Patten & Patten Inc. TN trimmed its position in shares of Raytheon (NYSE:RTN) by 1.4% during the fourth quarter, Holdings Channel reports. The fund owned 75,257 shares of the aerospace company’s stock after selling 1,089 shares during the quarter. Raytheon comprises 1.4% of Patten & Patten Inc. TN’s portfolio, making the stock its 16th biggest holding. Patten & Patten Inc. TN’s holdings in Raytheon were worth $14,137,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RTN. Signature Estate & Investment Advisors LLC bought a new stake in shares of Raytheon during the 3rd quarter worth $103,000. Stonehearth Capital Management LLC bought a new stake in shares of Raytheon during the 4th quarter worth $103,000. Rowland & Co. Investment Counsel ADV bought a new stake in shares of Raytheon during the 4th quarter worth $106,000. Jacobi Capital Management LLC raised its stake in shares of Raytheon by 5.3% during the 2nd quarter. Jacobi Capital Management LLC now owns 797 shares of the aerospace company’s stock worth $132,000 after purchasing an additional 40 shares during the period. Finally, Invictus RG bought a new stake in shares of Raytheon during the 3rd quarter worth $152,000. 73.26% of the stock is currently owned by hedge funds and other institutional investors.

In other news, VP Frank R. Jimenez sold 175 shares of the company’s stock in a transaction dated Friday, December 29th. The stock was sold at an average price of $189.13, for a total transaction of $33,097.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Letitia A. Long sold 650 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $185.83, for a total value of $120,789.50. Following the sale, the director now owns 2,273 shares in the company, valued at $422,391.59. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,895 shares of company stock worth $357,215. Company insiders own 0.19% of the company’s stock.

A number of equities research analysts have recently commented on RTN shares. Zacks Investment Research cut Raytheon from a “buy” rating to a “hold” rating in a research note on Monday, October 30th. Citigroup reiterated a “buy” rating and set a $215.00 target price (up from $192.00) on shares of Raytheon in a research note on Monday, October 9th. Stifel Nicolaus reiterated a “buy” rating and set a $210.00 target price on shares of Raytheon in a research note on Tuesday, January 9th. Robert W. Baird reiterated a “buy” rating and set a $212.00 target price on shares of Raytheon in a research note on Tuesday, October 24th. Finally, JPMorgan Chase & Co. cut Raytheon from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $190.00 to $210.00 in a research note on Tuesday, December 12th. Three research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Raytheon currently has a consensus rating of “Buy” and a consensus price target of $204.12.

Shares of Raytheon (NYSE:RTN) traded down $0.63 during trading on Monday, reaching $196.05. The company had a trading volume of 142,830 shares, compared to its average volume of 1,230,000. Raytheon has a fifty-two week low of $141.28 and a fifty-two week high of $199.75. The company has a market cap of $56,680.00, a PE ratio of 26.39, a P/E/G ratio of 2.68 and a beta of 0.58. 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 (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 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 for the quarter, compared to analysts’ expectations of $6.33 billion. During the same period in the previous year, the business posted $1.79 EPS. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. research analysts predict that Raytheon will post 7.61 earnings per share for the current fiscal year.

Raytheon announced that its Board of Directors has authorized a stock buyback plan on Wednesday, November 15th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the aerospace company to purchase shares of its stock through open market purchases. Stock buyback plans are typically 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 dividend of $0.7975 per share. This represents a $3.19 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Tuesday, January 2nd. Raytheon’s dividend payout ratio is presently 42.93%.

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About Raytheon

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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Institutional Ownership by Quarter for Raytheon (NYSE:RTN)

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