BlackRock Inc. Has $2.96 Billion Position in Raytheon Company (RTN)
BlackRock Inc. increased its stake in shares of Raytheon Company (NYSE:RTN) by 2,166.0% during the first quarter, Holdings Channel reports. The firm owned 19,407,819 shares of the aerospace company’s stock after buying an additional 18,551,353 shares during the period. BlackRock Inc. owned 0.07% of Raytheon worth $2,959,694,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Crestwood Advisors Group LLC bought a new position in Raytheon during the first quarter valued at $110,000. Oakworth Capital Inc. increased its position in Raytheon by 156.1% in the first quarter. Oakworth Capital Inc. now owns 730 shares of the aerospace company’s stock valued at $111,000 after buying an additional 445 shares during the period. Signature Estate & Investment Advisors LLC bought a new position in Raytheon during the first quarter valued at $111,000. Orrstown Financial Services Inc. increased its position in Raytheon by 22.6% in the first quarter. Orrstown Financial Services Inc. now owns 759 shares of the aerospace company’s stock valued at $116,000 after buying an additional 140 shares during the period. Finally, Adirondack Trust Co. increased its position in Raytheon by 7.1% in the first quarter. Adirondack Trust Co. now owns 803 shares of the aerospace company’s stock valued at $122,000 after buying an additional 53 shares during the period. Institutional investors own 74.98% of the company’s stock.
Shares of Raytheon Company (NYSE:RTN) traded up 1.96% during midday trading on Wednesday, reaching $178.22. The company’s stock had a trading volume of 862,493 shares. The stock has a market capitalization of $51.73 billion, a PE ratio of 24.62 and a beta of 0.59. Raytheon Company has a 52 week low of $132.89 and a 52 week high of $178.51. The company has a 50 day moving average price of $166.61 and a 200-day moving average price of $157.42.
Raytheon (NYSE:RTN) last posted its earnings results on Thursday, July 27th. The aerospace company reported $1.89 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.74 by $0.15. Raytheon had a net margin of 8.68% and a return on equity of 20.74%. The firm had revenue of $6.28 billion during the quarter, compared to the consensus estimate of $6.24 billion. During the same quarter last year, the firm earned $2.38 EPS. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, equities research analysts expect that Raytheon Company will post $7.59 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 3rd. Investors of record on Wednesday, July 5th were issued a $0.7975 dividend. The ex-dividend date was Friday, June 30th. This represents a $3.19 annualized dividend and a yield of 1.82%. Raytheon’s dividend payout ratio (DPR) is presently 43.94%.
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RTN has been the topic of several research analyst reports. Argus restated a “buy” rating and issued a $195.00 price objective (up from $175.00) on shares of Raytheon in a research report on Friday, August 4th. Stifel Nicolaus restated a “buy” rating and issued a $185.00 price objective (up from $175.00) on shares of Raytheon in a research report on Sunday, July 30th. BidaskClub downgraded Raytheon from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Morgan Stanley initiated coverage on Raytheon in a research report on Tuesday. They issued an “equal weight” rating and a $188.00 price objective on the stock. Finally, Vetr downgraded Raytheon from a “buy” rating to a “hold” rating and set a $170.66 price objective on the stock. in a research report on Monday, June 19th. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $177.32.
In other Raytheon news, Director Robert E. Beauchamp purchased 1,162 shares of the company’s stock in a transaction on Monday, July 31st. The stock was acquired at an average price of $171.99 per share, for a total transaction of $199,852.38. Following the completion of the purchase, the director now directly owns 4,303 shares in the company, valued at approximately $740,072.97. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CAO Michael J. Wood sold 1,442 shares of the business’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $162.98, for a total transaction of $235,017.16. Following the completion of the transaction, the chief accounting officer now owns 18,470 shares of the company’s stock, valued at approximately $3,010,240.60. The disclosure for this sale can be found here. Insiders sold a total of 15,911 shares of company stock valued at $2,580,752 in the last quarter. 0.19% of the stock is owned by insiders.
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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