Cadence Bank NA raised its position in Raytheon (NYSE:RTN) by 6.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,877 shares of the aerospace company’s stock after purchasing an additional 795 shares during the period. Raytheon comprises about 1.1% of Cadence Bank NA’s investment portfolio, making the stock its 20th largest position. Cadence Bank NA’s holdings in Raytheon were worth $2,868,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the business. Legacy Capital Partners Inc. increased its stake in shares of Raytheon by 11.5% during the 3rd quarter. Legacy Capital Partners Inc. now owns 8,369 shares of the aerospace company’s stock valued at $1,729,000 after acquiring an additional 860 shares during the last quarter. Bridgewater Associates LP acquired a new position in shares of Raytheon during the 2nd quarter valued at about $9,051,000. Rice Partnership LLC increased its stake in shares of Raytheon by 13.4% during the 2nd quarter. Rice Partnership LLC now owns 15,749 shares of the aerospace company’s stock valued at $3,042,000 after acquiring an additional 1,857 shares during the last quarter. Investment Partners LTD. acquired a new position in shares of Raytheon during the 3rd quarter valued at about $207,000. Finally, FMR LLC increased its stake in shares of Raytheon by 3.6% during the 2nd quarter. FMR LLC now owns 8,242,330 shares of the aerospace company’s stock valued at $1,592,253,000 after acquiring an additional 283,720 shares during the last quarter. Institutional investors own 73.24% of the company’s stock.
A number of research analysts have recently commented on RTN shares. Zacks Investment Research raised shares of Raytheon from a “hold” rating to a “buy” rating and set a $224.00 price objective for the company in a research note on Wednesday, July 18th. UBS Group started coverage on shares of Raytheon in a research note on Wednesday, August 15th. They set a “buy” rating and a $250.00 price objective for the company. Stifel Nicolaus dropped their price objective on shares of Raytheon from $235.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, July 27th. Bank of America dropped their price objective on shares of Raytheon from $245.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, October 26th. Finally, Morgan Stanley dropped their price objective on shares of Raytheon from $239.00 to $228.00 and set an “overweight” rating for the company in a research note on Thursday, July 12th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $231.08.
In related news, VP Taylor W. Lawrence sold 3,299 shares of the stock in a transaction that occurred on Thursday, August 30th. The shares were sold at an average price of $199.41, for a total transaction of $657,853.59. Following the completion of the sale, the vice president now owns 44,220 shares of the company’s stock, valued at approximately $8,817,910.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.19% of the stock is currently owned by corporate insiders.
RTN opened at $186.66 on Friday. The company has a market cap of $52.59 billion, a P/E ratio of 24.50, a price-to-earnings-growth ratio of 1.38 and a beta of 0.84. Raytheon has a 1 year low of $165.00 and a 1 year high of $229.75. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.49 and a quick ratio of 1.37.
Raytheon (NYSE:RTN) last posted its earnings results on Thursday, October 25th. The aerospace company reported $2.25 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.97 by $0.28. The firm had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. Raytheon had a net margin of 9.33% and a return on equity of 24.43%. During the same quarter in the prior year, the company earned $1.97 EPS. On average, analysts expect that Raytheon will post 10.1 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 8th. Investors of record on Wednesday, October 10th were given a dividend of $0.8675 per share. This represents a $3.47 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date of this dividend was Tuesday, October 9th. Raytheon’s dividend payout ratio (DPR) is presently 45.54%.
Raytheon Company Profile
Raytheon Company develops integrated products, services, and solutions for defense and other government markets worldwide. It operates through five segments: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS); and Forcepoint.
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