Gluskin Sheff & Assoc Inc. Raises Position in Raytheon Co. (RTN)
Gluskin Sheff & Assoc Inc. raised its stake in shares of Raytheon Co. (NYSE:RTN) by 90.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 106,910 shares of the company’s stock after buying an additional 50,679 shares during the period. Raytheon comprises 1.3% of Gluskin Sheff & Assoc Inc.’s investment portfolio, making the stock its 29th largest position. Gluskin Sheff & Assoc Inc.’s holdings in Raytheon were worth $14,534,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of RTN. Founders Capital Management LLC raised its position in Raytheon by 0.6% in the second quarter. Founders Capital Management LLC now owns 2,292 shares of the company’s stock valued at $312,000 after buying an additional 13 shares during the period. Northstar Group Inc. raised its position in Raytheon by 0.4% in the second quarter. Northstar Group Inc. now owns 4,017 shares of the company’s stock valued at $546,000 after buying an additional 15 shares during the period. Eqis Capital Management Inc. raised its position in Raytheon by 1.0% in the second quarter. Eqis Capital Management Inc. now owns 1,882 shares of the company’s stock valued at $256,000 after buying an additional 18 shares during the period. First Midwest Bank Trust Division raised its position in Raytheon by 0.5% in the second quarter. First Midwest Bank Trust Division now owns 4,557 shares of the company’s stock valued at $619,000 after buying an additional 21 shares during the period. Finally, Private Trust Co. NA raised its position in Raytheon by 0.4% in the second quarter. Private Trust Co. NA now owns 6,696 shares of the company’s stock valued at $910,000 after buying an additional 26 shares during the period. 77.90% of the stock is owned by institutional investors and hedge funds.
Raytheon Co. (NYSE:RTN) traded up 0.82% on Thursday, reaching $138.25. 1,604,462 shares of the company’s stock traded hands. The stock’s 50 day moving average is $139.21 and its 200 day moving average is $134.06. Raytheon Co. has a 52-week low of $108.83 and a 52-week high of $143.39. The firm has a market cap of $40.80 billion, a price-to-earnings ratio of 19.32 and a beta of 0.64.
Raytheon (NYSE:RTN) last issued its quarterly earnings data on Thursday, July 28th. The company reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.64. Raytheon had a net margin of 9.02% and a return on equity of 19.26%. The firm had revenue of $6 billion for the quarter, compared to analyst estimates of $5.83 billion. During the same quarter in the prior year, the firm earned $1.65 EPS. The company’s revenue was up 3.2% on a year-over-year basis. On average, equities research analysts predict that Raytheon Co. will post $7.41 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Shareholders of record on Wednesday, October 5th will be issued a dividend of $0.7325 per share. The ex-dividend date of this dividend is Monday, October 3rd. This represents a $2.93 annualized dividend and a yield of 2.14%. Raytheon’s dividend payout ratio (DPR) is currently 40.86%.
Several research analysts have recently commented on the stock. Robert W. Baird assumed coverage on shares of Raytheon in a report on Thursday. They issued an “outperform” rating and a $170.00 price target for the company. Argus reissued a “buy” rating and set a $161.00 target price on shares of Raytheon in a research note on Wednesday, August 3rd. Zacks Investment Research lowered shares of Raytheon from a “buy” rating to a “hold” rating in a research note on Tuesday, July 19th. JPMorgan Chase & Co. set a $145.00 target price on shares of Raytheon and gave the company a “buy” rating in a research note on Friday, July 29th. Finally, Wells Fargo & Co. reissued a “buy” rating on shares of Raytheon in a research note on Thursday, June 9th. Five investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Raytheon currently has a consensus rating of “Buy” and an average target price of $174.67.
In other news, Director Vernon E. Clark sold 2,540 shares of Raytheon stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $141.01, for a total value of $358,165.40. Following the sale, the director now directly owns 7,246 shares in the company, valued at $1,021,758.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.21% of the company’s stock.
Raytheon Company (Raytheon), together with its subsidiaries, is a technology company. The Company develops technologically integrated products, services and solutions in various markets, such as sensing; effects; command, control, communications, computers, cyber and intelligence (C5I); mission support, and cybersecurity.
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