Peak Asset Management LLC reduced its position in shares of Raytheon Company (NYSE:RTN) by 0.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,247 shares of the aerospace company’s stock after selling 167 shares during the period. Raytheon makes up approximately 2.8% of Peak Asset Management LLC’s portfolio, making the stock its 11th largest position. Peak Asset Management LLC’s holdings in Raytheon were worth $7,358,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of the stock. Crestwood Advisors Group LLC purchased a new stake in shares of Raytheon during the first quarter worth approximately $110,000. Oakworth Capital Inc. raised its stake in shares of Raytheon by 156.1% in the first quarter. Oakworth Capital Inc. now owns 730 shares of the aerospace company’s stock worth $111,000 after buying an additional 445 shares in the last quarter. Signature Estate & Investment Advisors LLC purchased a new stake in shares of Raytheon during the first quarter worth approximately $111,000. Orrstown Financial Services Inc. raised its stake in shares of Raytheon by 22.6% in the first quarter. Orrstown Financial Services Inc. now owns 759 shares of the aerospace company’s stock worth $116,000 after buying an additional 140 shares in the last quarter. Finally, Adirondack Trust Co. raised its stake in shares of Raytheon by 7.1% in the first quarter. Adirondack Trust Co. now owns 803 shares of the aerospace company’s stock worth $122,000 after buying an additional 53 shares in the last quarter. Hedge funds and other institutional investors own 74.83% of the company’s stock.
Shares of Raytheon Company (NYSE RTN) traded down 0.16% on Friday, hitting $173.87. The stock had a trading volume of 1,434,988 shares. Raytheon Company has a 12 month low of $132.89 and a 12 month high of $174.60. The firm has a 50 day moving average of $165.60 and a 200 day moving average of $157.06. The stock has a market cap of $50.47 billion, a P/E ratio of 24.02 and a beta of 0.59.
Raytheon (NYSE:RTN) last posted its quarterly earnings results on Thursday, July 27th. The aerospace company reported $1.89 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.74 by $0.15. Raytheon had a return on equity of 20.74% and a net margin of 8.68%. The firm had revenue of $6.28 billion for the quarter, compared to the consensus estimate of $6.24 billion. During the same period in the previous year, the business earned $2.38 earnings per share. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. On average, equities analysts forecast that Raytheon Company will post $7.58 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 3rd. Investors of record on Wednesday, July 5th were paid a $0.7975 dividend. The ex-dividend date was Friday, June 30th. This represents a $3.19 dividend on an annualized basis and a dividend yield of 1.83%. Raytheon’s dividend payout ratio (DPR) is presently 43.94%.
RTN has been the topic of several recent research reports. Stifel Nicolaus upped their price objective on Raytheon from $160.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, April 28th. BidaskClub upgraded Raytheon from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 12th. Vetr lowered Raytheon from a “buy” rating to a “hold” rating and set a $166.44 price objective on the stock. in a research report on Tuesday, May 23rd. Argus restated a “buy” rating and issued a $195.00 price objective (up previously from $175.00) on shares of Raytheon in a research report on Friday. Finally, Zacks Investment Research upgraded Raytheon from a “hold” rating to a “buy” rating and set a $183.00 price objective on the stock in a research report on Tuesday, May 30th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $176.56.
In other Raytheon news, VP Wesley D. Kremer sold 1,010 shares of the business’s 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 sale, the vice president now directly owns 23,136 shares in the company, valued at $3,773,481.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Thomas A. Kennedy sold 10,703 shares of the business’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $162.05, for a total value of $1,734,421.15. Following the sale, the chairman now owns 61,671 shares in the company, valued at $9,993,785.55. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,911 shares of company stock worth $2,580,752. Company insiders own 0.19% of the company’s stock.
About Raytheon
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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