Patten & Patten Inc. TN Increases Stake in Raytheon (NYSE:RTN)

Patten & Patten Inc. TN raised its stake in shares of Raytheon (NYSE:RTN) by 3.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,378 shares of the aerospace company’s stock after buying an additional 2,457 shares during the quarter. Raytheon comprises approximately 1.6% of Patten & Patten Inc. TN’s holdings, making the stock its 14th largest position. Patten & Patten Inc. TN’s holdings in Raytheon were worth $14,396,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in RTN. Amundi Pioneer Asset Management Inc. boosted its position in shares of Raytheon by 7.3% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 4,165,178 shares of the aerospace company’s stock valued at $758,397,000 after acquiring an additional 284,688 shares during the last quarter. Morgan Stanley boosted its position in shares of Raytheon by 5.5% during the 2nd quarter. Morgan Stanley now owns 3,432,646 shares of the aerospace company’s stock valued at $596,867,000 after acquiring an additional 178,321 shares during the last quarter. Clearbridge Investments LLC boosted its position in shares of Raytheon by 1.6% during the 1st quarter. Clearbridge Investments LLC now owns 3,018,011 shares of the aerospace company’s stock valued at $549,519,000 after acquiring an additional 47,460 shares during the last quarter. Nuveen Asset Management LLC boosted its position in shares of Raytheon by 11,865.9% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,593,864 shares of the aerospace company’s stock valued at $277,141,000 after acquiring an additional 1,580,544 shares during the last quarter. Finally, USS Investment Management Ltd boosted its position in shares of Raytheon by 5.7% during the 1st quarter. USS Investment Management Ltd now owns 1,527,946 shares of the aerospace company’s stock valued at $278,193,000 after acquiring an additional 82,955 shares during the last quarter. 73.04% of the stock is owned by institutional investors and hedge funds.

In other news, VP Frank R. Jimenez sold 2,500 shares of Raytheon stock in a transaction on Monday, September 30th. The stock was sold at an average price of $196.76, for a total transaction of $491,900.00. Following the completion of the sale, the vice president now directly owns 25,504 shares in the company, valued at $5,018,167.04. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Frank R. Jimenez sold 1,054 shares of Raytheon stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $180.00, for a total value of $189,720.00. Following the sale, the vice president now owns 25,863 shares of the company’s stock, valued at $4,655,340. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,469 shares of company stock valued at $3,114,720. Corporate insiders own 0.18% of the company’s stock.

A number of research analysts have recently commented on the company. Barclays set a $215.00 target price on Raytheon and gave the company a “hold” rating in a research report on Tuesday, October 8th. Bank of America restated a “buy” rating and issued a $265.00 price target (up from $224.00) on shares of Raytheon in a research report on Friday, July 26th. Credit Suisse Group upgraded Raytheon from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $188.00 to $230.00 in a research report on Thursday, October 3rd. JPMorgan Chase & Co. upgraded Raytheon from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $225.00 to $230.00 in a research report on Monday, September 16th. Finally, UBS Group raised their price target on Raytheon from $205.00 to $215.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the stock. Raytheon currently has a consensus rating of “Buy” and an average price target of $214.11.

RTN traded up $0.27 during trading on Tuesday, reaching $199.65. The company had a trading volume of 627,541 shares, compared to its average volume of 1,884,281. The stock has a market cap of $55.34 billion, a P/E ratio of 18.82, a PEG ratio of 1.59 and a beta of 0.87. The business has a 50 day simple moving average of $192.88 and a 200-day simple moving average of $183.29. Raytheon has a 52 week low of $144.27 and a 52 week high of $205.28. The company has a quick ratio of 1.35, a current ratio of 1.46 and a debt-to-equity ratio of 0.41.

Raytheon (NYSE:RTN) last released its earnings results on Thursday, July 25th. The aerospace company reported $2.92 earnings per share for the quarter, topping the consensus estimate of $2.61 by $0.31. Raytheon had a return on equity of 26.34% and a net margin of 10.96%. The business had revenue of $7.16 billion during the quarter, compared to the consensus estimate of $7.02 billion. During the same period last year, the company earned $2.45 earnings per share. The business’s revenue for the quarter was up 8.1% compared to the same quarter last year. As a group, equities research analysts expect that Raytheon will post 11.73 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 7th. Stockholders of record on Wednesday, October 9th will be given a dividend of $0.9425 per share. The ex-dividend date is Tuesday, October 8th. This represents a $3.77 annualized dividend and a dividend yield of 1.89%. Raytheon’s dividend payout ratio (DPR) is 35.53%.

Raytheon Profile

Raytheon Company develops integrated products, services, and solutions for the 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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Institutional Ownership by Quarter for Raytheon (NYSE:RTN)

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