Korea Investment CORP trimmed its position in shares of Raytheon (NYSE:RTN) by 10.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 374,953 shares of the aerospace company’s stock after selling 44,485 shares during the period. Korea Investment CORP’s holdings in Raytheon were worth $77,488,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Investment Partners LTD. acquired a new stake in Raytheon during the third quarter worth about $207,000. WESPAC Advisors SoCal LLC acquired a new stake in Raytheon during the third quarter worth about $103,000. Fort L.P. acquired a new stake in Raytheon during the second quarter worth about $117,000. Livingston Group Asset Management CO operating as Southport Capital Management acquired a new stake in shares of Raytheon in the 3rd quarter valued at approximately $134,000. Finally, Psagot Investment House Ltd. boosted its stake in shares of Raytheon by 4,900.0% in the 3rd quarter. Psagot Investment House Ltd. now owns 650 shares of the aerospace company’s stock valued at $134,000 after purchasing an additional 637 shares in the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.
A number of equities research analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of Raytheon from a “buy” rating to a “hold” rating in a research note on Thursday, October 4th. UBS Group assumed coverage on shares of Raytheon in a research note on Wednesday, August 15th. They issued a “buy” rating and a $250.00 price target on the stock. Morgan Stanley reduced their price target on shares of Raytheon from $228.00 to $221.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 14th. Bank of America reduced their price target 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 reduced their price target 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 equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Raytheon presently has an average rating of “Buy” and an average target price of $230.54.
RTN opened at $173.58 on Friday. 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 quick ratio of 1.37 and a current ratio of 1.49. The company has a market capitalization of $49.40 billion, a PE ratio of 19.44, a P/E/G ratio of 1.24 and a beta of 0.84.
Raytheon (NYSE:RTN) last issued its quarterly earnings data on Thursday, October 25th. The aerospace company reported $2.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.97 by $0.28. The business had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. Raytheon had a net margin of 9.33% and a return on equity of 24.43%. During the same quarter last year, the business 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 disclosed a quarterly dividend, which will be paid on Thursday, January 31st. Investors of record on Wednesday, January 2nd will be issued a $0.8675 dividend. The ex-dividend date is Monday, December 31st. This represents a $3.47 dividend on an annualized basis and a yield of 2.00%. Raytheon’s dividend payout ratio (DPR) is presently 45.54%.
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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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