Raytheon Co. (RTN) Stake Decreased by Eliot Finkel Investment Counsel LLC
Eliot Finkel Investment Counsel LLC lowered its stake in Raytheon Co. (NYSE:RTN) by 0.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,560 shares of the company’s stock after selling 20 shares during the period. Eliot Finkel Investment Counsel LLC’s holdings in Raytheon were worth $756,000 as of its most recent filing with the SEC.
Other institutional investors also recently bought and sold shares of the company. Pictet Asset Management Ltd. raised its position in Raytheon by 23.9% in the first quarter. Pictet Asset Management Ltd. now owns 293,883 shares of the company’s stock valued at $36,397,000 after buying an additional 56,700 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Raytheon during the first quarter worth $4,906,000. UBS Asset Management Americas Inc. raised its stake in shares of Raytheon by 33.2% in the first quarter. UBS Asset Management Americas Inc. now owns 1,688,023 shares of the company’s stock worth $207,001,000 after buying an additional 421,080 shares in the last quarter. Scotia Capital Inc. raised its stake in shares of Raytheon by 75.8% in the first quarter. Scotia Capital Inc. now owns 13,180 shares of the company’s stock worth $1,617,000 after buying an additional 5,682 shares in the last quarter. Finally, Lazard Asset Management LLC raised its stake in shares of Raytheon by 31.1% in the first quarter. Lazard Asset Management LLC now owns 360,066 shares of the company’s stock worth $44,154,000 after buying an additional 85,327 shares in the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.
Raytheon Co. (NYSE:RTN) traded down 0.55% during mid-day trading on Friday, hitting $137.34. The company’s stock had a trading volume of 1,092,815 shares. The company has a market cap of $40.53 billion, a P/E ratio of 19.19 and a beta of 0.64. The firm’s 50-day moving average is $138.42 and its 200-day moving average is $134.50. Raytheon Co. has a 12-month low of $110.37 and a 12-month high of $143.39.
Raytheon (NYSE:RTN) last released its earnings results on Thursday, July 28th. The company reported $2.38 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.64. The firm had revenue of $6 billion for the quarter, compared to analysts’ expectations of $5.83 billion. Raytheon had a return on equity of 19.26% and a net margin of 9.02%. The company’s quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.65 earnings per share. Analysts predict that Raytheon Co. will post $7.41 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Wednesday, October 5th will be paid a dividend of $0.7325 per share. The ex-dividend date of this dividend is Monday, October 3rd. This represents a $2.93 dividend on an annualized basis and a dividend yield of 2.13%. Raytheon’s dividend payout ratio is 40.86%.
A number of brokerages have recently weighed in on RTN. Zacks Investment Research upgraded Raytheon from a “hold” rating to a “buy” rating and set a $151.00 price objective on the stock in a research report on Monday, July 4th. Stifel Nicolaus lifted their price objective on Raytheon from $140.00 to $160.00 and gave the stock a “buy” rating in a research report on Friday, July 29th. Jefferies Group lifted their price objective on Raytheon from $145.00 to $158.00 and gave the stock a “buy” rating in a research report on Friday, July 29th. Deutsche Bank AG lifted their price objective on Raytheon from $135.00 to $140.00 and gave the stock a “hold” rating in a research report on Friday, July 29th. Finally, Citigroup Inc. lifted their price objective on Raytheon from $145.00 to $170.00 and gave the stock a “buy” rating in a research report on Tuesday, September 6th. Five analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $174.67.
In other news, Director Vernon E. Clark sold 2,540 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $141.01, for a total transaction of $358,165.40. Following the transaction, the director now owns 7,246 shares of the company’s stock, valued at $1,021,758.46. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.21% of the company’s stock.
Raytheon Company Profile
Raytheon Company (Raytheon), together with its subsidiaries, is a technology company. The Company develops technologically integrated products, services and solutions in various markets, such as sensing; effects; command, control, communications, computers, cyber and intelligence (C5I); mission support, and cybersecurity.
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