QUANTRES ASSET MANAGEMENT Ltd purchased a new position in Raytheon (NYSE:RTN) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 4,000 shares of the aerospace company’s stock, valued at approximately $751,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Renaissance Investment Group LLC lifted its stake in shares of Raytheon by 1.0% during the fourth quarter. Renaissance Investment Group LLC now owns 29,673 shares of the aerospace company’s stock worth $5,574,000 after buying an additional 280 shares during the period. Washington Trust Bank lifted its stake in shares of Raytheon by 3.3% during the fourth quarter. Washington Trust Bank now owns 37,112 shares of the aerospace company’s stock worth $6,972,000 after buying an additional 1,195 shares during the period. Prudential Financial Inc. lifted its stake in shares of Raytheon by 13.2% during the third quarter. Prudential Financial Inc. now owns 469,549 shares of the aerospace company’s stock worth $87,608,000 after buying an additional 54,790 shares during the period. Atlantic Trust Group LLC lifted its stake in shares of Raytheon by 1,486.1% during the third quarter. Atlantic Trust Group LLC now owns 273,340 shares of the aerospace company’s stock worth $50,999,000 after buying an additional 256,106 shares during the period. Finally, Parametric Portfolio Associates LLC lifted its stake in shares of Raytheon by 3.0% during the third quarter. Parametric Portfolio Associates LLC now owns 950,064 shares of the aerospace company’s stock worth $177,263,000 after buying an additional 27,487 shares during the period. 73.12% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have recently commented on RTN shares. ValuEngine upgraded shares of Raytheon from a “hold” rating to a “buy” rating in a research note on Monday, September 11th. Zacks Investment Research upgraded shares of Raytheon from a “hold” rating to a “buy” rating and set a $204.00 price objective for the company in a research note on Thursday, September 14th. Deutsche Bank upgraded shares of Raytheon from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $180.00 to $210.00 in a research note on Friday, September 29th. Jefferies Group reiterated a “buy” rating and set a $190.00 price objective on shares of Raytheon in a research note on Friday, September 29th. Finally, Citigroup reiterated a “buy” rating and set a $215.00 price objective (up from $192.00) on shares of Raytheon in a research note on Monday, October 9th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $201.77.
Raytheon (RTN) opened at $190.23 on Friday. The stock has a market cap of $54,990.00, a price-to-earnings ratio of 25.60, a P/E/G ratio of 2.36 and a beta of 0.58. Raytheon has a 1 year low of $141.28 and a 1 year high of $192.41. The company has a current ratio of 1.66, a quick ratio of 1.55 and a debt-to-equity ratio of 0.44.
Raytheon (NYSE:RTN) last posted its 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 company had revenue of $6.28 billion during the quarter, compared to the consensus estimate of $6.33 billion. Raytheon had a net margin of 8.77% and a return on equity of 20.98%. The firm’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 earnings per share. equities analysts anticipate that Raytheon will post 7.61 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 3rd will be given a dividend of $0.7975 per share. 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 1.68%. Raytheon’s dividend payout ratio is presently 42.93%.
Raytheon declared that its Board of Directors has authorized a share repurchase program on Wednesday, November 15th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the aerospace company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
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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