Private Asset Management Inc. Raises Stock Position in Raytheon (NYSE:RTN)

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Private Asset Management Inc. boosted its holdings in Raytheon (NYSE:RTN) by 0.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,890 shares of the aerospace company’s stock after purchasing an additional 110 shares during the quarter. Private Asset Management Inc.’s holdings in Raytheon were worth $6,414,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in RTN. Norges Bank purchased a new stake in Raytheon in the 4th quarter valued at $439,572,000. LSV Asset Management raised its position in Raytheon by 829.0% in 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 during the last quarter. Millennium Management LLC raised its position in Raytheon by 237.8% in the 4th quarter. Millennium Management LLC now owns 1,004,199 shares of the aerospace company’s stock valued at $153,994,000 after purchasing an additional 706,918 shares during the last quarter. American Century Companies Inc. raised its position in Raytheon by 107.6% in the 4th quarter. American Century Companies Inc. now owns 1,248,332 shares of the aerospace company’s stock valued at $191,432,000 after purchasing an additional 646,923 shares during the last quarter. Finally, BlackRock Inc. raised its position in Raytheon by 2.3% in the 1st quarter. BlackRock Inc. now owns 23,365,818 shares of the aerospace company’s stock valued at $4,254,449,000 after purchasing an additional 527,708 shares during the last quarter. Hedge funds and other institutional investors own 74.24% of the company’s stock.

In other news, VP Wesley D. Kremer sold 8,186 shares of the company’s stock in a transaction on Friday, June 7th. The shares were 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 of the company’s stock, valued at approximately $5,397,375. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.18% of the company’s stock.

Shares of NYSE:RTN traded up $0.76 on Tuesday, reaching $181.32. 2,087,996 shares of the company were exchanged, compared to its average volume of 2,006,401. The company has a current ratio of 1.43, a quick ratio of 1.31 and a debt-to-equity ratio of 0.36. Raytheon has a 1-year low of $144.27 and a 1-year high of $210.89. The company has a market capitalization of $50.84 billion, a price-to-earnings ratio of 17.09, a price-to-earnings-growth ratio of 1.37 and a beta of 0.87. The stock’s 50-day simple moving average is $178.24.

Raytheon (NYSE:RTN) last posted its quarterly earnings results on Thursday, April 25th. The aerospace company reported $2.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.45 by $0.32. Raytheon had a net margin of 11.11% and a return on equity of 26.27%. The business had revenue of $6.73 billion for the quarter, compared to analysts’ expectations of $6.58 billion. During the same period in the prior year, the company posted $2.20 EPS. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. As a group, analysts expect that Raytheon will post 11.62 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be paid a dividend of $0.9425 per share. The ex-dividend date of this dividend is Tuesday, July 9th. This represents a $3.77 dividend on an annualized basis and a dividend yield of 2.08%. Raytheon’s dividend payout ratio (DPR) is presently 35.53%.

RTN has been the topic of several recent research reports. Vertical Research cut shares of Raytheon from a “buy” rating to a “hold” rating and dropped their price objective for the company from $216.00 to $203.00 in a research note on Tuesday, June 11th. Zacks Investment Research raised shares of Triple-S Management from a “hold” rating to a “buy” rating and set a $26.00 price objective on the stock in a research note on Monday, April 29th. Buckingham Research cut shares of Westinghouse Air Brake Technologies from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $93.00 to $81.00 in a research note on Monday, June 24th. Stifel Nicolaus boosted their price objective on shares of Raytheon from $205.00 to $218.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Finally, Jefferies Financial Group boosted their price objective on shares of KeyCorp from $20.00 to $18.50 and gave the company a “buy” rating in a research note on Monday, May 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $207.47.

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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Institutional Ownership by Quarter for Raytheon (NYSE:RTN)

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