Pioneer Investment Management Inc. Raises Stake in Raytheon Company (RTN)
Pioneer Investment Management Inc. raised its holdings in shares of Raytheon Company (NYSE:RTN) by 5.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,123,802 shares of the aerospace company’s stock after acquiring an additional 165,905 shares during the quarter. Raytheon makes up approximately 1.7% of Pioneer Investment Management Inc.’s holdings, making the stock its 12th biggest position. Pioneer Investment Management Inc. owned approximately 1.08% of Raytheon worth $504,431,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of RTN. Meyer Handelman Co. grew its stake in shares of Raytheon by 5.6% during the 1st quarter. Meyer Handelman Co. now owns 7,600 shares of the aerospace company’s stock worth $1,159,000 after acquiring an additional 400 shares in the last quarter. KAMES CAPITAL plc grew its stake in shares of Raytheon by 133.6% during the 1st quarter. KAMES CAPITAL plc now owns 10,805 shares of the aerospace company’s stock worth $1,648,000 after acquiring an additional 6,179 shares in the last quarter. Whittier Trust Co. grew its stake in shares of Raytheon by 3.3% during the 1st quarter. Whittier Trust Co. now owns 13,323 shares of the aerospace company’s stock worth $2,031,000 after acquiring an additional 426 shares in the last quarter. Wedgewood Investors Inc. PA grew its stake in shares of Raytheon by 2.0% during the 1st quarter. Wedgewood Investors Inc. PA now owns 3,782 shares of the aerospace company’s stock worth $577,000 after acquiring an additional 75 shares in the last quarter. Finally, Reynders McVeigh Capital Management LLC bought a new position in shares of Raytheon during the 1st quarter worth approximately $201,000. 73.82% of the stock is owned by institutional investors.
Shares of Raytheon Company (NYSE RTN) opened at 182.72 on Tuesday. Raytheon Company has a one year low of $132.89 and a one year high of $184.17. The firm has a market cap of $53.03 billion, a P/E ratio of 25.24 and a beta of 0.58. The firm’s 50-day moving average price is $176.83 and its 200 day moving average price is $162.98.
Raytheon (NYSE:RTN) last announced its quarterly earnings data on Thursday, July 27th. The aerospace company reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.15. The firm 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%. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.38 EPS. Analysts predict that Raytheon Company will post $7.59 EPS for the current year.
Several brokerages have recently weighed in on RTN. Zacks Investment Research cut shares of Raytheon from a “buy” rating to a “hold” rating in a research note on Monday, May 29th. Jefferies Group LLC reaffirmed a “buy” rating and set a $172.00 price target on shares of Raytheon in a research note on Tuesday, May 23rd. ValuEngine raised shares of Raytheon from a “hold” rating to a “buy” rating in a research note on Monday. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $183.00 price target (up from $180.00) on shares of Raytheon in a research note on Sunday, July 30th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $185.00 price target (up from $175.00) on shares of Raytheon in a research note on Sunday, July 30th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $184.67.
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In related news, VP Frank R. Jimenez sold 500 shares of the stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $181.94, for a total transaction of $90,970.00. Following the sale, the vice president now owns 29,292 shares of the company’s stock, valued at approximately $5,329,386.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert E. Beauchamp acquired 1,162 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were bought at an average cost of $171.99 per share, for a total transaction of $199,852.38. Following the acquisition, the director now directly 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 a total of 5,120 shares of company stock worth $930,651 in the last ninety days. Insiders own 0.19% of the company’s stock.
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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