Bell Asset Management Ltd increased its stake in shares of Raytheon (NYSE:RTN) by 12.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,691 shares of the aerospace company’s stock after purchasing an additional 4,956 shares during the quarter. Bell Asset Management Ltd’s holdings in Raytheon were worth $8,319,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in RTN. Cibc Bank USA boosted its stake in shares of Raytheon by 1.7% in the 4th quarter. Cibc Bank USA now owns 3,733 shares of the aerospace company’s stock valued at $572,000 after purchasing an additional 64 shares during the last quarter. Coastline Trust Co boosted its stake in Raytheon by 0.6% during the fourth quarter. Coastline Trust Co now owns 10,850 shares of the aerospace company’s stock worth $1,664,000 after acquiring an additional 65 shares in the last quarter. CX Institutional boosted its stake in Raytheon by 23.4% during the first quarter. CX Institutional now owns 348 shares of the aerospace company’s stock worth $63,000 after acquiring an additional 66 shares in the last quarter. Proficio Capital Partners LLC boosted its stake in Raytheon by 42.9% during the fourth quarter. Proficio Capital Partners LLC now owns 223 shares of the aerospace company’s stock worth $34,000 after acquiring an additional 67 shares in the last quarter. Finally, Penserra Capital Management LLC boosted its stake in Raytheon by 36.1% during the fourth quarter. Penserra Capital Management LLC now owns 264 shares of the aerospace company’s stock worth $40,000 after acquiring an additional 70 shares in the last quarter. Institutional investors and hedge funds own 76.02% of the company’s stock.
In related news, VP Frank R. Jimenez sold 4,094 shares of the company’s stock in a transaction dated Friday, February 15th. The shares were sold at an average price of $183.89, for a total value of $752,845.66. Following the transaction, the vice president now owns 36,964 shares in the company, valued at approximately $6,797,309.96. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Michael J. Wood sold 3,501 shares of the company’s stock in a transaction dated Friday, February 15th. The stock was sold at an average price of $183.86, for a total transaction of $643,693.86. Following the completion of the transaction, the chief accounting officer now owns 19,217 shares in the company, valued at approximately $3,533,237.62. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,657 shares of company stock valued at $3,940,619. 0.18% of the stock is currently owned by company insiders.
Raytheon (NYSE:RTN) last issued its earnings results on Thursday, April 25th. The aerospace company reported $2.77 earnings per share for the quarter, topping analysts’ consensus estimates of $2.45 by $0.32. Raytheon had a net margin of 11.11% and a return on equity of 26.27%. The firm had revenue of $6.73 billion during the quarter, compared to analyst estimates of $6.58 billion. During the same quarter last year, the business earned $2.20 earnings per share. The company’s quarterly revenue was up 7.4% on a year-over-year basis. As a group, analysts forecast that Raytheon will post 11.62 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Wednesday, April 10th will be given a dividend of $0.9425 per share. The ex-dividend date is Tuesday, April 9th. This is a positive change from Raytheon’s previous quarterly dividend of $0.87. This represents a $3.77 annualized dividend and a yield of 2.10%. Raytheon’s payout ratio is presently 35.53%.
Several research analysts have weighed in on RTN shares. Zacks Investment Research upgraded shares of Raytheon from a “hold” rating to a “buy” rating and set a $205.00 price objective on the stock in a report on Wednesday, April 17th. ValuEngine upgraded shares of Raytheon from a “sell” rating to a “hold” rating in a report on Thursday, January 24th. UBS Group downgraded shares of Raytheon from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $220.00 to $200.00 in a report on Wednesday, April 3rd. Wolfe Research set a $205.00 target price on shares of Raytheon and gave the company a “buy” rating in a report on Friday, April 26th. Finally, Argus reiterated a “buy” rating and issued a $200.00 target price on shares of Raytheon in a report on Friday, February 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $209.92.
Raytheon Company Profile
Raytheon Company develops integrated products, services, and solutions for defense and other government markets worldwide. It operates through five segments: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS); and Forcepoint.
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