Redwood Investments LLC raised its position in Raytheon Co. (NYSE:RTN) by 13.5% during the second quarter, Holdings Channel reports. The fund owned 32,351 shares of the company’s stock after buying an additional 3,849 shares during the period. Redwood Investments LLC’s holdings in Raytheon were worth $4,398,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of RTN. Standard Life Investments LTD raised its stake in Raytheon by 3.2% in the second quarter. Standard Life Investments LTD now owns 636,546 shares of the company’s stock worth $86,535,000 after buying an additional 19,625 shares during the last quarter. Advisory Services Network LLC increased its position in Raytheon by 175.8% in the second quarter. Advisory Services Network LLC now owns 5,282 shares of the company’s stock worth $718,000 after buying an additional 3,367 shares during the period. First National Trust Co. increased its position in Raytheon by 15.8% in the second quarter. First National Trust Co. now owns 5,254 shares of the company’s stock worth $714,000 after buying an additional 717 shares during the period. ING Groep NV increased its position in Raytheon by 52.5% in the second quarter. ING Groep NV now owns 10,476 shares of the company’s stock worth $1,424,000 after buying an additional 3,608 shares during the period. Finally, First Midwest Bank Trust Division increased 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 worth $619,000 after buying an additional 21 shares during the period. 77.90% of the stock is owned by institutional investors and hedge funds.
Shares of Raytheon Co. (NYSE:RTN) traded down 0.03% during midday trading on Wednesday, reaching $137.13. The company’s stock had a trading volume of 1,736,456 shares. The company has a 50 day moving average price of $139.21 and a 200-day moving average price of $134.06. Raytheon Co. has a 52 week low of $108.83 and a 52 week high of $143.39. The stock has a market capitalization of $40.47 billion, a PE ratio of 19.16 and a beta of 0.64.
Raytheon (NYSE:RTN) last announced its quarterly earnings results on Thursday, July 28th. The company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.64. The company had revenue of $6 billion for the quarter, compared to the consensus estimate 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 period last year, the firm earned $1.65 EPS. On average, equities research analysts expect 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 dividend of $0.7325 per share. This represents a $2.93 annualized dividend and a dividend yield of 2.14%. The ex-dividend date is Monday, October 3rd. Raytheon’s payout ratio is currently 40.86%.
RTN has been the topic of a number of research reports. Citigroup Inc. raised their price target on Raytheon from $145.00 to $170.00 and gave the stock a “buy” rating in a research note on Tuesday, September 6th. Deutsche Bank AG raised their price target on Raytheon from $135.00 to $140.00 and gave the stock a “hold” rating in a research note on Friday, July 29th. Stifel Nicolaus raised their price target on Raytheon from $140.00 to $160.00 and gave the stock a “buy” rating in a research note on Friday, July 29th. Jefferies Group restated a “buy” rating on shares of Raytheon in a research note on Wednesday, July 6th. Finally, Zacks Investment Research downgraded Raytheon from a “buy” rating to a “hold” rating in a research note on Tuesday, July 19th. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $174.93.
In other news, Director Vernon E. Clark sold 2,540 shares of the stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $141.01, for a total transaction of $358,165.40. Following the sale, the director now directly 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 is available at this hyperlink. 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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