Paloma Partners Management Co increased its holdings in Raytheon (NYSE:RTN) by 204.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 41,824 shares of the aerospace company’s stock after buying an additional 28,107 shares during the period. Paloma Partners Management Co’s holdings in Raytheon were worth $7,272,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also added to or reduced their stakes in RTN. USS Investment Management Ltd grew its holdings in shares of Raytheon by 5.7% in the first quarter. USS Investment Management Ltd now owns 1,527,946 shares of the aerospace company’s stock valued at $278,193,000 after acquiring an additional 82,955 shares in the last quarter. Cornerstone Advisors Inc. grew its holdings in shares of Raytheon by 13.8% in the first quarter. Cornerstone Advisors Inc. now owns 595 shares of the aerospace company’s stock valued at $108,000 after acquiring an additional 72 shares in the last quarter. Buckingham Capital Management Inc. bought a new position in shares of Raytheon in the first quarter valued at approximately $205,000. Folger Nolan Fleming Douglas Capital Management Inc. bought a new position in shares of Raytheon in the first quarter valued at approximately $200,000. Finally, LSV Asset Management grew its holdings in shares of Raytheon by 829.0% in the first quarter. LSV Asset Management now owns 2,129,350 shares of the aerospace company’s stock valued at $387,712,000 after acquiring an additional 1,900,150 shares in the last quarter. 72.96% of the stock is owned by institutional investors.
In other Raytheon news, VP Wesley D. Kremer sold 2,915 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $200.00, for a total transaction of $583,000.00. Following the sale, the vice president now owns 26,260 shares in the company, valued at $5,252,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Frank R. Jimenez sold 1,054 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $180.00, for a total value of $189,720.00. Following the sale, the vice president now owns 25,863 shares in the company, valued at approximately $4,655,340. The disclosure for this sale can be found here. Insiders have sold 13,969 shares of company stock worth $2,622,820 in the last 90 days. Company insiders own 0.18% of the company’s stock.
Shares of RTN stock traded down $2.52 on Friday, reaching $196.81. The company’s stock had a trading volume of 40,660 shares, compared to its average volume of 1,479,729. The company has a quick ratio of 1.35, a current ratio of 1.46 and a debt-to-equity ratio of 0.41. Raytheon has a 12-month low of $144.27 and a 12-month high of $209.18. The company has a market capitalization of $55.59 billion, a P/E ratio of 18.53, a PEG ratio of 1.61 and a beta of 0.85. The stock’s 50 day simple moving average is $185.99 and its 200-day simple moving average is $181.41.
Raytheon (NYSE:RTN) last issued its quarterly earnings data on Thursday, July 25th. The aerospace company reported $2.92 earnings per share (EPS) for the quarter, topping the Zacks’ 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 company had revenue of $7.16 billion for the quarter, compared to the consensus estimate of $7.02 billion. During the same quarter last year, the business posted $2.45 earnings per share. The firm’s revenue was up 8.1% compared to the same quarter last year. Research analysts expect that Raytheon will post 11.73 EPS for the current year.
RTN has been the subject of several recent analyst reports. Bank of America reaffirmed a “buy” rating and issued a $265.00 target price (up from $224.00) on shares of Raytheon in a report on Friday, July 26th. Sanford C. Bernstein lowered Raytheon from an “outperform” rating to a “market perform” rating and set a $212.00 price objective for the company. in a report on Tuesday. ValuEngine lowered Raytheon from a “hold” rating to a “sell” rating in a report on Friday, June 28th. Buckingham Research lowered Raytheon from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $265.00 to $195.00 in a report on Monday, June 24th. Finally, Stifel Nicolaus increased their price objective on Raytheon from $205.00 to $218.00 and gave the company a “buy” rating in a report on Monday, June 10th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $212.00.
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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