Whittier Trust Co. lowered its stake in shares of Raytheon Co. (NYSE:RTN) by 14.3% during the second quarter, Holdings Channel reports. The firm owned 13,966 shares of the company’s stock after selling 2,331 shares during the period. Whittier Trust Co.’s holdings in Raytheon were worth $1,899,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in RTN. Monetary Management Group Inc. increased its position in Raytheon by 840.0% in the first quarter. Monetary Management Group Inc. now owns 940 shares of the company’s stock valued at $115,000 after buying an additional 840 shares during the period. Quadrant Capital Group LLC increased its position in Raytheon by 5.6% in the second quarter. Quadrant Capital Group LLC now owns 1,022 shares of the company’s stock valued at $131,000 after buying an additional 54 shares during the period. Integrated Investment Consultants LLC increased its position in Raytheon by 11.5% in the second quarter. Integrated Investment Consultants LLC now owns 1,135 shares of the company’s stock valued at $154,000 after buying an additional 117 shares during the period. Foundry Partners LLC bought a new position in Raytheon during the second quarter valued at $201,000. Finally, Dowling & Yahnke LLC bought a new position in Raytheon during the second quarter valued at $203,000. Institutional investors own 77.90% of the company’s stock.
Shares of Raytheon Co. (NYSE:RTN) traded down 1.06% during mid-day trading on Friday, hitting $136.78. The company had a trading volume of 1,614,935 shares. The firm has a 50-day moving average price of $139.10 and a 200 day moving average price of $134.09. Raytheon Co. has a 52-week low of $109.10 and a 52-week high of $143.39. The firm has a market capitalization of $40.36 billion, a price-to-earnings ratio of 19.11 and a beta of 0.64.
Raytheon (NYSE:RTN) last issued its quarterly earnings results on Thursday, July 28th. The company reported $2.38 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.74 by $0.64. The firm had revenue of $6 billion for the quarter, compared to analyst estimates of $5.83 billion. Raytheon had a net margin of 9.02% and a return on equity of 19.26%. Raytheon’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period last year, the company posted $1.65 EPS. Analysts expect that Raytheon Co. will post $7.41 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Shareholders of record on Wednesday, October 5th will be issued a $0.7325 dividend. The ex-dividend date is Monday, October 3rd. This represents a $2.93 dividend on an annualized basis and a yield of 2.14%. Raytheon’s payout ratio is 40.86%.
A number of equities research analysts have commented on RTN shares. Zacks Investment Research raised Raytheon from a “hold” rating to a “buy” rating and set a $151.00 price target on the stock in a report on Monday, July 4th. Wells Fargo & Co. reissued a “buy” rating on shares of Raytheon in a report on Thursday, June 9th. Stifel Nicolaus raised their price target on Raytheon from $140.00 to $160.00 and gave the company a “buy” rating in a report on Friday, July 29th. Jefferies Group raised their price target on Raytheon from $145.00 to $158.00 and gave the company a “buy” rating in a report on Friday, July 29th. Finally, Deutsche Bank AG raised their price target on Raytheon from $135.00 to $140.00 and gave the company a “hold” rating in a report on Friday, July 29th. Five analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $174.67.
In other Raytheon news, Director Vernon E. Clark sold 2,540 shares of the stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $141.01, for a total value of $358,165.40. Following the completion of the sale, the director now owns 7,246 shares in the company, valued at approximately $1,021,758.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.21% of the stock is currently owned by company insiders.
Raytheon Company (Raytheon), together with its subsidiaries, is a technology company. The Company develops technologically integrated products, services and solutions in various markets, such as sensing; effects; command, control, communications, computers, cyber and intelligence (C5I); mission support, and cybersecurity.
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