Cigna Investments Inc. New cut its holdings in shares of Raytheon Company (NYSE:RTN) by 9.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,047 shares of the aerospace company’s stock after selling 1,156 shares during the quarter. Cigna Investments Inc. New’s holdings in Raytheon were worth $1,793,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Signature Estate & Investment Advisors LLC acquired a new stake in Raytheon during the 1st quarter worth about $111,000. St. Johns Investment Management Company LLC acquired a new stake in Raytheon during the 2nd quarter worth about $113,000. Jacobi Capital Management LLC lifted its holdings in shares of Raytheon by 271.1% during the 1st quarter. Jacobi Capital Management LLC now owns 757 shares of the aerospace company’s stock valued at $114,000 after buying an additional 553 shares during the last quarter. Tarbox Family Office Inc. lifted its holdings in shares of Raytheon by 1,666.7% during the 2nd quarter. Tarbox Family Office Inc. now owns 795 shares of the aerospace company’s stock valued at $128,000 after buying an additional 750 shares during the last quarter. Finally, Arrow Financial Corp lifted its holdings in shares of Raytheon by 23.3% during the 1st quarter. Arrow Financial Corp now owns 900 shares of the aerospace company’s stock valued at $137,000 after buying an additional 170 shares during the last quarter. Hedge funds and other institutional investors own 73.82% of the company’s stock.
In related news, Director Robert E. Beauchamp purchased 1,162 shares of Raytheon stock in a transaction that occurred on Monday, July 31st. The stock was purchased 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 owns 4,303 shares of the company’s stock, valued at approximately $740,072.97. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Vernon E. Clark sold 829 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $180.19, for a total value of $149,377.51. Following the transaction, the director now directly owns 7,588 shares of the company’s stock, valued at $1,367,281.72. The disclosure for this sale can be found here. Insiders have sold 5,120 shares of company stock valued at $930,651 over the last three months. Insiders own 0.19% of the company’s stock.
Raytheon Company (RTN) opened at 182.50 on Wednesday. Raytheon Company has a 52 week low of $132.89 and a 52 week high of $184.17. The company has a 50 day moving average price of $177.00 and a 200-day moving average price of $163.12. The company has a market capitalization of $52.97 billion, a P/E ratio of 25.21 and a beta of 0.58.
Raytheon (NYSE:RTN) last issued its quarterly earnings results on Thursday, July 27th. The aerospace company reported $1.89 EPS for the quarter, beating the consensus estimate of $1.74 by $0.15. Raytheon had a return on equity of 20.74% and a net margin of 8.68%. The firm had revenue of $6.28 billion during the quarter, compared to analysts’ expectations of $6.24 billion. During the same period in the prior year, the firm posted $2.38 earnings per share. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, equities analysts anticipate that Raytheon Company will post $7.59 earnings per share for the current fiscal year.
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RTN has been the subject of several research reports. Zacks Investment Research lowered Raytheon from a “buy” rating to a “hold” rating in a report on Friday, May 19th. Royal Bank Of Canada reiterated a “buy” rating and set a $181.00 price target on shares of Raytheon in a report on Friday, June 2nd. Vetr lowered Raytheon from a “buy” rating to a “hold” rating and set a $166.44 price target for the company. in a report on Tuesday, May 23rd. BidaskClub upgraded Raytheon from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 12th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $172.00 price target on shares of Raytheon in a report on Monday, June 26th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Raytheon presently has a consensus rating of “Buy” and a consensus target price of $184.67.
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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