Raytheon Co. (RTN) Position Reduced by Seaward Management Limited Partnership
Seaward Management Limited Partnership lowered its position in shares of Raytheon Co. (NYSE:RTN) by 0.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 34,939 shares of the company’s stock after selling 200 shares during the period. Seaward Management Limited Partnership’s holdings in Raytheon were worth $4,749,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in RTN. Ferguson Wellman Capital Management Inc. boosted its position in Raytheon by 6.5% in the second quarter. Ferguson Wellman Capital Management Inc. now owns 317,893 shares of the company’s stock worth $43,217,000 after buying an additional 19,421 shares during the last quarter. Royal Bank of Canada boosted its position in Raytheon by 66.7% in the first quarter. Royal Bank of Canada now owns 1,136,397 shares of the company’s stock worth $139,356,000 after buying an additional 454,613 shares during the last quarter. Trust Department MB Financial Bank N A boosted its position in Raytheon by 16.8% in the second quarter. Trust Department MB Financial Bank N A now owns 2,335 shares of the company’s stock worth $223,000 after buying an additional 335 shares during the last quarter. Legal & General Group Plc boosted 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 worth $163,410,000 after buying an additional 38,809 shares during the last quarter. Finally, Silvercrest Asset Management Group LLC boosted its position in Raytheon by 150.2% in the first quarter. Silvercrest Asset Management Group LLC now owns 6,654 shares of the company’s stock worth $816,000 after buying an additional 3,995 shares during the last quarter. 77.90% of the stock is owned by institutional investors and hedge funds.
Shares of Raytheon Co. (NYSE:RTN) traded up 1.06% during midday trading on Wednesday, reaching $139.12. The company had a trading volume of 1,407,164 shares. Raytheon Co. has a 1-year low of $103.64 and a 1-year high of $143.39. The stock has a market capitalization of $41.05 billion, a PE ratio of 19.44 and a beta of 0.66. The company’s 50-day moving average is $140.12 and its 200-day moving average is $132.96.
Raytheon (NYSE:RTN) last issued its quarterly earnings results on Thursday, July 28th. The company reported $2.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.74 by $0.64. The company had revenue of $6 billion for the quarter, compared to analysts’ expectations of $5.83 billion. Raytheon had a return on equity of 19.26% and a net margin of 9.02%. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.65 earnings per share. On average, equities research analysts forecast that Raytheon Co. will post $7.41 EPS for the current year.
RTN has been the topic of a number of research analyst reports. Citigroup Inc. increased their price target on Raytheon from $145.00 to $170.00 and gave the stock a “buy” rating in a report on Tuesday, September 6th. Jefferies Group restated a “buy” rating on shares of Raytheon in a report on Wednesday, July 6th. Deutsche Bank AG increased their price target on Raytheon from $135.00 to $140.00 and gave the stock a “hold” rating in a report on Friday, July 29th. Stifel Nicolaus increased their price target on Raytheon from $140.00 to $160.00 and gave the stock a “buy” rating in a report on Friday, July 29th. Finally, Zacks Investment Research upgraded Raytheon from a “hold” rating to a “buy” rating and set a $151.00 price target on the stock in a report on Monday, July 4th. Five research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $174.93.
In related news, Director Vernon E. Clark sold 2,540 shares of the company’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 sale, the director now directly owns 7,246 shares of the company’s stock, valued at $1,021,758.46. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.21% of the stock is owned by corporate insiders.
Raytheon Company Profile
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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