Public Sector Pension investment Board cut its stake in Raytheon Company (NYSE:RTN) by 50.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,132 shares of the aerospace company’s stock after selling 33,600 shares during the quarter. Public Sector Pension investment Board’s holdings in Raytheon were worth $5,350,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in RTN. Vanguard Group Inc. increased its stake in Raytheon by 4.7% during the 1st quarter. Vanguard Group Inc. now owns 21,910,520 shares of the aerospace company’s stock worth $3,341,355,000 after purchasing an additional 989,986 shares in the last quarter. BlackRock Inc. boosted its position in Raytheon by 2.7% during the 2nd quarter. BlackRock Inc. now owns 19,934,958 shares of the aerospace company’s stock worth $3,219,097,000 after acquiring an additional 527,139 shares during the last quarter. State Street Corp boosted its position in Raytheon by 2.6% during the 1st quarter. State Street Corp now owns 12,585,731 shares of the aerospace company’s stock worth $1,919,348,000 after acquiring an additional 313,435 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Raytheon by 7.2% in the 1st quarter. Morgan Stanley now owns 4,491,454 shares of the aerospace company’s stock valued at $684,945,000 after buying an additional 302,274 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its holdings in shares of Raytheon by 0.7% in the 1st quarter. Clearbridge Investments LLC now owns 3,527,842 shares of the aerospace company’s stock valued at $537,996,000 after buying an additional 23,172 shares during the last quarter. 73.57% of the stock is owned by institutional investors.
Raytheon Company (NYSE:RTN) opened at 181.86 on Friday. Raytheon Company has a 52-week low of $132.89 and a 52-week high of $190.25. The firm has a 50-day moving average price of $185.65 and a 200 day moving average price of $170.59. The stock has a market cap of $52.78 billion, a PE ratio of 25.12 and a beta of 0.59.
Raytheon (NYSE:RTN) last announced its quarterly earnings results on Thursday, October 26th. The aerospace company reported $1.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.07. The firm had revenue of $6.28 billion during the quarter, compared to analyst estimates of $6.33 billion. Raytheon had a return on equity of 20.74% and a net margin of 8.68%. Raytheon’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.79 earnings per share. On average, analysts forecast that Raytheon Company will post $7.59 earnings per share for the current fiscal year.
The business 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 dividend of $0.7975 per share. The ex-dividend date of this dividend is Wednesday, October 11th. This represents a $3.19 dividend on an annualized basis and a yield of 1.75%. Raytheon’s dividend payout ratio is currently 43.94%.
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In other news, VP Frank R. Jimenez sold 650 shares of the stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $187.27, for a total transaction of $121,725.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Taylor W. Lawrence sold 3,791 shares of the stock in a transaction on Thursday, August 31st. The shares were 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. In the last 90 days, insiders have sold 5,770 shares of company stock valued at $1,052,376. 0.19% of the stock is owned by company insiders.
Several research analysts have weighed in on the company. Cowen and Company reiterated a “buy” rating and set a $203.00 price objective on shares of Raytheon in a research report on Thursday. Stifel Nicolaus raised their price target on Raytheon from $185.00 to $195.00 and gave the stock a “hold” rating in a research report on Friday. Bank of America Corporation reiterated a “buy” rating and issued a $220.00 target price (up previously from $200.00) on shares of Raytheon in a research report on Friday. Sanford C. Bernstein reiterated an “outperform” rating and issued a $183.00 target price (up previously from $180.00) on shares of Raytheon in a research report on Sunday, July 30th. Finally, Vetr cut Raytheon from a “buy” rating to a “hold” rating and set a $187.08 target price on the stock. in a research report on Tuesday, August 15th. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $195.94.
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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