Novare Capital Management LLC Has $7.89 Million Stake in Raytheon Company (RTN)
Novare Capital Management LLC lifted its stake in Raytheon Company (NYSE:RTN) by 1.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 42,275 shares of the aerospace company’s stock after buying an additional 664 shares during the period. Raytheon makes up approximately 1.4% of Novare Capital Management LLC’s holdings, making the stock its 13th largest holding. Novare Capital Management LLC’s holdings in Raytheon were worth $7,888,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Signature Estate & Investment Advisors LLC bought a new stake in shares of Raytheon in the third quarter worth about $103,000. St. Johns Investment Management Company LLC bought a new stake in shares of Raytheon in the second quarter worth about $113,000. Jacobi Capital Management LLC grew its stake 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 worth $114,000 after purchasing an additional 553 shares during the last quarter. Shine Investment Advisory Services Inc. bought a new stake in shares of Raytheon in the second quarter worth about $139,000. Finally, Oakworth Capital Inc. grew its stake in shares of Raytheon by 34.9% in the second quarter. Oakworth Capital Inc. now owns 985 shares of the aerospace company’s stock worth $159,000 after purchasing an additional 255 shares during the last quarter. Hedge funds and other institutional investors own 73.87% of the company’s stock.
Shares of Raytheon Company (NYSE RTN) traded up $0.60 on Monday, hitting $186.06. The stock had a trading volume of 434,200 shares, compared to its average volume of 1,467,887. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.55 and a current ratio of 1.66. Raytheon Company has a 12-month low of $137.70 and a 12-month high of $190.25. The company has a market cap of $53,910.00, a PE ratio of 24.61, a P/E/G ratio of 2.53 and a beta of 0.57.
Raytheon (NYSE:RTN) last issued its quarterly earnings results on Thursday, October 26th. The aerospace company reported $1.97 EPS for the quarter, topping analysts’ consensus estimates of $1.90 by $0.07. Raytheon had a return on equity of 20.98% and a net margin of 8.77%. The firm had revenue of $6.28 billion for the quarter, compared to analysts’ expectations of $6.33 billion. During the same period in the previous year, the firm posted $1.79 EPS. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. sell-side analysts forecast that Raytheon Company will post 7.61 EPS for the current fiscal year.
Raytheon announced that its Board of Directors has approved a share repurchase program on Wednesday, November 15th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the aerospace company to purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 3rd will be given a $0.7975 dividend. The ex-dividend date of this dividend is Tuesday, January 2nd. This represents a $3.19 dividend on an annualized basis and a dividend yield of 1.71%. Raytheon’s dividend payout ratio is currently 42.93%.
In other news, VP Frank R. Jimenez sold 650 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $187.27, for a total value of $121,725.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Frank R. Jimenez sold 500 shares of the business’s stock in a transaction that occurred 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 sale, the vice president now directly owns 29,292 shares in the company, valued at $5,329,386.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 4,941 shares of company stock worth $902,999. Insiders own 0.19% of the company’s stock.
RTN has been the topic of several recent analyst reports. Sanford C. Bernstein reissued an “outperform” rating and issued a $183.00 target price (up from $180.00) on shares of Raytheon in a research note on Sunday, July 30th. Stifel Nicolaus reissued a “buy” rating and issued a $185.00 target price (up from $175.00) on shares of Raytheon in a research note on Sunday, July 30th. BidaskClub cut Raytheon from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Bank of America Corporation reaffirmed a “buy” rating and set a $200.00 price objective (up from $185.00) on shares of Raytheon in a research report on Tuesday, August 1st. Finally, Argus reaffirmed a “buy” rating and set a $195.00 price objective (up from $175.00) on shares of Raytheon in a research report on Friday, August 4th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $200.18.
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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