Private Asset Management Inc. Raises Stake in Raytheon Company (RTN)
Private Asset Management Inc. boosted its stake in Raytheon Company (NYSE:RTN) by 18.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 33,590 shares of the aerospace company’s stock after buying an additional 5,341 shares during the period. Private Asset Management Inc.’s holdings in Raytheon were worth $5,424,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Crestwood Advisors Group LLC bought a new position in Raytheon during the first quarter valued at $110,000. Oakworth Capital Inc. increased its stake in shares of Raytheon by 156.1% in the first quarter. Oakworth Capital Inc. now owns 730 shares of the aerospace company’s stock worth $111,000 after buying an additional 445 shares in the last quarter. Signature Estate & Investment Advisors LLC acquired a new stake in shares of Raytheon during the first quarter worth approximately $111,000. Jacobi Capital Management LLC increased its stake in shares of Raytheon by 271.1% in the first quarter. Jacobi Capital Management LLC now owns 757 shares of the aerospace company’s stock worth $114,000 after buying an additional 553 shares in the last quarter. Finally, Arrow Financial Corp increased its stake in shares of Raytheon by 23.3% in the first quarter. Arrow Financial Corp now owns 900 shares of the aerospace company’s stock worth $137,000 after buying an additional 170 shares in the last quarter. 74.72% of the stock is owned by hedge funds and other institutional investors.
Shares of Raytheon Company (NYSE:RTN) traded down 0.405% on Wednesday, reaching $178.495. 291,478 shares of the company’s stock were exchanged. The company has a market cap of $51.81 billion, a price-to-earnings ratio of 24.654 and a beta of 0.59. Raytheon Company has a 12 month low of $132.89 and a 12 month high of $181.05. The firm’s 50-day moving average price is $171.38 and its 200 day moving average price is $160.10.
Raytheon (NYSE:RTN) last announced its earnings results on Thursday, July 27th. The aerospace company reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.15. Raytheon had a net margin of 8.68% and a return on equity of 20.74%. The business had revenue of $6.28 billion during the quarter, compared to analyst estimates of $6.24 billion. During the same period in the previous year, the business posted $2.38 earnings per share. Raytheon’s revenue for the quarter was up 4.2% on a year-over-year basis. Equities research analysts predict that Raytheon Company will post $7.59 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 3rd. Stockholders of record on Wednesday, July 5th were issued a $0.7975 dividend. The ex-dividend date was Friday, June 30th. This represents a $3.19 dividend on an annualized basis and a dividend yield of 1.78%. Raytheon’s payout ratio is 43.94%.
A number of research analysts recently weighed in on RTN shares. Zacks Investment Research cut Raytheon from a “buy” rating to a “hold” rating in a report on Monday, May 29th. Jefferies Group LLC restated a “buy” rating and set a $172.00 price objective on shares of Raytheon in a research note on Tuesday, May 23rd. Sanford C. Bernstein restated an “outperform” rating and set a $183.00 price objective (up previously from $180.00) on shares of Raytheon in a research note on Sunday, July 30th. Stifel Nicolaus restated a “buy” rating and set a $185.00 price objective (up previously from $175.00) on shares of Raytheon in a research note on Sunday, July 30th. Finally, Vetr cut Raytheon from a “buy” rating to a “hold” rating and set a $187.08 price target on the stock. in a research note on Tuesday, August 15th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $183.01.
In related news, Chairman Thomas A. Kennedy sold 10,703 shares of Raytheon stock in a transaction on Monday, June 5th. The shares were sold at an average price of $162.05, for a total value of $1,734,421.15. Following the transaction, the chairman now directly owns 61,671 shares of the company’s stock, valued at $9,993,785.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Vernon E. Clark sold 829 shares of Raytheon stock in a transaction on Monday, August 14th. The stock was sold at an average price of $180.19, for a total transaction of $149,377.51. Following the completion of the transaction, the director now directly owns 7,588 shares in the company, valued at $1,367,281.72. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,740 shares of company stock valued at $2,730,129. Company insiders own 0.19% of the company’s stock.
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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