Suntrust Banks Inc. Reduces Stake in Raytheon Company (RTN)

Suntrust Banks Inc. cut its position in Raytheon Company (NYSE:RTN) by 2.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 252,552 shares of the aerospace company’s stock after selling 7,185 shares during the quarter. Suntrust Banks Inc. owned 0.09% of Raytheon worth $40,780,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of RTN. Gerber Kawasaki Wealth & Investment Management acquired a new stake in shares of Raytheon in the first quarter valued at $273,000. Toronto Dominion Bank grew its stake in shares of Raytheon by 47.1% in the first quarter. Toronto Dominion Bank now owns 83,624 shares of the aerospace company’s stock valued at $12,753,000 after buying an additional 26,786 shares in the last quarter. Virginia Retirement Systems ET AL acquired a new stake in shares of Raytheon in the first quarter valued at $10,858,000. Zweig DiMenna Associates LLC grew its stake in shares of Raytheon by 26.0% in the first quarter. Zweig DiMenna Associates LLC now owns 71,443 shares of the aerospace company’s stock valued at $10,895,000 after buying an additional 14,740 shares in the last quarter. Finally, State of Tennessee Treasury Department grew its stake in shares of Raytheon by 38.9% in the first quarter. State of Tennessee Treasury Department now owns 281,597 shares of the aerospace company’s stock valued at $42,944,000 after buying an additional 78,853 shares in the last quarter. 73.62% of the stock is owned by institutional investors and hedge funds.

Shares of Raytheon Company (RTN) opened at 186.95 on Friday. The stock has a market capitalization of $54.26 billion, a P/E ratio of 25.82 and a beta of 0.59. Raytheon Company has a one year low of $132.89 and a one year high of $189.64. The firm’s 50-day moving average price is $184.96 and its 200-day moving average price is $169.38.

Raytheon (NYSE:RTN) last released its earnings results on Thursday, July 27th. The aerospace company reported $1.89 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.74 by $0.15. The firm had revenue of $6.28 billion during the quarter, compared to analyst estimates of $6.24 billion. Raytheon had a net margin of 8.68% and a return on equity of 20.74%. The business’s revenue was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.38 EPS. Equities research analysts anticipate that Raytheon Company will post $7.59 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Thursday, October 12th will be given a dividend of $0.7975 per share. This represents a $3.19 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date is Wednesday, October 11th. Raytheon’s dividend payout ratio is 43.94%.

A number of equities research analysts have recently weighed in on RTN shares. Argus reaffirmed a “buy” rating and issued a $195.00 price objective (up from $175.00) on shares of Raytheon in a research note on Friday, August 4th. Bank of America Corporation reissued a “buy” rating and set a $200.00 target price (up from $185.00) on shares of Raytheon in a research note on Tuesday, August 1st. BidaskClub cut Raytheon from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Stifel Nicolaus reissued a “buy” rating and set a $185.00 target price (up from $175.00) on shares of Raytheon in a research note on Sunday, July 30th. Finally, Vetr raised Raytheon from a “hold” rating to a “buy” rating and set a $178.87 target price for the company in a research note on Monday, July 17th. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $194.07.

In other Raytheon news, VP Frank R. Jimenez sold 650 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $187.27, for a total transaction of $121,725.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Taylor W. Lawrence sold 3,791 shares of the business’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $182.09, for a total transaction of $690,303.19. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,770 shares of company stock valued at $1,052,376. Company insiders own 0.19% of the company’s stock.

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Raytheon Profile

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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Institutional Ownership by Quarter for Raytheon (NYSE:RTN)

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