NuWave Investment Management LLC Lowers Stock Position in Raytheon (NYSE:RTN)

NuWave Investment Management LLC cut its position in shares of Raytheon (NYSE:RTN) by 95.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 132 shares of the aerospace company’s stock after selling 2,928 shares during the period. NuWave Investment Management LLC’s holdings in Raytheon were worth $26,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in RTN. Wright Investors Service Inc. grew its position in Raytheon by 0.7% in the second quarter. Wright Investors Service Inc. now owns 8,826 shares of the aerospace company’s stock valued at $1,534,000 after acquiring an additional 57 shares in the last quarter. Centric Wealth Management boosted its position in shares of Raytheon by 3.2% in the 3rd quarter. Centric Wealth Management now owns 1,834 shares of the aerospace company’s stock valued at $351,000 after purchasing an additional 57 shares during the period. Dubuque Bank & Trust Co. boosted its position in shares of Raytheon by 1.3% in the 3rd quarter. Dubuque Bank & Trust Co. now owns 4,475 shares of the aerospace company’s stock valued at $878,000 after purchasing an additional 59 shares during the period. Altfest L J & Co. Inc. boosted its position in shares of Raytheon by 0.8% in the 2nd quarter. Altfest L J & Co. Inc. now owns 7,933 shares of the aerospace company’s stock valued at $1,379,000 after purchasing an additional 64 shares during the period. Finally, Sequoia Financial Advisors LLC boosted its position in shares of Raytheon by 3.3% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 1,991 shares of the aerospace company’s stock valued at $346,000 after purchasing an additional 64 shares during the period. 73.04% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Raytheon stock traded down $3.40 during trading on Friday, hitting $198.94. 524,639 shares of the stock traded hands, compared to its average volume of 1,780,200. The stock has a market cap of $55.54 billion, a P/E ratio of 18.75, a PEG ratio of 1.59 and a beta of 0.87. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.35 and a current ratio of 1.46. Raytheon has a twelve month low of $144.27 and a twelve month high of $205.28. The company has a fifty day moving average price of $194.22 and a two-hundred day moving average price of $183.60.

Raytheon (NYSE:RTN) last announced its quarterly earnings results on Thursday, July 25th. The aerospace company reported $2.92 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.61 by $0.31. The business had revenue of $7.16 billion during the quarter, compared to analyst estimates of $7.02 billion. Raytheon had a return on equity of 26.34% and a net margin of 10.96%. The firm’s revenue was up 8.1% on a year-over-year basis. During the same period in the previous year, the company earned $2.45 EPS. On average, equities research analysts expect that Raytheon will post 11.73 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 7th. Investors of record on Wednesday, October 9th will be paid a $0.9425 dividend. This represents a $3.77 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date of this dividend is Tuesday, October 8th. Raytheon’s payout ratio is 35.53%.

RTN has been the subject of a number of research reports. Bank of America restated a “buy” rating and set a $265.00 price objective (up from $224.00) on shares of Raytheon in a research report on Friday, July 26th. UBS Group raised their price objective on Raytheon from $205.00 to $215.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. JPMorgan Chase & Co. upgraded Raytheon from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $225.00 to $230.00 in a research report on Monday, September 16th. Credit Suisse Group upgraded Raytheon from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $188.00 to $230.00 in a research report on Thursday, October 3rd. Finally, Buckingham Research lowered Raytheon from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $265.00 to $195.00 in a research report on Monday, June 24th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $214.11.

In other Raytheon news, VP Randa G. Newsome sold 10,000 shares of Raytheon stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $185.01, for a total value of $1,850,100.00. Following the transaction, the vice president now directly owns 20,396 shares of the company’s stock, valued at approximately $3,773,463.96. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Frank R. Jimenez sold 1,054 shares of Raytheon stock in a transaction that occurred 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 completion of the transaction, the vice president now directly owns 25,863 shares in the company, valued at $4,655,340. The disclosure for this sale can be found here. Insiders sold a total of 20,769 shares of company stock worth $3,970,850 over the last three months. 0.18% of the stock is owned by company insiders.

Raytheon Company 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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