Reliant Investment Management LLC Reduces Holdings in Raytheon (RTN)
Reliant Investment Management LLC trimmed its position in shares of Raytheon (NYSE:RTN) by 4.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 21,750 shares of the aerospace company’s stock after selling 1,080 shares during the quarter. Raytheon comprises about 3.4% of Reliant Investment Management LLC’s investment portfolio, making the stock its 10th largest holding. Reliant Investment Management LLC’s holdings in Raytheon were worth $3,335,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc grew its stake in shares of Raytheon by 0.9% during the 3rd quarter. Vanguard Group Inc now owns 23,074,017 shares of the aerospace company’s stock worth $4,768,477,000 after purchasing an additional 212,408 shares during the period. BlackRock Inc. grew its position in Raytheon by 1.3% in the 4th quarter. BlackRock Inc. now owns 22,838,110 shares of the aerospace company’s stock valued at $3,502,223,000 after acquiring an additional 288,392 shares in the last quarter. Oregon Public Employees Retirement Fund grew its position in Raytheon by 8,792.1% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,674,238 shares of the aerospace company’s stock valued at $63,000 after acquiring an additional 9,565,442 shares in the last quarter. Amundi Pioneer Asset Management Inc. grew its position in Raytheon by 9.4% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 3,880,490 shares of the aerospace company’s stock valued at $595,074,000 after acquiring an additional 334,298 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Raytheon by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 3,729,683 shares of the aerospace company’s stock worth $570,952,000 after buying an additional 186,460 shares in the last quarter. 75.74% of the stock is owned by institutional investors and hedge funds.
Raytheon stock traded up $0.50 during trading hours on Monday, hitting $180.49. The stock had a trading volume of 7,984 shares, compared to its average volume of 1,882,458. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.37 and a current ratio of 1.46. The stock has a market capitalization of $50.80 billion, a PE ratio of 17.01, a price-to-earnings-growth ratio of 1.37 and a beta of 1.00. Raytheon has a 12-month low of $144.27 and a 12-month high of $229.75.
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Wednesday, April 10th will be issued a $0.9425 dividend. The ex-dividend date is Tuesday, April 9th. This is a boost from Raytheon’s previous quarterly dividend of $0.87. This represents a $3.77 annualized dividend and a yield of 2.09%. Raytheon’s payout ratio is 32.70%.
A number of research firms have recently commented on RTN. ValuEngine downgraded Raytheon from a “hold” rating to a “sell” rating in a report on Thursday, January 10th. Citigroup lowered their price target on shares of Raytheon from $230.00 to $208.00 and set a “buy” rating for the company in a research report on Monday, January 14th. Alembic Global Advisors raised shares of Raytheon from a “neutral” rating to an “overweight” rating and set a $214.00 price target for the company in a research report on Tuesday, February 5th. Zacks Investment Research cut shares of Raytheon from a “buy” rating to a “hold” rating in a research report on Monday, December 31st. Finally, Barclays lowered their price target on shares of Raytheon from $239.00 to $195.00 and set an “equal weight” rating for the company in a research report on Tuesday, December 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $217.31.
In other Raytheon news, VP Anthony F. O’brien sold 9,656 shares of Raytheon stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $181.06, for a total value of $1,748,315.36. Following the completion of the transaction, the vice president now directly owns 34,057 shares of the company’s stock, valued at $6,166,360.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Michael J. Wood sold 3,501 shares of Raytheon stock in a transaction dated Friday, February 15th. The stock was sold at an average price of $183.86, for a total transaction of $643,693.86. Following the completion of the transaction, the chief accounting officer now directly owns 19,217 shares of the company’s stock, valued at $3,533,237.62. The disclosure for this sale can be found here. Insiders sold 17,251 shares of company stock valued at $3,144,855 over the last ninety days. Corporate insiders own 0.19% of the company’s stock.
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Raytheon Company develops integrated products, services, and solutions for defense and other government markets worldwide. It operates through five segments: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS); and Forcepoint.
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