278,418 shares of the aerospace company’s stock worth $3,597,519,000 after acquiring an additional 367,898 shares in the last quarter. BlackRock Inc. boosted its holdings in Raytheon by 2.7% in the second quarter. BlackRock Inc. now owns 19,934,958 shares of the aerospace company’s stock worth $3,219,097,000 after acquiring an additional 527,139 shares in the last quarter. State Street Corp boosted its holdings in Raytheon by 2.6% in the first quarter. State Street Corp now owns 12,585,731 shares of the aerospace company’s stock worth $1,919,348,000 after acquiring an additional 313,435 shares in the last quarter. Clearbridge Investments LLC boosted its holdings in Raytheon by 0.7% in the first quarter. Clearbridge Investments LLC now owns 3,527,842 shares of the aerospace company’s stock worth $537,996,000 after acquiring an additional 23,172 shares in the last quarter. Finally, Boston Partners boosted its holdings in Raytheon by 3.3% in the second quarter. Boston Partners now owns 3,374,514 shares of the aerospace company’s stock worth $544,916,000 after acquiring an additional 106,788 shares in the last quarter. 73.53% of the stock is currently owned by institutional investors.
In other news, VP Frank R. Jimenez sold 650 shares of the company’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $187.27, for a total transaction of $121,725.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Stephen J. Hadley sold 800 shares of the company’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $190.27, for a total value of $152,216.00. Following the transaction, the director now directly owns 11,360 shares in the company, valued at $2,161,467.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,545 shares of company stock worth $291,955. Corporate insiders own 0.19% of the company’s stock.
Raytheon (NYSE:RTN) last announced its quarterly earnings results on Thursday, October 26th. The aerospace company reported $1.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.07. The firm had revenue of $6.28 billion for the quarter, compared to the consensus estimate 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 prior year, the company posted $1.79 earnings per share. sell-side analysts expect that Raytheon Company will post 7.61 EPS for the current year.
Raytheon declared that its board has authorized a share repurchase plan on Wednesday, November 15th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the aerospace company to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 3rd will be issued a dividend of $0.7975 per share. This represents a $3.19 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date is Tuesday, January 2nd. Raytheon’s payout ratio is currently 42.88%.
RTN has been the topic of several analyst reports. Robert W. Baird reissued an “outperform” rating and issued a $212.00 target price (up from $170.00) on shares of Raytheon in a report on Thursday, August 10th. Zacks Investment Research downgraded Raytheon from a “buy” rating to a “hold” rating in a report on Monday, September 18th. Vetr downgraded Raytheon from a “buy” rating to a “hold” rating and set a $187.08 target price on the stock. in a report on Wednesday, August 30th. Buckingham Research boosted their target price on Raytheon from $190.00 to $199.00 and gave the stock a “buy” rating in a report on Friday, August 11th. Finally, Royal Bank Of Canada set a $193.00 target price on Raytheon and gave the stock a “buy” rating in a report on Monday, August 28th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Raytheon has an average 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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