Private Advisor Group LLC lowered its holdings in Raytheon Company (NYSE:RTN) by 78.6% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 21,301 shares of the aerospace company’s stock after selling 78,263 shares during the period. Private Advisor Group LLC’s holdings in Raytheon were worth $3,537,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its position in Raytheon by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 21,910,520 shares of the aerospace company’s stock valued at $3,341,355,000 after purchasing an additional 989,986 shares during the last quarter. BlackRock Inc. increased its stake in Raytheon by 2,166.0% in the 1st quarter. BlackRock Inc. now owns 19,407,819 shares of the aerospace company’s stock valued at $2,959,694,000 after buying an additional 18,551,353 shares during the period. State Street Corp increased its stake in Raytheon by 2.6% in the 1st quarter. State Street Corp now owns 12,585,731 shares of the aerospace company’s stock valued at $1,919,348,000 after buying an additional 313,435 shares during the period. Morgan Stanley increased its stake in Raytheon by 7.2% in the 1st quarter. Morgan Stanley now owns 4,491,454 shares of the aerospace company’s stock valued at $684,945,000 after buying an additional 302,274 shares during the period. Finally, Clearbridge Investments LLC grew its stake in shares of Raytheon by 0.7% during the 1st quarter. Clearbridge Investments LLC now owns 3,527,842 shares of the aerospace company’s stock worth $537,996,000 after purchasing an additional 23,172 shares during the period. Hedge funds and other institutional investors own 73.62% of the company’s stock.
In other news, Director Vernon E. Clark sold 829 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $180.19, for a total value of $149,377.51. Following the completion of the sale, the director now directly owns 7,588 shares of the company’s stock, valued at $1,367,281.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 purchased at an average cost of $171.99 per share, with a total value of $199,852.38. Following the completion of the acquisition, the director now owns 4,303 shares in the company, valued at approximately $740,072.97. The disclosure for this purchase can be found here. Insiders have sold 5,770 shares of company stock valued at $1,052,376 over the last three months. Insiders own 0.19% of the company’s stock.
RTN has been the topic of a number of recent analyst reports. Argus reaffirmed a “buy” rating and set a $195.00 price target (up from $175.00) on shares of Raytheon in a research note on Friday, August 4th. Bank of America Corporation reissued a “buy” rating and issued a $200.00 price objective (up from $185.00) on shares of Raytheon in a research note on Tuesday, August 1st. BidaskClub cut shares of Raytheon from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Stifel Nicolaus restated a “buy” rating and issued a $185.00 target price (up from $175.00) on shares of Raytheon in a report on Sunday, July 30th. Finally, Vetr upgraded shares of Raytheon from a “hold” rating to a “buy” rating and set a $178.87 target price on the stock in a report on Monday, July 17th. Four research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $193.19.
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Shares of Raytheon Company (NYSE RTN) opened at 188.65 on Wednesday. The company’s 50 day moving average is $184.25 and its 200-day moving average is $168.60. Raytheon Company has a 52 week low of $132.89 and a 52 week high of $189.64. The company has a market capitalization of $54.76 billion, a PE ratio of 26.06 and a beta of 0.59.
Raytheon (NYSE:RTN) last posted its quarterly earnings data on Thursday, July 27th. The aerospace company reported $1.89 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.74 by $0.15. The business had revenue of $6.28 billion during the quarter, compared to the consensus estimate of $6.24 billion. Raytheon had a return on equity of 20.74% and a net margin of 8.68%. Raytheon’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period last year, the company earned $2.38 earnings per share. On average, analysts expect that Raytheon Company will post $7.59 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Thursday, October 12th will be given a dividend of $0.7975 per share. The ex-dividend date of this dividend is Wednesday, October 11th. This represents a $3.19 annualized dividend and a yield of 1.69%. Raytheon’s dividend payout ratio (DPR) is presently 43.94%.
Raytheon Company Profile
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.
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