BlackRock Inc. lifted its holdings in Raytheon (NYSE:RTN) by 2.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,549,718 shares of the aerospace company’s stock after purchasing an additional 638,922 shares during the period. BlackRock Inc. owned about 7.92% of Raytheon worth $4,660,126,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Investment Partners LTD. acquired a new position in shares of Raytheon in the 3rd quarter worth approximately $207,000. WESPAC Advisors SoCal LLC acquired a new position in shares of Raytheon in the 3rd quarter worth approximately $103,000. Squar Milner Financial Services LLC acquired a new position in shares of Raytheon in the 2nd quarter worth approximately $100,000. Fort L.P. acquired a new position in shares of Raytheon in the 2nd quarter worth approximately $117,000. Finally, Livingston Group Asset Management CO operating as Southport Capital Management acquired a new position in shares of Raytheon in the 3rd quarter worth approximately $134,000. 73.49% of the stock is currently owned by institutional investors.
Several equities analysts have recently issued reports on RTN shares. Zacks Investment Research raised shares of Raytheon from a “hold” rating to a “buy” rating and set a $233.00 price objective on the stock in a research note on Wednesday, October 3rd. UBS Group started coverage on shares of Raytheon in a research note on Wednesday, August 15th. They issued a “buy” rating and a $250.00 price objective on the stock. Stifel Nicolaus lowered their price objective on shares of Raytheon from $235.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, July 27th. Bank of America lowered their price objective on shares of Raytheon from $245.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, October 26th. Finally, Wells Fargo & Co lowered their price objective on shares of Raytheon from $225.00 to $215.00 and set an “outperform” rating on the stock in a research note on Friday, October 26th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $230.54.
Raytheon (NYSE:RTN) last released its earnings results on Thursday, October 25th. The aerospace company reported $2.25 earnings per share for the quarter, topping the consensus estimate of $1.97 by $0.28. The business had revenue of $6.81 billion for 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 period last year, the firm posted $1.97 earnings per share. On average, equities research analysts predict that Raytheon will post 10.1 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 31st. Stockholders of record on Wednesday, January 2nd will be given a $0.8675 dividend. This represents a $3.47 annualized dividend and a dividend yield of 2.01%. The ex-dividend date is Monday, December 31st. Raytheon’s dividend payout ratio (DPR) is currently 45.54%.
In other news, VP Taylor W. Lawrence sold 3,299 shares of Raytheon stock in a transaction that occurred on Thursday, August 30th. The shares were sold at an average price of $199.41, for a total value of $657,853.59. Following the transaction, the vice president now directly owns 44,220 shares of the company’s stock, valued at $8,817,910.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.19% of the company’s stock.
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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