Raytheon Company (RTN) Holdings Lifted by State of Tennessee Treasury Department
State of Tennessee Treasury Department raised its stake in shares of Raytheon Company (NYSE:RTN) by 4.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 293,058 shares of the aerospace company’s stock after buying an additional 11,461 shares during the quarter. State of Tennessee Treasury Department owned about 0.10% of Raytheon worth $47,323,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of RTN. Oppenheimer & Co. Inc. grew its holdings in shares of Raytheon by 5.0% during the second quarter. Oppenheimer & Co. Inc. now owns 67,518 shares of the aerospace company’s stock worth $10,902,000 after purchasing an additional 3,207 shares in the last quarter. Hikari Power Ltd purchased a new position in shares of Raytheon during the second quarter worth about $208,000. Providence First Trust Co purchased a new position in shares of Raytheon during the second quarter worth about $2,183,000. Swiss National Bank grew its holdings in shares of Raytheon by 2.6% during the second quarter. Swiss National Bank now owns 1,193,845 shares of the aerospace company’s stock worth $192,782,000 after purchasing an additional 30,200 shares in the last quarter. Finally, Bronfman E.L. Rothschild L.P. grew its holdings in shares of Raytheon by 58.6% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 2,220 shares of the aerospace company’s stock worth $358,000 after purchasing an additional 820 shares in the last quarter. 73.75% of the stock is owned by institutional investors and hedge funds.
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Shares of Raytheon Company (NYSE RTN) opened at 187.55 on Thursday. The stock has a market cap of $54.44 billion, a price-to-earnings ratio of 25.90 and a beta of 0.59. Raytheon Company has a 52 week low of $132.89 and a 52 week high of $188.31. The firm has a 50-day moving average price of $182.07 and a 200 day moving average price of $166.73.
Raytheon (NYSE:RTN) last released its quarterly earnings results on Thursday, July 27th. The aerospace company reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.15. The business had revenue of $6.28 billion during the quarter, compared to analysts’ expectations of $6.24 billion. Raytheon had a return on equity of 20.74% and a net margin of 8.68%. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter last year, the business posted $2.38 EPS. On average, analysts forecast that Raytheon Company will post $7.59 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Thursday, October 12th will be issued a dividend of $0.7975 per share. This represents a $3.19 annualized dividend and a yield of 1.70%. The ex-dividend date is Wednesday, October 11th. Raytheon’s dividend payout ratio is presently 43.94%.
In other Raytheon news, VP Frank R. Jimenez sold 650 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $187.27, for a total transaction of $121,725.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Vernon E. Clark sold 829 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $180.19, for a total value of $149,377.51. Following the transaction, the director now owns 7,588 shares of the company’s stock, valued at approximately $1,367,281.72. The disclosure for this sale can be found here. Insiders have sold a total of 5,770 shares of company stock valued at $1,052,376 in the last 90 days. 0.19% of the stock is currently owned by company insiders.
Several research analysts have recently commented on RTN shares. BidaskClub raised Raytheon from a “hold” rating to a “buy” rating in a report on Saturday, June 17th. Vetr lowered Raytheon from a “buy” rating to a “hold” rating and set a $170.66 price objective for the company. in a report on Monday, June 19th. Jefferies Group LLC reissued a “buy” rating and set a $172.00 price objective on shares of Raytheon in a report on Monday, June 26th. Zacks Investment Research lowered Raytheon from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Finally, Sanford C. Bernstein reissued an “outperform” rating and set a $183.00 price objective (up previously from $180.00) on shares of Raytheon in a report on Sunday, July 30th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $190.67.
Raytheon Company is a technology company, which specializes in defense and other government markets. The Company develops integrated products, services and solutions in various markets, including sensing; effects; command, control, communications, computers, cyber and intelligence; mission support, and cybersecurity.
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