Patten Group Inc. Raises Position in Raytheon Company (RTN)
Patten Group Inc. raised its stake in shares of Raytheon Company (NYSE:RTN) by 1,496.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,418 shares of the aerospace company’s stock after buying an additional 10,703 shares during the period. Patten Group Inc.’s holdings in Raytheon were worth $1,746,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Reliance Trust Co. of Delaware raised its position in Raytheon by 0.5% in the first quarter. Reliance Trust Co. of Delaware now owns 13,219 shares of the aerospace company’s stock worth $2,016,000 after buying an additional 63 shares during the last quarter. Reilly Financial Advisors LLC raised its position in Raytheon by 25.2% in the first quarter. Reilly Financial Advisors LLC now owns 1,383 shares of the aerospace company’s stock worth $211,000 after buying an additional 278 shares during the last quarter. Howland Capital Management LLC raised its position in Raytheon by 32.7% in the first quarter. Howland Capital Management LLC now owns 5,125 shares of the aerospace company’s stock worth $782,000 after buying an additional 1,263 shares during the last quarter. Fox Run Management L.L.C. purchased a new position in Raytheon during the first quarter worth about $503,000. Finally, Town & Country Bank & Trust CO dba First Bankers Trust CO raised its position in Raytheon by 11.2% in the first quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 7,886 shares of the aerospace company’s stock worth $1,203,000 after buying an additional 796 shares during the last quarter. 74.72% of the stock is owned by institutional investors and hedge funds.
Raytheon Company (RTN) traded down 0.01% during mid-day trading on Wednesday, hitting $178.20. 656,701 shares of the company were exchanged. The stock has a market cap of $51.72 billion, a P/E ratio of 24.61 and a beta of 0.59. The company has a 50 day moving average of $169.57 and a 200 day moving average of $159.17. Raytheon Company has a 12-month low of $132.89 and a 12-month high of $181.05.
Raytheon (NYSE:RTN) last issued its earnings results on Thursday, July 27th. The aerospace company reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.15. The company had revenue of $6.28 billion for the quarter, compared to analyst estimates of $6.24 billion. Raytheon had a net margin of 8.68% and a return on equity of 20.74%. The company’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.38 EPS. On average, equities research analysts expect that Raytheon Company will post $7.59 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 3rd. Stockholders of record on Wednesday, July 5th were paid a $0.7975 dividend. This represents a $3.19 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend was Friday, June 30th. Raytheon’s dividend payout ratio (DPR) is presently 43.94%.
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RTN has been the subject of a number of analyst reports. BidaskClub raised shares of Raytheon from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Buckingham Research boosted their target price on shares of Raytheon from $190.00 to $199.00 and gave the company a “buy” rating in a research note on Friday, August 11th. Vetr lowered shares of Raytheon from a “buy” rating to a “hold” rating and set a $166.27 target price for the company. in a research note on Tuesday, May 9th. Jefferies Group LLC reissued a “buy” rating and set a $172.00 target price on shares of Raytheon in a research note on Monday, June 26th. Finally, Zacks Investment Research raised shares of Raytheon from a “hold” rating to a “buy” rating and set a $175.00 target price for the company in a research note on Monday, May 1st. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Raytheon has an average rating of “Buy” and a consensus price target of $183.01.
In other news, CAO Michael J. Wood sold 1,442 shares of the firm’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $162.98, for a total value of $235,017.16. Following the transaction, the chief accounting officer now owns 18,470 shares of the company’s stock, valued at approximately $3,010,240.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Taylor W. Lawrence sold 2,756 shares of the firm’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $162.04, for a total transaction of $446,582.24. Following the completion of the transaction, the vice president now directly owns 53,285 shares in the company, valued at approximately $8,634,301.40. The disclosure for this sale can be found here. Insiders sold a total of 16,740 shares of company stock worth $2,730,129 in the last ninety days. Insiders own 0.19% of the company’s stock.
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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