Wellington Shields Capital Management LLC Lowers Position in Raytheon (NYSE:RTN)

Wellington Shields Capital Management LLC lessened its holdings in Raytheon (NYSE:RTN) by 16.5% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,708 shares of the aerospace company’s stock after selling 4,095 shares during the period. Wellington Shields Capital Management LLC’s holdings in Raytheon were worth $4,063,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of RTN. Liberty Wealth Management LLC raised its position in Raytheon by 312.5% during the third quarter. Liberty Wealth Management LLC now owns 132 shares of the aerospace company’s stock valued at $26,000 after purchasing an additional 100 shares in the last quarter. Bridger Capital Management LLC purchased a new stake in Raytheon during the third quarter valued at about $26,000. Garrett Wealth Advisory Group LLC purchased a new stake in Raytheon during the third quarter valued at about $32,000. Sound Income Strategies LLC raised its position in Raytheon by 95.3% during the third quarter. Sound Income Strategies LLC now owns 166 shares of the aerospace company’s stock valued at $33,000 after purchasing an additional 81 shares in the last quarter. Finally, First Financial Corp IN purchased a new stake in Raytheon during the third quarter valued at about $33,000. Institutional investors own 72.63% of the company’s stock.

Shares of NYSE:RTN traded up $0.16 on Monday, reaching $216.00. 624,291 shares of the company traded hands, compared to its average volume of 1,891,931. The business’s 50-day simple moving average is $203.56 and its 200 day simple moving average is $187.12. Raytheon has a 52 week low of $144.27 and a 52 week high of $218.00. The stock has a market capitalization of $60.11 billion, a P/E ratio of 20.36, a price-to-earnings-growth ratio of 1.69 and a beta of 0.89. The company has a current ratio of 1.54, a quick ratio of 1.44 and a debt-to-equity ratio of 0.38.

Raytheon (NYSE:RTN) last announced its quarterly earnings data on Thursday, October 24th. The aerospace company reported $3.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.86 by $0.22. Raytheon had a return on equity of 27.23% and a net margin of 11.47%. The firm had revenue of $7.45 billion for the quarter, compared to analysts’ expectations of $7.29 billion. During the same period last year, the firm earned $2.25 earnings per share. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. Sell-side analysts expect that Raytheon will post 11.84 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Wednesday, October 9th were paid a $0.9425 dividend. The ex-dividend date was Tuesday, October 8th. This represents a $3.77 annualized dividend and a dividend yield of 1.75%. Raytheon’s payout ratio is presently 35.53%.

A number of equities research analysts have weighed in on the company. UBS Group set a $230.00 price target on Raytheon and gave the company a “hold” rating in a research report on Friday, October 25th. Cowen restated a “buy” rating and set a $225.00 price target on shares of Raytheon in a research report on Thursday, October 24th. JPMorgan Chase & Co. set a $240.00 price target on Raytheon and gave the company a “buy” rating in a research report on Friday, October 25th. Bank of America restated a “buy” rating and set a $265.00 price target (up previously from $224.00) on shares of Raytheon in a research report on Friday, July 26th. Finally, Wolfe Research set a $221.00 price target on Raytheon and gave the company a “buy” rating in a research report on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $217.94.

In related news, VP Randa G. Newsome sold 4,300 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $199.10, for a total value of $856,130.00. Following the sale, the vice president now directly owns 18,281 shares of the company’s stock, valued at $3,639,747.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Frank R. Jimenez sold 1,054 shares of the firm’s stock in a transaction dated 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 sale, 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 10,769 shares of company stock worth $2,120,750 over the last three months. 0.18% of the stock is owned by insiders.

About Raytheon

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.

Further Reading: Why investors pay attention to retained earnings

Institutional Ownership by Quarter for Raytheon (NYSE:RTN)

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