Horan Capital Advisors LLC. Buys Shares of 900 Raytheon Company (RTN)
Horan Capital Advisors LLC. bought a new stake in shares of Raytheon Company (NYSE:RTN) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 900 shares of the aerospace company’s stock, valued at approximately $168,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Harvey Capital Management Inc. lifted its holdings in shares of Raytheon by 8.7% during the third quarter. Harvey Capital Management Inc. now owns 30,585 shares of the aerospace company’s stock valued at $5,706,000 after purchasing an additional 2,435 shares during the last quarter. Norinchukin Bank The lifted its stake in Raytheon by 3.3% in the 3rd quarter. Norinchukin Bank The now owns 36,335 shares of the aerospace company’s stock worth $6,779,000 after acquiring an additional 1,160 shares in the last quarter. ING Groep NV lifted its stake in Raytheon by 68.2% in the 3rd quarter. ING Groep NV now owns 25,084 shares of the aerospace company’s stock worth $4,680,000 after acquiring an additional 10,174 shares in the last quarter. D.A. Davidson & CO. lifted its stake in Raytheon by 25.9% in the 3rd quarter. D.A. Davidson & CO. now owns 20,368 shares of the aerospace company’s stock worth $3,800,000 after acquiring an additional 4,191 shares in the last quarter. Finally, Icon Advisers Inc. Co. purchased a new stake in Raytheon in the 3rd quarter worth about $205,000. 73.51% of the stock is owned by institutional investors and hedge funds.
Shares of Raytheon Company (NYSE:RTN) traded down $4.26 during mid-day trading on Friday, reaching $186.89. The company’s stock had a trading volume of 1,848,589 shares, compared to its average volume of 1,474,904. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.55 and a current ratio of 1.66. Raytheon Company has a 12 month low of $137.70 and a 12 month high of $191.36. The firm has a market cap of $54,030.00, a price-to-earnings ratio of 24.97, a P/E/G ratio of 2.56 and a beta of 0.57.
Raytheon (NYSE:RTN) last issued its earnings results on Thursday, October 26th. The aerospace company reported $1.97 earnings per share for the quarter, topping the 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 period in the prior year, the firm posted $1.79 EPS. The business’s revenue was up 4.5% compared to the same quarter last year. sell-side analysts forecast that Raytheon Company will post 7.61 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 3rd will be given a $0.7975 dividend. This represents a $3.19 annualized dividend and a yield of 1.71%. The ex-dividend date is Tuesday, January 2nd. Raytheon’s payout ratio is currently 42.93%.
Raytheon declared that its Board of Directors has authorized a stock repurchase program on Wednesday, November 15th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the aerospace company to repurchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
Several brokerages recently issued reports on RTN. Zacks Investment Research raised Raytheon from a “hold” rating to a “buy” rating and set a $204.00 price objective for the company in a research note on Thursday, September 14th. Sanford C. Bernstein reissued an “outperform” rating and issued a $199.00 price objective (up from $188.00) on shares of Raytheon in a research note on Monday, October 30th. They noted that the move was a valuation call. Vetr downgraded Raytheon from a “buy” rating to a “hold” rating and set a $187.08 price objective for the company. in a research note on Tuesday, August 15th. Wells Fargo & Company reduced their price objective on Raytheon from $200.00 to $195.00 and set an “outperform” rating for the company in a research note on Friday, October 27th. Finally, Buckingham Research increased their price objective on Raytheon from $199.00 to $204.00 and gave the stock a “buy” rating in a research note on Tuesday, October 31st. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Raytheon currently has an average rating of “Buy” and an average price target of $200.59.
In other Raytheon news, VP Frank R. Jimenez sold 650 shares of the company’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $187.27, for a total value of $121,725.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.19% of the company’s stock.
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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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