First Mercantile Trust Co. bought a new position in shares of Raytheon Co. (NYSE:RTN) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 3,200 shares of the company’s stock, valued at approximately $435,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Boston Advisors LLC boosted its position in Raytheon by 3.4% in the first quarter. Boston Advisors LLC now owns 6,852 shares of the company’s stock worth $840,000 after buying an additional 225 shares in the last quarter. Wade G W & Inc. boosted its position in Raytheon by 2.7% in the first quarter. Wade G W & Inc. now owns 2,562 shares of the company’s stock worth $314,000 after buying an additional 67 shares in the last quarter. Apex Capital Management boosted its position in Raytheon by 7.0% in the first quarter. Apex Capital Management now owns 31,442 shares of the company’s stock worth $3,856,000 after buying an additional 2,070 shares in the last quarter. Granite Investment Partners LLC boosted its position in Raytheon by 25.7% in the first quarter. Granite Investment Partners LLC now owns 30,279 shares of the company’s stock worth $3,713,000 after buying an additional 6,193 shares in the last quarter. Finally, Telemus Capital LLC acquired a new position in Raytheon during the first quarter worth about $422,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.
Shares of Raytheon Co. (NYSE:RTN) opened at 138.54 on Tuesday. The company has a market cap of $40.88 billion, a P/E ratio of 19.36 and a beta of 0.66. Raytheon Co. has a 12-month low of $105.87 and a 12-month high of $143.39. The stock’s 50 day moving average price is $139.97 and its 200 day moving average price is $133.40.
Raytheon (NYSE:RTN) last released its earnings results on Thursday, July 28th. The company reported $2.38 EPS for the quarter, beating the Zacks’ consensus estimate of $1.74 by $0.64. The company earned $6 billion during the quarter, compared to analysts’ expectations of $5.83 billion. Raytheon had a return on equity of 19.26% and a net margin of 9.02%. The firm’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.65 EPS. On average, analysts forecast that Raytheon Co. will post $7.41 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Wednesday, October 5th will be paid a $0.7325 dividend. This represents a $2.93 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date is Monday, October 3rd. Raytheon’s payout ratio is presently 40.86%.
RTN has been the topic of a number of recent analyst reports. Oppenheimer Holdings Inc. reiterated a “buy” rating on shares of Raytheon in a research report on Tuesday, June 7th. Wells Fargo & Co. reiterated a “buy” rating on shares of Raytheon in a research report on Thursday, June 9th. Zacks Investment Research upgraded Raytheon from a “hold” rating to a “buy” rating and set a $151.00 target price on the stock in a research report on Monday, July 4th. Jefferies Group reiterated a “buy” rating on shares of Raytheon in a research report on Wednesday, July 6th. Finally, Stifel Nicolaus lifted their price target on Raytheon from $140.00 to $160.00 and gave the company a “buy” rating in a research note on Friday, July 29th. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $174.93.
In related news, Director Vernon E. Clark sold 2,540 shares of the firm’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $141.01, for a total transaction of $358,165.40. Following the completion of the transaction, the director now owns 7,246 shares of the company’s stock, valued at approximately $1,021,758.46. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.21% of the stock is owned by insiders.
Raytheon Company Profile
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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