Empire Life Investments Inc. bought a new position in shares of Raytheon Company (NYSE:RTN) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 85,382 shares of the aerospace company’s stock, valued at approximately $15,931,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Signature Estate & Investment Advisors LLC acquired a new stake in shares of Raytheon during the third quarter worth about $103,000. St. Johns Investment Management Company LLC acquired a new stake in shares of Raytheon during the second quarter worth about $113,000. Jacobi Capital Management LLC increased its position in Raytheon by 271.1% in the 1st quarter. Jacobi Capital Management LLC now owns 757 shares of the aerospace company’s stock valued at $114,000 after acquiring an additional 553 shares during the period. Shine Investment Advisory Services Inc. acquired a new position in Raytheon in the 2nd quarter valued at about $139,000. Finally, Invictus RG acquired a new position in Raytheon in the 3rd quarter valued at about $152,000. Institutional investors and hedge funds own 73.53% of the company’s stock.
RTN has been the topic of several recent research reports. Royal Bank Of Canada set a $193.00 price target on Raytheon and gave the company a “buy” rating in a research report on Monday, August 28th. BidaskClub cut Raytheon from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 19th. Zacks Investment Research upgraded Raytheon from a “hold” rating to a “buy” rating and set a $204.00 price target on the stock in a research report on Thursday, September 14th. ValuEngine upgraded Raytheon from a “hold” rating to a “buy” rating in a research report on Monday, September 11th. Finally, Jefferies Group restated a “buy” rating and issued a $190.00 price target on shares of Raytheon in a research report on Friday, September 29th. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $200.59.
Raytheon (NYSE:RTN) last announced its quarterly earnings data on Thursday, October 26th. The aerospace company reported $1.97 earnings per share 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 company had revenue of $6.28 billion for the quarter, compared to analyst estimates of $6.33 billion. During the same quarter in the previous year, the company earned $1.79 EPS. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. equities analysts predict that Raytheon Company will post 7.61 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 3rd will be issued a $0.7975 dividend. This represents a $3.19 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date is Tuesday, January 2nd. Raytheon’s dividend payout ratio is presently 42.88%.
Raytheon announced that its Board of Directors has approved a stock buyback program on Wednesday, November 15th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the aerospace company to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, VP Frank R. Jimenez sold 650 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $187.27, for a total transaction of $121,725.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Stephen J. Hadley sold 800 shares of the business’s stock in a transaction that occurred 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 sale, the director now directly owns 11,360 shares in the company, valued at approximately $2,161,467.20. The disclosure for this sale can be found here. Insiders sold a total of 1,545 shares of company stock worth $291,955 in the last ninety days. 0.19% of the stock is owned by corporate insiders.
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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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