Sit Investment Associates Inc. lowered its position in Raytheon Co. (NYSE:RTN) by 48.5% during the second quarter, Holdings Channel reports. The institutional investor owned 193,395 shares of the company’s stock after selling 182,475 shares during the period. Sit Investment Associates Inc.’s holdings in Raytheon were worth $26,292,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of RTN. State Street Corp increased its position in Raytheon by 2.2% in the first quarter. State Street Corp now owns 11,603,956 shares of the company’s stock valued at $1,423,003,000 after buying an additional 251,618 shares during the period. Geode Capital Management LLC increased its position in Raytheon by 4.0% in the first quarter. Geode Capital Management LLC now owns 2,599,749 shares of the company’s stock valued at $318,203,000 after buying an additional 99,689 shares during the period. Adage Capital Partners GP L.L.C. increased its position in Raytheon by 534.4% in the first quarter. Adage Capital Partners GP L.L.C. now owns 2,194,011 shares of the company’s stock valued at $269,052,000 after buying an additional 1,848,150 shares during the period. UBS Asset Management Americas Inc. increased its position in Raytheon by 33.2% in the first quarter. UBS Asset Management Americas Inc. now owns 1,688,023 shares of the company’s stock valued at $207,001,000 after buying an additional 421,080 shares during the period. Finally, Legal & General Group Plc increased its position in Raytheon by 3.0% in the first quarter. Legal & General Group Plc now owns 1,332,513 shares of the company’s stock valued at $163,410,000 after buying an additional 38,809 shares during the period. Institutional investors own 77.90% of the company’s stock.
Shares of Raytheon Co. (NYSE:RTN) traded up 0.7682% during mid-day trading on Thursday, reaching $138.1835. The company’s stock had a trading volume of 1,340,306 shares. The firm has a market capitalization of $40.78 billion, a PE ratio of 19.3102 and a beta of 0.64. Raytheon Co. has a 52 week low of $108.83 and a 52 week high of $143.39. The firm has a 50-day moving average of $139.21 and a 200-day moving average of $134.06.
Raytheon (NYSE:RTN) last issued its quarterly earnings results on Thursday, July 28th. The company reported $2.38 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.74 by $0.64. The company earned $6 billion during 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%. Raytheon’s revenue was up 3.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.65 EPS. Equities research analysts forecast that Raytheon Co. will post $7.41 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 10th. Shareholders of record on Wednesday, October 5th will be issued a $0.7325 dividend. The ex-dividend date is Monday, October 3rd. This represents a $2.93 annualized dividend and a yield of 2.14%. Raytheon’s dividend payout ratio (DPR) is presently 40.86%.
Several equities analysts have recently weighed in on the company. Jefferies Group raised their target price on Raytheon from $145.00 to $158.00 and gave the company a “buy” rating in a research report on Friday, July 29th. Credit Suisse Group AG restated a “buy” rating and issued a $151.00 target price on shares of Raytheon in a research report on Friday, July 29th. 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. Robert W. Baird assumed coverage on Raytheon in a research report on Thursday. They issued an “outperform” rating and a $170.00 target price on the stock. Finally, JPMorgan Chase & Co. set a $145.00 target price on Raytheon and gave the company a “buy” rating in a research report on Friday, July 29th. Five equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $174.67.
In other Raytheon news, Director Vernon E. Clark sold 2,540 shares of the business’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $141.01, for a total value of $358,165.40. Following the completion of the transaction, the director now directly owns 7,246 shares in the company, valued at approximately $1,021,758.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.21% of the stock is owned by company insiders.
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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