OLD National Bancorp IN trimmed its stake in shares of Raytheon (NYSE:RTN) by 15.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,313 shares of the aerospace company’s stock after selling 779 shares during the period. OLD National Bancorp IN’s holdings in Raytheon were worth $785,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently bought and sold shares of RTN. Alpha Omega Wealth Management LLC purchased a new position in shares of Raytheon in the first quarter worth about $25,000. WP Advisors LLC purchased a new position in shares of Raytheon in the first quarter worth about $26,000. Athena Capital Advisors LLC purchased a new position in shares of Raytheon in the fourth quarter worth about $26,000. Sontag Advisory LLC purchased a new position in shares of Raytheon in the fourth quarter worth about $26,000. Finally, Destination Wealth Management lifted its stake in shares of Raytheon by 670.8% in the first quarter. Destination Wealth Management now owns 185 shares of the aerospace company’s stock worth $34,000 after buying an additional 161 shares in the last quarter. 76.91% of the stock is currently owned by institutional investors and hedge funds.
In related news, VP Anthony F. O’brien sold 9,656 shares of Raytheon stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $181.06, for a total value of $1,748,315.36. Following the completion of the transaction, the vice president now owns 34,057 shares in the company, valued at $6,166,360.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Frank R. Jimenez sold 1,496 shares of Raytheon stock in a transaction that occurred on Friday, March 29th. The shares were sold at an average price of $181.58, for a total transaction of $271,643.68. Following the completion of the transaction, the vice president now owns 28,613 shares of the company’s stock, valued at approximately $5,195,548.54. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,062 shares of company stock valued at $2,544,079. Company insiders own 0.18% of the company’s stock.
Shares of RTN opened at $179.44 on Friday. Raytheon has a 1-year low of $144.27 and a 1-year high of $214.76. The stock has a market cap of $49.62 billion, a price-to-earnings ratio of 16.91, a P/E/G ratio of 1.36 and a beta of 0.96. The company has a quick ratio of 1.31, a current ratio of 1.43 and a debt-to-equity ratio of 0.36.
Raytheon (NYSE:RTN) last announced its quarterly earnings results on Thursday, April 25th. The aerospace company reported $2.77 earnings per share for the quarter, beating 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 business had revenue of $6.73 billion during the quarter, compared to analysts’ expectations of $6.58 billion. During the same period last year, the business earned $2.20 earnings per share. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. As a group, equities research analysts predict that Raytheon will post 11.61 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, May 9th. Shareholders of record on Wednesday, April 10th were given a dividend of $0.9425 per share. The ex-dividend date was Tuesday, April 9th. This is a boost from Raytheon’s previous quarterly dividend of $0.87. This represents a $3.77 dividend on an annualized basis and a dividend yield of 2.10%. Raytheon’s dividend payout ratio (DPR) is currently 35.53%.
A number of equities analysts have commented on RTN shares. ValuEngine raised shares of Raytheon from a “sell” rating to a “hold” rating in a research note on Thursday, January 24th. Argus reaffirmed a “buy” rating and set a $200.00 target price on shares of Raytheon in a research note on Friday, February 1st. Alembic Global Advisors raised shares of Raytheon from a “neutral” rating to an “overweight” rating and set a $214.00 target price on the stock in a research note on Tuesday, February 5th. UBS Group downgraded shares of Raytheon from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $220.00 to $200.00 in a research note on Wednesday, April 3rd. Finally, Zacks Investment Research raised shares of Raytheon from a “hold” rating to a “buy” rating and set a $205.00 target price on the stock in a research note on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $210.36.
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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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