Wright Investors Service Inc. boosted its holdings in shares of Raytheon (NYSE:RTN) by 0.7% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 8,826 shares of the aerospace company’s stock after acquiring an additional 57 shares during the period. Wright Investors Service Inc.’s holdings in Raytheon were worth $1,534,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in RTN. LSV Asset Management raised its holdings in Raytheon by 829.0% during the first quarter. LSV Asset Management now owns 2,129,350 shares of the aerospace company’s stock worth $387,712,000 after buying an additional 1,900,150 shares during the last quarter. Thoroughbred Financial Services LLC raised its holdings in Raytheon by 17,408.1% during the second quarter. Thoroughbred Financial Services LLC now owns 1,107,038 shares of the aerospace company’s stock worth $110,704,000 after buying an additional 1,100,715 shares during the last quarter. BlackRock Inc. raised its holdings in Raytheon by 2.3% during the first quarter. BlackRock Inc. now owns 23,365,818 shares of the aerospace company’s stock worth $4,254,449,000 after buying an additional 527,708 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Raytheon during the first quarter worth $81,538,000. Finally, Artisan Partners Limited Partnership acquired a new position in Raytheon during the first quarter worth $62,635,000. Hedge funds and other institutional investors own 74.71% of the company’s stock.
RTN has been the topic of several research reports. ValuEngine downgraded shares of Raytheon from a “hold” rating to a “sell” rating in a report on Friday, June 28th. Vertical Research lowered shares of Raytheon from a “buy” rating to a “hold” rating and reduced their target price for the stock from $216.00 to $203.00 in a research note on Tuesday, June 11th. Zacks Investment Research lowered shares of Raytheon from a “buy” rating to a “hold” rating in a research note on Monday, April 29th. Jefferies Financial Group upped their target price on shares of Raytheon from $202.00 to $216.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Finally, Bank of America reiterated a “buy” rating and issued a $265.00 target price (up previously from $224.00) on shares of Raytheon in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company’s stock. Raytheon has a consensus rating of “Buy” and a consensus price target of $209.80.
Shares of NYSE RTN traded down $0.08 during trading on Thursday, hitting $178.38. The stock had a trading volume of 49,141 shares, compared to its average volume of 1,920,966. Raytheon has a 12 month low of $144.27 and a 12 month high of $210.89. The company has a quick ratio of 1.35, a current ratio of 1.46 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $49.44 billion, a P/E ratio of 16.84, a PEG ratio of 1.47 and a beta of 0.86. The company’s fifty day moving average price is $179.97.
Raytheon (NYSE:RTN) last posted its earnings results on Thursday, July 25th. The aerospace company reported $2.92 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.61 by $0.31. Raytheon had a net margin of 10.96% and a return on equity of 26.34%. The firm had revenue of $7.16 billion during the quarter, compared to analyst estimates of $7.02 billion. During the same quarter in the prior year, the business posted $2.45 EPS. The business’s revenue was up 8.1% compared to the same quarter last year. On average, research analysts predict that Raytheon will post 11.71 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were paid a $0.9425 dividend. The ex-dividend date was Tuesday, July 9th. This represents a $3.77 annualized dividend and a dividend yield of 2.11%. Raytheon’s payout ratio is 35.53%.
In related news, VP Randa G. Newsome sold 10,000 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $185.01, for a total transaction of $1,850,100.00. Following the completion of the transaction, the vice president now owns 20,396 shares in the company, valued at $3,773,463.96. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Wesley D. Kremer sold 8,186 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $185.00, for a total transaction of $1,514,410.00. Following the transaction, the vice president now owns 29,175 shares of the company’s stock, valued at approximately $5,397,375. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company’s stock.
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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