Pinnacle Associates Ltd. grew its position in shares of Raytheon (NYSE:RTN) by 1.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,251 shares of the aerospace company’s stock after acquiring an additional 137 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Raytheon were worth $1,608,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. LSV Asset Management raised its position in Raytheon by 829.0% in the first quarter. LSV Asset Management now owns 2,129,350 shares of the aerospace company’s stock worth $387,712,000 after acquiring an additional 1,900,150 shares in the last quarter. Thoroughbred Financial Services LLC grew its stake in shares of Raytheon by 17,408.1% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,107,038 shares of the aerospace company’s stock valued at $110,704,000 after buying an additional 1,100,715 shares in the last quarter. BlackRock Inc. grew its stake in shares of Raytheon by 2.3% in the 1st quarter. BlackRock Inc. now owns 23,365,818 shares of the aerospace company’s stock valued at $4,254,449,000 after buying an additional 527,708 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Raytheon in the 1st quarter valued at approximately $81,538,000. Finally, Artisan Partners Limited Partnership bought a new stake in Raytheon during the first quarter worth approximately $62,635,000. 72.21% of the stock is owned by institutional investors.
Several research firms have recently weighed in on RTN. Bank of America reissued a “buy” rating and issued a $265.00 price objective (up from $224.00) on shares of Raytheon in a research report on Friday, July 26th. Wolfe Research set a $205.00 price objective on Raytheon and gave the stock a “buy” rating in a research note on Friday, April 26th. Stifel Nicolaus increased their target price on Raytheon from $205.00 to $218.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Jefferies Financial Group increased their target price on Raytheon from $202.00 to $216.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Finally, ValuEngine cut Raytheon from a “hold” rating to a “sell” rating in a report on Friday, June 28th. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $209.80.
Raytheon (NYSE:RTN) last issued its quarterly earnings data on Thursday, July 25th. The aerospace company reported $2.92 EPS for the quarter, topping the consensus estimate of $2.61 by $0.31. The firm had revenue of $7.16 billion during the quarter, compared to the consensus estimate of $7.02 billion. Raytheon had a return on equity of 26.34% and a net margin of 10.96%. The company’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.45 earnings per share. Equities research analysts anticipate that Raytheon will post 11.73 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were issued a dividend of $0.9425 per share. This represents a $3.77 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend was Tuesday, July 9th. Raytheon’s dividend payout ratio (DPR) is 35.53%.
In related news, VP Randa G. Newsome sold 10,000 shares of Raytheon stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $185.01, for a total transaction of $1,850,100.00. Following the completion of the sale, the vice president now owns 20,396 shares of the company’s stock, valued at $3,773,463.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Wesley D. Kremer sold 8,186 shares of Raytheon stock in a transaction on Friday, June 7th. The shares were sold at an average price of $185.00, for a total value of $1,514,410.00. Following the sale, the vice president now directly owns 29,175 shares of the company’s stock, valued at approximately $5,397,375. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by corporate insiders.
Raytheon Company Profile
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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