United Bank Inc. boosted its stake in shares of Raytheon Company (NYSE:RTN) by 3.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,266 shares of the aerospace company’s stock after buying an additional 1,002 shares during the period. Raytheon comprises 2.0% of United Bank Inc.’s holdings, making the stock its 16th largest position. United Bank Inc.’s holdings in Raytheon were worth $4,726,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in Raytheon by 2,166.0% in the first quarter. BlackRock Inc. now owns 19,407,819 shares of the aerospace company’s stock valued at $2,959,694,000 after buying an additional 18,551,353 shares during the period. Vanguard Group Inc. increased its stake in Raytheon by 4.7% in the first quarter. Vanguard Group Inc. now owns 21,910,520 shares of the aerospace company’s stock valued at $3,341,355,000 after buying an additional 989,986 shares during the period. Renaissance Technologies LLC increased its stake in Raytheon by 66.5% in the first quarter. Renaissance Technologies LLC now owns 1,289,200 shares of the aerospace company’s stock valued at $196,603,000 after buying an additional 514,800 shares during the period. Independence Advisors LLC purchased a new stake in Raytheon during the second quarter valued at about $28,551,000. Finally, MARSHALL WACE ASIA Ltd purchased a new stake in Raytheon during the first quarter valued at about $58,030,000. Institutional investors and hedge funds own 74.72% of the company’s stock.
Raytheon Company (NYSE RTN) traded down 0.08% on Wednesday, hitting $178.08. The stock had a trading volume of 1,433,257 shares. Raytheon Company has a 1-year low of $132.89 and a 1-year high of $181.05. The company has a market cap of $51.69 billion, a P/E ratio of 24.60 and a beta of 0.59. The stock has a 50 day moving average price of $170.05 and a 200 day moving average price of $159.30.
Raytheon (NYSE:RTN) last issued its quarterly earnings results on Thursday, July 27th. The aerospace company reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.15. The firm had revenue of $6.28 billion for the quarter, compared to analysts’ expectations of $6.24 billion. Raytheon had a return on equity of 20.74% and a net margin of 8.68%. The business’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.38 EPS. On average, equities research analysts expect that Raytheon Company will post $7.59 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 3rd. Investors of record on Wednesday, July 5th were given a $0.7975 dividend. The ex-dividend date of this dividend was Friday, June 30th. This represents a $3.19 annualized dividend and a yield of 1.79%. Raytheon’s dividend payout ratio (DPR) is presently 43.94%.
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A number of analysts have recently weighed in on the company. Zacks Investment Research downgraded Raytheon from a “buy” rating to a “hold” rating in a research report on Friday, May 19th. Vetr downgraded Raytheon from a “buy” rating to a “hold” rating and set a $166.27 target price for the company. in a research report on Tuesday, May 9th. Deutsche Bank AG upped their target price on Raytheon from $156.00 to $160.00 and gave the company a “hold” rating in a research report on Friday, April 28th. Royal Bank Of Canada restated a “buy” rating and set a $181.00 price objective on shares of Raytheon in a research report on Friday, June 2nd. Finally, BidaskClub upgraded Raytheon from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 12th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $183.01.
In other news, VP Wesley D. Kremer sold 1,010 shares of the stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $163.10, for a total transaction of $164,731.00. Following the transaction, the vice president now directly owns 23,136 shares of the company’s stock, valued at approximately $3,773,481.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Taylor W. Lawrence sold 2,756 shares of the stock in a transaction on Monday, June 5th. The shares were sold at an average price of $162.04, for a total value of $446,582.24. Following the transaction, the vice president now directly owns 53,285 shares in the company, valued at $8,634,301.40. The disclosure for this sale can be found here. Insiders sold a total of 16,740 shares of company stock worth $2,730,129 over the last ninety days. 0.19% of the stock is currently owned by insiders.
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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