Twin Capital Management Inc. lowered its position in Raytheon (NYSE:RTN) by 7.1% in the second quarter, Holdings Channel.com reports. The fund owned 31,690 shares of the aerospace company’s stock after selling 2,430 shares during the period. Twin Capital Management Inc.’s holdings in Raytheon were worth $5,510,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently made changes to their positions in the business. BlackRock Inc. raised its holdings in shares of Raytheon by 2.3% in the 1st quarter. BlackRock Inc. now owns 23,365,818 shares of the aerospace company’s stock worth $4,254,449,000 after buying an additional 527,708 shares in the last quarter. Amundi Pioneer Asset Management Inc. increased its holdings in Raytheon by 7.3% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 4,165,178 shares of the aerospace company’s stock valued at $758,397,000 after purchasing an additional 284,688 shares in the last quarter. Geode Capital Management LLC increased its holdings in Raytheon by 5.3% during the 4th quarter. Geode Capital Management LLC now owns 3,729,683 shares of the aerospace company’s stock valued at $570,952,000 after purchasing an additional 186,460 shares in the last quarter. Clearbridge Investments LLC increased its holdings in Raytheon by 1.6% during the 1st quarter. Clearbridge Investments LLC now owns 3,018,011 shares of the aerospace company’s stock valued at $549,519,000 after purchasing an additional 47,460 shares in the last quarter. Finally, LSV Asset Management increased its holdings in Raytheon by 829.0% during the 1st quarter. LSV Asset Management now owns 2,129,350 shares of the aerospace company’s stock valued at $387,712,000 after purchasing an additional 1,900,150 shares in the last quarter. Institutional investors own 74.71% of the company’s stock.
Shares of NYSE:RTN traded up $0.10 during midday trading on Thursday, hitting $178.56. The company had a trading volume of 47,999 shares, compared to its average volume of 1,920,966. Raytheon has a 12 month low of $144.27 and a 12 month high of $210.89. The company has a current ratio of 1.46, a quick ratio of 1.35 and a debt-to-equity ratio of 0.41. The company has a market cap of $49.44 billion, a PE ratio of 16.78, a price-to-earnings-growth ratio of 1.47 and a beta of 0.86. The business has a fifty day moving average of $179.97.
Raytheon (NYSE:RTN) last posted its quarterly earnings results on Thursday, July 25th. The aerospace company reported $2.92 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.61 by $0.31. Raytheon had a return on equity of 26.34% and a net margin of 10.96%. The business had revenue of $7.16 billion for the quarter, compared to analyst estimates of $7.02 billion. During the same period last year, the company earned $2.45 EPS. The firm’s revenue was up 8.1% on a year-over-year basis. On average, sell-side analysts forecast that Raytheon will post 11.71 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were given a $0.9425 dividend. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $3.77 annualized dividend and a dividend yield of 2.11%. Raytheon’s dividend payout ratio is currently 35.53%.
A number of research firms recently weighed in on RTN. Zacks Investment Research cut Raytheon from a “buy” rating to a “hold” rating in a report on Monday, April 29th. Wolfe Research set a $205.00 price target on Raytheon and gave the company a “buy” rating in a report on Friday, April 26th. ValuEngine cut Raytheon from a “hold” rating to a “sell” rating in a report on Friday, June 28th. Bank of America reissued a “buy” rating and issued a $265.00 target price (up from $224.00) on shares of Raytheon in a research note on Friday, July 26th. Finally, Vertical Research cut Raytheon from a “buy” rating to a “hold” rating and lowered their target price for the company from $216.00 to $203.00 in a research note on Tuesday, June 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $209.80.
In other Raytheon news, VP Wesley D. Kremer sold 8,186 shares of Raytheon stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $185.00, for a total transaction of $1,514,410.00. Following the transaction, the vice president now directly owns 29,175 shares in the company, valued at $5,397,375. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Randa G. Newsome sold 10,000 shares of Raytheon stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $185.01, for a total value of $1,850,100.00. Following the transaction, the vice president now owns 20,396 shares in the company, valued at $3,773,463.96. The disclosure for this sale can be found here. 0.18% of the stock is owned by company insiders.
Raytheon Company Profile
Raytheon Company develops integrated products, services, and solutions for the defense and other government markets worldwide. It operates through five segments: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS); and Forcepoint.
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