First National Bank of Mount Dora Trust Investment Services increased its stake in shares of Raytheon (NYSE:RTN) by 8.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 18,610 shares of the aerospace company’s stock after purchasing an additional 1,415 shares during the period. First National Bank of Mount Dora Trust Investment Services’ holdings in Raytheon were worth $3,496,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Signature Estate & Investment Advisors LLC purchased a new stake in Raytheon during the 3rd quarter valued at about $103,000. Jacobi Capital Management LLC grew its stake in shares of Raytheon by 5.3% in the 2nd quarter. Jacobi Capital Management LLC now owns 797 shares of the aerospace company’s stock valued at $132,000 after buying an additional 40 shares during the period. Invictus RG purchased a new stake in shares of Raytheon in the 3rd quarter valued at approximately $152,000. Shine Investment Advisory Services Inc. purchased a new stake in shares of Raytheon in the 2nd quarter valued at approximately $139,000. Finally, Horan Capital Advisors LLC. purchased a new stake in shares of Raytheon in the 3rd quarter valued at approximately $168,000. Hedge funds and other institutional investors own 73.26% of the company’s stock.
In related news, VP Frank R. Jimenez sold 175 shares of Raytheon stock in a transaction on Friday, December 29th. The shares were sold at an average price of $189.13, for a total transaction of $33,097.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Letitia A. Long sold 650 shares of Raytheon stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $185.83, for a total transaction of $120,789.50. Following the sale, the director now owns 2,273 shares in the company, valued at $422,391.59. The disclosure for this sale can be found here. Insiders have sold a total of 1,895 shares of company stock worth $357,215 over the last quarter. 0.19% of the stock is owned by company insiders.
Raytheon (NYSE:RTN) last announced its quarterly earnings data on Thursday, October 26th. The aerospace company reported $1.97 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.90 by $0.07. Raytheon had a net margin of 8.77% and a return on equity of 20.98%. The business had revenue of $6.28 billion for the quarter, compared to analyst estimates of $6.33 billion. During the same period last year, the business earned $1.79 EPS. The company’s revenue was up 4.5% on a year-over-year basis. sell-side analysts anticipate that Raytheon will post 7.61 earnings per share for the current fiscal year.
Raytheon declared that its Board of Directors has initiated a stock buyback program on Wednesday, November 15th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the aerospace company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board 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 paid a dividend of $0.7975 per share. The ex-dividend date is Tuesday, January 2nd. This represents a $3.19 annualized dividend and a yield of 1.62%. Raytheon’s dividend payout ratio is currently 42.88%.
RTN has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of Raytheon from a “hold” rating to a “buy” rating and set a $217.00 price objective for the company in a research report on Friday. Stifel Nicolaus reaffirmed a “buy” rating and set a $210.00 price objective on shares of Raytheon in a research report on Tuesday, January 9th. Robert W. Baird reaffirmed a “buy” rating and set a $212.00 price objective on shares of Raytheon in a research report on Tuesday, October 24th. Royal Bank of Canada reaffirmed a “buy” rating and set a $209.00 price objective on shares of Raytheon in a research report on Tuesday, October 10th. Finally, ValuEngine upgraded shares of Raytheon from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Three analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $203.36.
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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