Bluestein R H & Co. Raises Stake in Raytheon Company (RTN)
Bluestein R H & Co. lifted its stake in shares of Raytheon Company (NYSE:RTN) by 3.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 294,161 shares of the aerospace company’s stock after acquiring an additional 8,796 shares during the period. Raytheon makes up about 2.8% of Bluestein R H & Co.’s investment portfolio, making the stock its 8th largest holding. Bluestein R H & Co. owned about 0.10% of Raytheon worth $47,501,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. St. Johns Investment Management Company LLC bought a new position in Raytheon in the second quarter valued at $113,000. Jacobi Capital Management LLC grew its position in Raytheon by 271.1% in the first quarter. Jacobi Capital Management LLC now owns 757 shares of the aerospace company’s stock valued at $114,000 after purchasing an additional 553 shares in the last quarter. Tarbox Family Office Inc. grew its position in Raytheon by 1,666.7% in the second quarter. Tarbox Family Office Inc. now owns 795 shares of the aerospace company’s stock valued at $128,000 after purchasing an additional 750 shares in the last quarter. Shine Investment Advisory Services Inc. bought a new position in Raytheon in the second quarter valued at $139,000. Finally, CWM LLC grew its position in Raytheon by 7.4% in the second quarter. CWM LLC now owns 916 shares of the aerospace company’s stock valued at $148,000 after purchasing an additional 63 shares in the last quarter. 73.62% of the stock is owned by institutional investors and hedge funds.
Shares of Raytheon Company (NYSE:RTN) opened at 186.95 on Friday. Raytheon Company has a 52 week low of $132.89 and a 52 week high of $189.64. The firm has a 50-day moving average of $184.96 and a 200-day moving average of $169.38. The firm has a market cap of $54.26 billion, a PE ratio of 25.82 and a beta of 0.59.
Raytheon (NYSE:RTN) last posted its quarterly earnings results on Thursday, July 27th. The aerospace company reported $1.89 EPS for the quarter, topping the Zacks’ consensus estimate of $1.74 by $0.15. Raytheon had a return on equity of 20.74% and a net margin of 8.68%. The company had revenue of $6.28 billion for the quarter, compared to analysts’ expectations of $6.24 billion. During the same period in the previous year, the firm earned $2.38 EPS. The firm’s revenue was up 4.2% compared to the same quarter last year. On average, analysts expect that Raytheon Company will post $7.59 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Thursday, October 12th will be issued a $0.7975 dividend. The ex-dividend date is Wednesday, October 11th. This represents a $3.19 dividend on an annualized basis and a yield of 1.71%. Raytheon’s dividend payout ratio is presently 43.94%.
In related news, VP Frank R. Jimenez sold 650 shares of the business’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 value of $121,725.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Taylor W. Lawrence sold 3,791 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $182.09, for a total value of $690,303.19. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,770 shares of company stock worth $1,052,376. 0.19% of the stock is owned by insiders.
A number of research firms recently weighed in on RTN. Cowen and Company reaffirmed a “buy” rating and issued a $203.00 target price on shares of Raytheon in a research report on Thursday. BidaskClub raised shares of Raytheon from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 12th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $209.00 target price on shares of Raytheon in a research report on Tuesday, October 10th. Morgan Stanley began coverage on shares of Raytheon in a research report on Tuesday, August 8th. They issued an “equal weight” rating and a $188.00 target price for the company. Finally, Argus reaffirmed a “buy” rating and issued a $195.00 target price (up previously from $175.00) on shares of Raytheon in a research report on Friday, August 4th. Four investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Raytheon currently has a consensus rating of “Buy” and an average price target of $194.07.
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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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