Steinberg Global Asset Management decreased its holdings in shares of Raytheon (NYSE:RTN) by 4.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,565 shares of the aerospace company’s stock after selling 76 shares during the quarter. Steinberg Global Asset Management’s holdings in Raytheon were worth $338,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of the company. Oregon Public Employees Retirement Fund boosted its stake in Raytheon by 8,792.1% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,674,238 shares of the aerospace company’s stock worth $63,000 after acquiring an additional 9,565,442 shares during the last quarter. Norges Bank bought a new position in Raytheon during the 4th quarter worth approximately $439,572,000. Standard Life Aberdeen plc boosted its stake in Raytheon by 64.9% during the 3rd quarter. Standard Life Aberdeen plc now owns 1,950,068 shares of the aerospace company’s stock worth $403,010,000 after acquiring an additional 767,198 shares during the last quarter. Millennium Management LLC boosted its stake in Raytheon by 237.8% during the 4th quarter. Millennium Management LLC now owns 1,004,199 shares of the aerospace company’s stock worth $153,994,000 after acquiring an additional 706,918 shares during the last quarter. Finally, Pendal Group Ltd boosted its stake in Raytheon by 1,423.0% during the 4th quarter. Pendal Group Ltd now owns 736,834 shares of the aerospace company’s stock worth $100,947,000 after acquiring an additional 688,455 shares during the last quarter. Institutional investors own 75.81% of the company’s stock.
Shares of RTN opened at $182.36 on Wednesday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.37 and a current ratio of 1.46. Raytheon has a twelve month low of $144.27 and a twelve month high of $229.75. The company has a market capitalization of $51.47 billion, a price-to-earnings ratio of 17.19, a P/E/G ratio of 1.39 and a beta of 0.99.
Raytheon (NYSE:RTN) last announced its quarterly earnings results on Thursday, January 31st. The aerospace company reported $2.93 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.89 by $0.04. Raytheon had a net margin of 10.75% and a return on equity of 25.81%. The firm had revenue of $7.36 billion for the quarter, compared to analyst estimates of $7.50 billion. During the same quarter in the previous year, the firm posted $2.03 earnings per share. Analysts anticipate that Raytheon will post 11.59 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Wednesday, April 10th will be paid a $0.9425 dividend. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $3.77 dividend on an annualized basis and a yield of 2.07%. This is a positive change from Raytheon’s previous quarterly dividend of $0.87. Raytheon’s payout ratio is presently 35.53%.
Several research firms recently weighed in on RTN. UBS Group lowered shares of Raytheon from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $220.00 to $200.00 in a research note on Wednesday, April 3rd. Citigroup reduced their price objective on shares of Raytheon from $230.00 to $208.00 and set a “buy” rating on the stock in a research note on Monday, January 14th. Zacks Investment Research lowered shares of Raytheon from a “buy” rating to a “hold” rating in a research note on Monday, December 31st. Alembic Global Advisors raised shares of Raytheon from a “neutral” rating to an “overweight” rating and set a $214.00 price objective on the stock in a research note on Tuesday, February 5th. Finally, ValuEngine raised shares of Raytheon from a “sell” rating to a “hold” rating in a research note on Thursday, January 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $213.46.
In other news, VP Anthony F. O’brien sold 9,656 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $181.06, for a total value of $1,748,315.36. Following the sale, the vice president now owns 34,057 shares of the company’s stock, valued at $6,166,360.42. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Michael J. Wood sold 3,501 shares of the business’s stock in a transaction on Friday, February 15th. The stock was sold at an average price of $183.86, for a total transaction of $643,693.86. Following the completion of the sale, the chief accounting officer now directly owns 19,217 shares in the company, valued at approximately $3,533,237.62. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,657 shares of company stock worth $3,940,619. Insiders own 0.19% of the company’s stock.
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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