Flagship Harbor Advisors LLC Increases Stake in Raytheon Company (RTN)
Flagship Harbor Advisors LLC grew its stake in shares of Raytheon Company (NYSE:RTN) by 1.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,167 shares of the aerospace company’s stock after purchasing an additional 37 shares during the period. Flagship Harbor Advisors LLC’s holdings in Raytheon were worth $361,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Guardian Life Insurance Co. of America raised its holdings in shares of Raytheon by 0.6% during the first quarter. Guardian Life Insurance Co. of America now owns 1,132 shares of the aerospace company’s stock valued at $173,000 after purchasing an additional 7 shares during the period. HM Capital Management LLC raised its holdings in shares of Raytheon by 0.5% during the second quarter. HM Capital Management LLC now owns 2,025 shares of the aerospace company’s stock valued at $327,000 after purchasing an additional 10 shares during the period. Ironwood Investment Management LLC raised its holdings in shares of Raytheon by 0.7% during the second quarter. Ironwood Investment Management LLC now owns 2,475 shares of the aerospace company’s stock valued at $400,000 after purchasing an additional 16 shares during the period. Pineno Levin & Ford Asset Management Inc. raised its holdings in shares of Raytheon by 0.8% during the second quarter. Pineno Levin & Ford Asset Management Inc. now owns 1,903 shares of the aerospace company’s stock valued at $307,000 after purchasing an additional 16 shares during the period. Finally, Park National Corp OH raised its holdings in shares of Raytheon by 1.0% during the second quarter. Park National Corp OH now owns 1,769 shares of the aerospace company’s stock valued at $286,000 after purchasing an additional 18 shares during the period. Hedge funds and other institutional investors own 73.75% of the company’s stock.
In other Raytheon news, Director Vernon E. Clark sold 829 shares of Raytheon stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $180.19, for a total value of $149,377.51. Following the completion of the transaction, the director now directly owns 7,588 shares of the company’s stock, valued at $1,367,281.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert E. Beauchamp bought 1,162 shares of the firm’s stock in a transaction on Monday, July 31st. The stock was purchased at an average cost of $171.99 per share, with a total value of $199,852.38. Following the completion of the acquisition, the director now directly owns 4,303 shares of the company’s stock, valued at approximately $740,072.97. The disclosure for this purchase can be found here. Insiders sold 5,770 shares of company stock valued at $1,052,376 over the last ninety days. Corporate insiders own 0.19% of the company’s stock.
Shares of Raytheon Company (NYSE RTN) opened at 187.18 on Friday. The firm has a 50-day moving average of $182.33 and a 200 day moving average of $166.88. The stock has a market cap of $54.33 billion, a price-to-earnings ratio of 25.85 and a beta of 0.59. Raytheon Company has a 1-year low of $132.89 and a 1-year high of $188.31.
Raytheon (NYSE:RTN) last issued its earnings results on Thursday, July 27th. The aerospace company reported $1.89 earnings per share (EPS) for the quarter, topping 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 net margin of 8.68% and a return on equity of 20.74%. The business’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period in the previous year, the company earned $2.38 earnings per share. Equities research analysts forecast that Raytheon Company will post $7.59 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Thursday, October 12th will be issued a $0.7975 dividend. The ex-dividend date of this dividend is Wednesday, October 11th. This represents a $3.19 annualized dividend and a yield of 1.70%. Raytheon’s dividend payout ratio (DPR) is presently 43.94%.
Several equities analysts have recently weighed in on RTN shares. BidaskClub upgraded shares of Raytheon from a “hold” rating to a “buy” rating in a report on Saturday, June 17th. Vetr lowered shares of Raytheon from a “buy” rating to a “hold” rating and set a $170.66 target price on the stock. in a report on Monday, June 19th. Jefferies Group LLC restated a “buy” rating and issued a $172.00 target price on shares of Raytheon in a report on Monday, June 26th. Zacks Investment Research lowered shares of Raytheon from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Finally, Sanford C. Bernstein restated an “outperform” rating and issued a $183.00 target price (up previously from $180.00) on shares of Raytheon in a report on Sunday, July 30th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $190.67.
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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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