Union Bankshares Corp Has $3.65 Million Position in Raytheon (RTN)
Union Bankshares Corp cut its stake in Raytheon (NYSE:RTN) by 2.7% during the 4th quarter, Holdings Channel reports. The fund owned 19,442 shares of the aerospace company’s stock after selling 532 shares during the period. Union Bankshares Corp’s holdings in Raytheon were worth $3,652,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. OxFORD Asset Management LLP lifted its stake in Raytheon by 238.8% in the second quarter. OxFORD Asset Management LLP now owns 51,452 shares of the aerospace company’s stock valued at $8,308,000 after buying an additional 36,265 shares during the period. Fishman Jay A Ltd. MI lifted its stake in Raytheon by 31.5% in the second quarter. Fishman Jay A Ltd. MI now owns 94,392 shares of the aerospace company’s stock valued at $15,242,000 after buying an additional 22,610 shares during the period. Summit Securities Group LLC lifted its stake in Raytheon by 275.2% in the second quarter. Summit Securities Group LLC now owns 5,861 shares of the aerospace company’s stock valued at $946,000 after buying an additional 4,299 shares during the period. Investment Centers of America Inc. lifted its stake in Raytheon by 26.8% in the third quarter. Investment Centers of America Inc. now owns 2,635 shares of the aerospace company’s stock valued at $492,000 after buying an additional 557 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Raytheon by 0.4% in the second quarter. Dimensional Fund Advisors LP now owns 798,986 shares of the aerospace company’s stock valued at $129,017,000 after buying an additional 2,849 shares during the period. Institutional investors and hedge funds own 73.12% of the company’s stock.
Several brokerages have issued reports on RTN. Stifel Nicolaus reissued a “buy” rating and issued a $210.00 price target on shares of Raytheon in a research note on Tuesday. Jefferies Group reaffirmed a “buy” rating and set a $190.00 target price on shares of Raytheon in a research report on Friday, September 29th. ValuEngine lowered Raytheon from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Wells Fargo & Co reaffirmed an “outperform” rating and set a $202.00 target price (up from $195.00) on shares of Raytheon in a research report on Tuesday, November 28th. Finally, Zacks Investment Research lowered Raytheon from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. Four equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $202.65.
Raytheon (RTN) traded down $0.19 during midday trading on Wednesday, reaching $193.51. The company had a trading volume of 924,623 shares, compared to its average volume of 1,406,867. The stock has a market cap of $55,770.00, a price-to-earnings ratio of 26.04, a P/E/G ratio of 2.39 and a beta of 0.58. Raytheon has a twelve month low of $141.28 and a twelve month high of $194.69. 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 (NYSE:RTN) last released its quarterly earnings results on Thursday, October 26th. The aerospace company reported $1.97 EPS for the quarter, beating analysts’ consensus estimates of $1.90 by $0.07. The business had revenue of $6.28 billion during the quarter, compared to analyst estimates of $6.33 billion. Raytheon had a return on equity of 20.98% and a net margin of 8.77%. Raytheon’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.79 EPS. research analysts anticipate that Raytheon will post 7.61 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Investors 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 1.65%. The ex-dividend date of this dividend is Tuesday, January 2nd. Raytheon’s payout ratio is currently 42.93%.
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, Director Stephen J. Hadley sold 800 shares of the company’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 transaction, the director now owns 11,360 shares in the company, valued at approximately $2,161,467.20. 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 175 shares of the company’s stock in a transaction on Saturday, December 29th. The shares were sold at an average price of $189.13, for a total value of $33,097.75. Following the completion of the transaction, the vice president now owns 28,311 shares of the company’s stock, valued at approximately $5,354,459.43. The disclosure for this sale can be found here. Insiders sold a total of 1,895 shares of company stock valued at $357,215 over the last three months. 0.19% of the stock is currently owned by insiders.
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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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