Daiwa Securities Group Inc. Has $2 Million Holdings in Raytheon Company (RTN)
Daiwa Securities Group Inc. lowered its stake in shares of Raytheon Company (NYSE:RTN) by 32.5% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 10,704 shares of the aerospace company’s stock after selling 5,146 shares during the period. Daiwa Securities Group Inc.’s holdings in Raytheon were worth $1,997,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Raytheon by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 22,278,418 shares of the aerospace company’s stock valued at $3,597,519,000 after purchasing an additional 367,898 shares during the last quarter. BlackRock Inc. boosted its stake in Raytheon by 2.7% during the 2nd quarter. BlackRock Inc. now owns 19,934,958 shares of the aerospace company’s stock valued at $3,219,097,000 after purchasing an additional 527,139 shares during the last quarter. State Street Corp boosted its stake in Raytheon by 2.6% during the 1st quarter. State Street Corp now owns 12,585,731 shares of the aerospace company’s stock valued at $1,919,348,000 after purchasing an additional 313,435 shares during the last quarter. Morgan Stanley boosted its stake in Raytheon by 7.2% during the 1st quarter. Morgan Stanley now owns 4,491,454 shares of the aerospace company’s stock valued at $684,945,000 after purchasing an additional 302,274 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its stake in Raytheon by 0.7% during the 1st quarter. Clearbridge Investments LLC now owns 3,527,842 shares of the aerospace company’s stock valued at $537,996,000 after purchasing an additional 23,172 shares during the last quarter. Institutional investors and hedge funds own 74.24% of the company’s stock.
Shares of Raytheon Company (NYSE RTN) opened at $182.85 on Friday. The company has a quick ratio of 1.55, a current ratio of 1.66 and a debt-to-equity ratio of 0.44. The company has a market cap of $52,859.56, a P/E ratio of 24.19, a P/E/G ratio of 2.48 and a beta of 0.57. Raytheon Company has a 1-year low of $137.70 and a 1-year high of $190.25.
Raytheon (NYSE:RTN) last posted its quarterly earnings results on Thursday, October 26th. The aerospace company reported $1.97 EPS for the quarter, topping analysts’ consensus estimates of $1.90 by $0.07. The company had revenue of $6.28 billion for the quarter, compared to analysts’ expectations of $6.33 billion. Raytheon had a net margin of 8.77% and a return on equity of 20.98%. Raytheon’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.79 EPS. analysts expect that Raytheon Company will post 7.61 earnings per share for the current fiscal year.
Raytheon announced that its Board of Directors has initiated a share repurchase plan on Wednesday, November 15th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the aerospace company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 3rd will be issued a $0.7975 dividend. The ex-dividend date of this dividend is Tuesday, January 2nd. This represents a $3.19 dividend on an annualized basis and a dividend yield of 1.74%. Raytheon’s dividend payout ratio (DPR) is presently 42.88%.
In other Raytheon news, VP Frank R. Jimenez sold 650 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $187.27, for a total transaction of $121,725.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Taylor W. Lawrence sold 3,791 shares of the business’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $182.09, for a total transaction of $690,303.19. The disclosure for this sale can be found here. Insiders sold a total of 4,941 shares of company stock worth $902,999 in the last ninety days. 0.19% of the stock is currently owned by insiders.
A number of equities analysts have issued reports on the company. Royal Bank Of Canada set a $225.00 price target on Raytheon and gave the company a “buy” rating in a research note on Thursday. Buckingham Research lifted their price target on Raytheon from $199.00 to $204.00 and gave the company a “buy” rating in a research note on Tuesday, October 31st. Zacks Investment Research downgraded Raytheon from a “buy” rating to a “hold” rating in a research note on Monday, October 30th. J P Morgan Chase & Co dropped their target price on shares of Raytheon from $194.00 to $190.00 and set an “overweight” rating on the stock in a research report on Monday, October 30th. Finally, Sanford C. Bernstein reissued an “outperform” rating and set a $199.00 target price (up previously from $188.00) on shares of Raytheon in a research report on Monday, October 30th. They noted that the move was a valuation call. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $200.18.
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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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