Birinyi Associates Inc. Purchases Shares of 1,500 Raytheon Company (RTN)
Birinyi Associates Inc. purchased a new position in Raytheon Company (NYSE:RTN) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 1,500 shares of the aerospace company’s stock, valued at approximately $242,000.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Guardian Life Insurance Co. of America boosted its position in shares of Raytheon by 0.6% in the 1st quarter. Guardian Life Insurance Co. of America now owns 1,132 shares of the aerospace company’s stock worth $173,000 after purchasing an additional 7 shares in the last quarter. HM Capital Management LLC boosted its position in shares of Raytheon by 0.5% in the 2nd quarter. HM Capital Management LLC now owns 2,025 shares of the aerospace company’s stock worth $327,000 after purchasing an additional 10 shares in the last quarter. Ironwood Investment Management LLC boosted its position in shares of Raytheon by 0.7% in the 2nd quarter. Ironwood Investment Management LLC now owns 2,475 shares of the aerospace company’s stock worth $400,000 after purchasing an additional 16 shares in the last quarter. Pineno Levin & Ford Asset Management Inc. boosted its position in shares of Raytheon by 0.8% in the 2nd quarter. Pineno Levin & Ford Asset Management Inc. now owns 1,903 shares of the aerospace company’s stock worth $307,000 after purchasing an additional 16 shares in the last quarter. Finally, Park National Corp OH boosted its position in shares of Raytheon by 1.0% in the 2nd quarter. Park National Corp OH now owns 1,769 shares of the aerospace company’s stock worth $286,000 after purchasing an additional 18 shares in the last quarter. 73.75% of the stock is currently owned by hedge funds and other institutional investors.
RTN has been the topic of a number of analyst reports. BidaskClub raised Raytheon from a “hold” rating to a “buy” rating in a research report on Saturday, June 17th. Vetr cut Raytheon from a “buy” rating to a “hold” rating and set a $170.66 price target on the stock. in a research report on Monday, June 19th. Zacks Investment Research cut Raytheon from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st. Jefferies Group LLC reissued a “buy” rating and issued a $172.00 price target on shares of Raytheon in a research report on Monday, June 26th. Finally, Sanford C. Bernstein restated an “outperform” rating and issued a $183.00 price objective (up from $180.00) on shares of Raytheon in a report on Sunday, July 30th. Three investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Raytheon has a consensus rating of “Buy” and a consensus price target of $190.67.
Shares of Raytheon Company (NYSE:RTN) opened at 186.58 on Friday. The firm’s 50-day moving average is $179.06 and its 200-day moving average is $164.34. The stock has a market capitalization of $54.15 billion, a price-to-earnings ratio of 25.77 and a beta of 0.58. Raytheon Company has a 52 week low of $132.89 and a 52 week high of $186.70.
Raytheon (NYSE:RTN) last posted its quarterly earnings data on Thursday, July 27th. The aerospace company reported $1.89 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.74 by $0.15. Raytheon had a net margin of 8.68% and a return on equity of 20.74%. The business had revenue of $6.28 billion during the quarter, compared to the consensus estimate of $6.24 billion. During the same period in the previous year, the firm posted $2.38 earnings per share. The business’s revenue for the quarter was up 4.2% compared to the same quarter last year. Analysts forecast that Raytheon Company will post $7.59 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Stockholders of record on Thursday, October 12th will be paid a dividend of $0.7975 per share. The ex-dividend date of this dividend is Wednesday, October 11th. This represents a $3.19 annualized dividend and a dividend yield of 1.71%. Raytheon’s payout ratio is currently 43.94%.
In related news, Director Robert E. Beauchamp acquired 1,162 shares of the stock in a transaction dated Monday, July 31st. The stock was acquired at an average cost of $171.99 per share, for a total transaction of $199,852.38. Following the completion of the purchase, the director now owns 4,303 shares of the company’s stock, valued at approximately $740,072.97. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, VP Taylor W. Lawrence sold 3,791 shares of Raytheon stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $182.09, for a total transaction of $690,303.19. The disclosure for this sale can be found here. Insiders have sold 5,120 shares of company stock valued at $930,651 over the last quarter. Insiders own 0.19% of the company’s stock.
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Raytheon Company Profile
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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