MAI Capital Management Increases Stake in Raytheon Company (NYSE:RTN)
MAI Capital Management raised its stake in Raytheon Company (NYSE:RTN) by 0.5% during the first quarter, Holdings Channel reports. The institutional investor owned 72,265 shares of the aerospace company’s stock after buying an additional 354 shares during the period. MAI Capital Management’s holdings in Raytheon were worth $11,020,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in RTN. James Investment Research Inc. increased its stake in Raytheon by 0.6% in the first quarter. James Investment Research Inc. now owns 68,346 shares of the aerospace company’s stock valued at $10,422,000 after buying an additional 381 shares in the last quarter. GHP Investment Advisors Inc. acquired a new stake in Raytheon during the first quarter valued at about $204,000. Capstone Asset Management Co. increased its position in shares of Raytheon by 7.7% in the first quarter. Capstone Asset Management Co. now owns 72,253 shares of the aerospace company’s stock valued at $11,019,000 after buying an additional 5,179 shares during the period. Woodstock Corp increased its position in shares of Raytheon by 1.3% in the first quarter. Woodstock Corp now owns 24,243 shares of the aerospace company’s stock valued at $3,697,000 after buying an additional 306 shares during the period. Finally, Banced Corp increased its position in shares of Raytheon by 6.0% in the first quarter. Banced Corp now owns 2,995 shares of the aerospace company’s stock valued at $457,000 after buying an additional 169 shares during the period. Institutional investors own 74.75% of the company’s stock.
Shares of Raytheon Company (NYSE:RTN) opened at 168.78 on Friday. The firm has a market capitalization of $49.13 billion, a PE ratio of 21.74 and a beta of 0.58. The company has a 50-day moving average of $163.55 and a 200 day moving average of $155.62. Raytheon Company has a 12-month low of $132.89 and a 12-month high of $169.43.
Raytheon (NYSE:RTN) last announced its quarterly earnings data on Thursday, April 27th. The aerospace company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.61 by $0.12. The business had revenue of $6 billion for the quarter, compared to the consensus estimate of $5.83 billion. Raytheon had a net margin of 9.41% and a return on equity of 20.45%. Raytheon’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the company posted $1.43 earnings per share. On average, analysts predict that Raytheon Company will post $7.48 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 3rd. Stockholders of record on Wednesday, July 5th will be paid a $0.7975 dividend. The ex-dividend date of this dividend is Friday, June 30th. This represents a $3.19 annualized dividend and a dividend yield of 1.89%. Raytheon’s payout ratio is 41.16%.
Several research analysts have recently weighed in on RTN shares. Cowen and Company restated a “buy” rating and issued a $170.00 target price on shares of Raytheon in a research note on Monday, April 10th. Royal Bank Of Canada restated a “buy” rating and issued a $180.00 target price on shares of Raytheon in a research note on Friday, March 24th. Vetr downgraded shares of Raytheon from a “buy” rating to a “hold” rating and set a $166.27 target price for the company. in a research note on Tuesday, May 9th. Jefferies Group LLC restated a “buy” rating and issued a $172.00 target price on shares of Raytheon in a research note on Monday, June 26th. Finally, Zacks Investment Research upgraded shares of Raytheon from a “hold” rating to a “buy” rating and set a $175.00 target price for the company in a research note on Monday, May 1st. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $168.45.
In other news, CAO Michael J. Wood sold 1,442 shares of the firm’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $162.98, for a total value of $235,017.16. Following the sale, the chief accounting officer now owns 18,470 shares in the company, valued at $3,010,240.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Wesley D. Kremer sold 1,010 shares of the firm’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $163.10, for a total transaction of $164,731.00. Following the completion of the sale, the vice president now owns 23,136 shares in the company, valued at approximately $3,773,481.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,911 shares of company stock worth $2,580,752. 0.19% of the stock is currently owned by corporate insiders.
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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