United Services Automobile Association Cuts Stake in Raytheon Company (RTN)

United Services Automobile Association lowered its stake in shares of Raytheon Company (NYSE:RTN) by 28.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 396,080 shares of the aerospace company’s stock after selling 155,942 shares during the period. United Services Automobile Association owned approximately 0.14% of Raytheon worth $60,402,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Quadrature Capital Ltd boosted its stake in shares of Raytheon by 63.9% in the fourth quarter. Quadrature Capital Ltd now owns 4,837 shares of the aerospace company’s stock worth $687,000 after buying an additional 1,886 shares during the last quarter. Ibex Wealth Advisors boosted its stake in shares of Raytheon by 0.6% in the fourth quarter. Ibex Wealth Advisors now owns 22,866 shares of the aerospace company’s stock worth $3,359,000 after buying an additional 140 shares during the last quarter. Wealthfront Inc. boosted its stake in shares of Raytheon by 3.7% in the fourth quarter. Wealthfront Inc. now owns 13,280 shares of the aerospace company’s stock worth $1,886,000 after buying an additional 478 shares during the last quarter. Hudson Bay Capital Management LP bought a new stake in shares of Raytheon during the fourth quarter worth $298,000. Finally, High Point Bank & Trust Co. boosted its stake in shares of Raytheon by 2,000.0% in the fourth quarter. High Point Bank & Trust Co. now owns 1,050 shares of the aerospace company’s stock worth $149,000 after buying an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 74.98% of the company’s stock.

Shares of Raytheon Company (RTN) opened at 177.62 on Friday. The stock has a 50 day moving average price of $168.07 and a 200-day moving average price of $158.27. Raytheon Company has a 12-month low of $132.89 and a 12-month high of $181.05. The stock has a market cap of $51.55 billion, a price-to-earnings ratio of 24.53 and a beta of 0.59.

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

The company also recently declared a quarterly dividend, which was paid on Thursday, August 3rd. Investors of record on Wednesday, July 5th were given a dividend of $0.7975 per share. This represents a $3.19 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date was Friday, June 30th. Raytheon’s payout ratio is currently 43.94%.

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A number of brokerages recently issued reports on RTN. Vetr raised Raytheon from a “hold” rating to a “buy” rating and set a $167.16 price objective for the company in a report on Monday, May 22nd. Zacks Investment Research raised Raytheon from a “hold” rating to a “buy” rating and set a $175.00 price objective for the company in a report on Monday, May 1st. Jefferies Group LLC reissued a “buy” rating and issued a $172.00 price objective on shares of Raytheon in a report on Tuesday, May 23rd. Stifel Nicolaus increased their price objective on Raytheon from $160.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, April 28th. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $181.00 price objective on shares of Raytheon in a report on Friday, June 2nd. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $180.12.

In other news, Director Robert E. Beauchamp purchased 1,162 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were bought at an average cost of $171.99 per share, with a total value of $199,852.38. Following the completion of the transaction, the director now directly owns 4,303 shares of the company’s stock, valued at $740,072.97. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Thomas A. Kennedy sold 10,703 shares of the firm’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $162.05, for a total transaction of $1,734,421.15. Following the transaction, the chairman now directly owns 61,671 shares in the company, valued at $9,993,785.55. The disclosure for this sale can be found here. Insiders have sold 15,911 shares of company stock worth $2,580,752 over the last three months. 0.19% of the stock is owned by insiders.

About Raytheon

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.

Institutional Ownership by Quarter for Raytheon (NYSE:RTN)

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