California Public Employees Retirement System Buys 29,785 Shares of Raytheon Company (RTN)
California Public Employees Retirement System grew its stake in Raytheon Company (NYSE:RTN) by 4.2% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 746,816 shares of the aerospace company’s stock after purchasing an additional 29,785 shares during the quarter. California Public Employees Retirement System owned approximately 0.26% of Raytheon worth $139,341,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Signature Estate & Investment Advisors LLC bought a new position in shares of Raytheon in the third quarter valued at approximately $103,000. St. Johns Investment Management Company LLC bought a new position in shares of Raytheon in the second quarter valued at approximately $113,000. Jacobi Capital Management LLC lifted its holdings in shares of Raytheon by 271.1% in the first quarter. Jacobi Capital Management LLC now owns 757 shares of the aerospace company’s stock valued at $114,000 after purchasing an additional 553 shares in the last quarter. Invictus RG bought a new position in shares of Raytheon in the third quarter valued at approximately $152,000. Finally, Shine Investment Advisory Services Inc. bought a new position in shares of Raytheon in the second quarter valued at approximately $139,000. Institutional investors own 73.53% of the company’s stock.
Raytheon Company (RTN) traded down $0.99 during trading hours on Tuesday, reaching $187.08. The company’s stock had a trading volume of 880,700 shares, compared to its average volume of 1,466,192. The company has a quick ratio of 1.55, a current ratio of 1.66 and a debt-to-equity ratio of 0.44. Raytheon Company has a twelve month low of $137.70 and a twelve month high of $191.36. The stock has a market capitalization of $54,368.59, a P/E ratio of 24.88, a P/E/G ratio of 2.56 and a beta of 0.58.
Raytheon (NYSE:RTN) last released its earnings results on Thursday, October 26th. The aerospace company reported $1.97 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.90 by $0.07. Raytheon had a return on equity of 20.98% and a net margin of 8.77%. The business had revenue of $6.28 billion during the quarter, compared to the consensus estimate of $6.33 billion. During the same period last year, the business posted $1.79 earnings per share. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. analysts forecast that Raytheon Company will post 7.61 EPS for the current year.
Raytheon announced that its board has initiated a share buyback program on Wednesday, November 15th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the aerospace company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 3rd will be given a $0.7975 dividend. This represents a $3.19 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date is Tuesday, January 2nd. Raytheon’s dividend payout ratio is currently 42.88%.
In other Raytheon news, Director Stephen J. Hadley sold 800 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $190.27, for a total value of $152,216.00. Following the completion of the sale, the director now directly owns 11,360 shares of the company’s stock, valued at $2,161,467.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Frank R. Jimenez sold 650 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $187.27, for a total value of $121,725.50. The disclosure for this sale can be found here. Insiders sold 1,545 shares of company stock valued at $291,955 over the last three months. Company insiders own 0.19% of the company’s stock.
A number of analysts recently commented on RTN shares. Zacks Investment Research raised Raytheon from a “hold” rating to a “buy” rating and set a $204.00 price target for the company in a research report on Thursday, September 14th. ValuEngine raised Raytheon from a “hold” rating to a “buy” rating in a research report on Monday, September 11th. Royal Bank of Canada set a $193.00 price target on Raytheon and gave the company a “buy” rating in a research report on Monday, August 28th. Citigroup reaffirmed a “buy” rating and set a $215.00 price target (up from $192.00) on shares of Raytheon in a research report on Monday, October 9th. Finally, Bank of America set a $220.00 price target on Raytheon and gave the company a “buy” rating in a research report on Friday, October 27th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $201.77.
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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