Capital Investment Counsel Inc Lowers Stake in Raytheon Company (RTN)
Capital Investment Counsel Inc trimmed its position in shares of Raytheon Company (NYSE:RTN) by 8.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,100 shares of the aerospace company’s stock after selling 570 shares during the quarter. Capital Investment Counsel Inc’s holdings in Raytheon were worth $1,138,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of RTN. Signature Estate & Investment Advisors LLC acquired a new position in shares of Raytheon during the third quarter worth approximately $103,000. St. Johns Investment Management Company LLC acquired a new position in shares of Raytheon during the second quarter worth approximately $113,000. Jacobi Capital Management LLC raised its position in shares of Raytheon by 271.1% during the first quarter. Jacobi Capital Management LLC now owns 757 shares of the aerospace company’s stock worth $114,000 after purchasing an additional 553 shares during the period. Shine Investment Advisory Services Inc. acquired a new position in shares of Raytheon during the second quarter worth approximately $139,000. Finally, Sumitomo Mitsui Financial Group Inc. acquired a new position in shares of Raytheon during the first quarter worth approximately $149,000. 73.87% of the stock is currently owned by institutional investors.
A number of equities research analysts recently commented on RTN shares. Robert W. Baird reissued an “outperform” rating and issued a $212.00 price target (up from $170.00) on shares of Raytheon in a research report on Thursday, August 10th. Vetr lowered Raytheon from a “buy” rating to a “hold” rating and set a $187.08 price target for the company. in a research report on Wednesday, August 30th. Zacks Investment Research lowered Raytheon from a “buy” rating to a “hold” rating in a research report on Monday, September 18th. BidaskClub lowered Raytheon from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Finally, Buckingham Research increased their price target on Raytheon from $190.00 to $199.00 and gave the company a “buy” rating in a research report on Friday, August 11th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $200.18.
Shares of Raytheon Company (NYSE RTN) traded up $0.60 during trading hours on Friday, reaching $186.06. The company’s stock had a trading volume of 434,277 shares, compared to its average volume of 1,330,625. The company has a market cap of $53,614.08, a P/E ratio of 24.53, a PEG ratio of 2.52 and a beta of 0.57. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.66 and a quick ratio of 1.55. Raytheon Company has a 52-week low of $137.70 and a 52-week high of $190.25.
Raytheon (NYSE:RTN) last announced its quarterly earnings data on Thursday, October 26th. The aerospace company reported $1.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.07. The firm had revenue of $6.28 billion during the quarter, compared to the consensus estimate of $6.33 billion. Raytheon had a return on equity of 20.98% and a net margin of 8.77%. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.79 EPS. sell-side analysts forecast that Raytheon Company will post 7.61 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 3rd will be paid a $0.7975 dividend. The ex-dividend date is Tuesday, January 2nd. This represents a $3.19 dividend on an annualized basis and a yield of 1.71%. Raytheon’s dividend payout ratio (DPR) is presently 42.88%.
Raytheon declared that its Board of Directors has initiated a share repurchase plan on Wednesday, November 15th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the aerospace company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other Raytheon news, VP Frank R. Jimenez sold 500 shares of the company’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $181.94, for a total value of $90,970.00. Following the completion of the transaction, the vice president now owns 29,292 shares in the company, valued at approximately $5,329,386.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Frank R. Jimenez sold 650 shares of the company’s stock in a transaction on Monday, October 2nd. The shares were 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 a total of 4,941 shares of company stock valued at $902,999 in the last 90 days. Corporate insiders own 0.19% of the company’s stock.
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Raytheon Company Profile
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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