Advisors Asset Management Inc. Reduces Position in Raytheon Company (RTN)
Advisors Asset Management Inc. decreased its stake in shares of Raytheon Company (NYSE:RTN) by 0.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 66,983 shares of the aerospace company’s stock after selling 333 shares during the quarter. Advisors Asset Management Inc.’s holdings in Raytheon were worth $10,816,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of RTN. BlackRock Inc. boosted its position in shares of Raytheon by 2,166.0% during the first quarter. BlackRock Inc. now owns 19,407,819 shares of the aerospace company’s stock worth $2,959,694,000 after acquiring an additional 18,551,353 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Raytheon by 4.7% during the first quarter. Vanguard Group Inc. now owns 21,910,520 shares of the aerospace company’s stock worth $3,341,355,000 after acquiring an additional 989,986 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Raytheon by 66.5% during the first quarter. Renaissance Technologies LLC now owns 1,289,200 shares of the aerospace company’s stock worth $196,603,000 after acquiring an additional 514,800 shares during the last quarter. Independence Advisors LLC bought a new position in shares of Raytheon during the second quarter worth $28,551,000. Finally, MARSHALL WACE ASIA Ltd bought a new position in shares of Raytheon during the first quarter worth $58,030,000. Hedge funds and other institutional investors own 73.82% of the company’s stock.
Shares of Raytheon Company (NYSE RTN) opened at 182.50 on Friday. The stock has a market cap of $52.97 billion, a P/E ratio of 25.21 and a beta of 0.58. Raytheon Company has a 52 week low of $132.89 and a 52 week high of $184.17. The stock has a 50 day moving average of $178.41 and a 200 day moving average of $163.78.
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, topping 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 company had revenue of $6.28 billion for the quarter, compared to analysts’ expectations of $6.24 billion. During the same quarter in the previous year, the company posted $2.38 EPS. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. On average, analysts expect that Raytheon Company will post $7.59 earnings per share for the current year.
In other news, VP Frank R. Jimenez sold 500 shares of the business’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $181.94, for a total transaction of $90,970.00. Following the transaction, 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 filing with the SEC, which is available at this hyperlink. Also, Director Robert E. Beauchamp purchased 1,162 shares of the stock in a transaction dated Monday, July 31st. The shares were purchased at an average cost of $171.99 per share, for a total transaction of $199,852.38. Following the transaction, the director now owns 4,303 shares in the company, valued at approximately $740,072.97. The disclosure for this purchase can be found here. In the last three months, insiders have sold 5,120 shares of company stock worth $930,651. Corporate insiders own 0.19% of the company’s stock.
A number of equities analysts recently weighed in on RTN shares. BidaskClub upgraded shares of Raytheon from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 12th. Buckingham Research upped their target price on shares of Raytheon from $190.00 to $199.00 and gave the stock a “buy” rating in a research report on Friday, August 11th. Jefferies Group LLC restated a “buy” rating and set a $172.00 target price on shares of Raytheon in a research report on Monday, June 26th. Royal Bank Of Canada set a $193.00 target price on shares of Raytheon and gave the stock a “buy” rating in a research report on Monday, August 28th. Finally, Vetr upgraded shares of Raytheon from a “hold” rating to a “buy” rating and set a $167.16 target price for the company in a research report on Monday, May 22nd. Three equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Raytheon presently has an average rating of “Buy” and a consensus target price of $186.07.
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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