Wesbanco Bank Inc. grew its holdings in Raytheon (NYSE:RTN) by 118.2% in the 1st quarter, HoldingsChannel.com reports. The firm owned 76,704 shares of the aerospace company’s stock after purchasing an additional 41,556 shares during the quarter. Wesbanco Bank Inc.’s holdings in Raytheon were worth $16,555,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. CIBC World Markets Inc. lifted its stake in Raytheon by 512.5% in the first quarter. CIBC World Markets Inc. now owns 269,146 shares of the aerospace company’s stock worth $58,087,000 after acquiring an additional 225,203 shares during the last quarter. EagleClaw Capital Managment LLC purchased a new position in Raytheon in the first quarter worth approximately $205,000. Moors & Cabot Inc. lifted its stake in Raytheon by 5.1% in the first quarter. Moors & Cabot Inc. now owns 10,509 shares of the aerospace company’s stock worth $2,268,000 after acquiring an additional 513 shares during the last quarter. Trust Co. of Vermont lifted its stake in Raytheon by 2.6% in the first quarter. Trust Co. of Vermont now owns 9,788 shares of the aerospace company’s stock worth $2,112,000 after acquiring an additional 244 shares during the last quarter. Finally, Royal Bank of Canada lifted its stake in Raytheon by 23.7% in the first quarter. Royal Bank of Canada now owns 1,855,895 shares of the aerospace company’s stock worth $400,539,000 after acquiring an additional 356,086 shares during the last quarter. 72.58% of the stock is owned by institutional investors and hedge funds.
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A number of brokerages recently issued reports on RTN. Zacks Investment Research downgraded shares of Raytheon from a “buy” rating to a “hold” rating in a research note on Thursday, April 12th. ValuEngine upgraded shares of Raytheon from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Credit Suisse Group reiterated a “neutral” rating and issued a $219.00 price target (down previously from $250.00) on shares of Raytheon in a research note on Tuesday, May 22nd. Barclays began coverage on shares of Raytheon in a research note on Thursday, March 29th. They issued an “equal weight” rating and a $239.00 price target for the company. Finally, Wolfe Research upgraded shares of Raytheon from a “market perform” rating to an “outperform” rating in a research note on Tuesday, May 8th. Five analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Raytheon presently has an average rating of “Buy” and a consensus target price of $220.23.
In other news, VP Taylor W. Lawrence sold 1,088 shares of Raytheon stock in a transaction on Friday, March 23rd. The shares were sold at an average price of $215.02, for a total value of $233,941.76. Following the transaction, the vice president now directly owns 51,657 shares of the company’s stock, valued at approximately $11,107,288.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Rebecca R. Rhoads sold 12,054 shares of Raytheon stock in a transaction on Monday, April 2nd. The shares were sold at an average price of $212.09, for a total transaction of $2,556,532.86. Following the completion of the transaction, the vice president now directly owns 26,266 shares in the company, valued at $5,570,755.94. The disclosure for this sale can be found here. In the last three months, insiders have sold 31,328 shares of company stock worth $6,681,734. 0.19% of the stock is owned by corporate insiders.
RTN stock opened at $202.61 on Tuesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.52 and a current ratio of 1.62. Raytheon has a twelve month low of $159.46 and a twelve month high of $229.75. The company has a market cap of $57.89 billion, a price-to-earnings ratio of 26.59, a P/E/G ratio of 1.78 and a beta of 0.69.
Raytheon (NYSE:RTN) last released its quarterly earnings data on Thursday, April 26th. The aerospace company reported $2.20 earnings per share for the quarter, topping analysts’ consensus estimates of $2.10 by $0.10. Raytheon had a net margin of 8.40% and a return on equity of 22.69%. The company had revenue of $6.27 billion for the quarter, compared to analysts’ expectations of $6.21 billion. During the same quarter last year, the company earned $1.74 earnings per share. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. analysts predict that Raytheon will post 9.87 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 2nd. Shareholders of record on Wednesday, July 11th will be issued a dividend of $0.8675 per share. The ex-dividend date of this dividend is Tuesday, July 10th. This represents a $3.47 dividend on an annualized basis and a yield of 1.71%. Raytheon’s payout ratio is currently 45.54%.
Raytheon Company Profile
Raytheon Company develops integrated products, services, and solutions for defense and other government markets worldwide. It operates through five segments: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS); and Forcepoint.
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