LMR Partners LLP cut its stake in shares of Raytheon Co. (NYSE:RTN) by 58.7% during the second quarter, Holdings Channel reports. The institutional investor owned 8,404 shares of the company’s stock after selling 11,927 shares during the period. LMR Partners LLP’s holdings in Raytheon were worth $1,136,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of the stock. Monetary Management Group Inc. boosted its stake in Raytheon by 840.0% in the first quarter. Monetary Management Group Inc. now owns 940 shares of the company’s stock valued at $115,000 after buying an additional 840 shares in the last quarter. Integrated Investment Consultants LLC boosted its stake in Raytheon by 11.5% in the second quarter. Integrated Investment Consultants LLC now owns 1,135 shares of the company’s stock valued at $154,000 after buying an additional 117 shares in the last quarter. Foundry Partners LLC bought a new stake in Raytheon during the second quarter valued at about $201,000. Dowling & Yahnke LLC bought a new stake in Raytheon during the second quarter valued at about $203,000. Finally, Barry Investment Advisors LLC bought a new stake in Raytheon during the second quarter valued at about $206,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.
Raytheon Co. (NYSE:RTN) traded down 1.06% during trading on Friday, hitting $136.78. 1,614,942 shares of the stock traded hands. The firm’s 50-day moving average is $138.93 and its 200 day moving average is $134.18. Raytheon Co. has a 52 week low of $109.10 and a 52 week high of $143.39. The stock has a market cap of $40.36 billion, a P/E ratio of 19.11 and a beta of 0.64.
Raytheon (NYSE:RTN) last issued its earnings results on Thursday, July 28th. The company reported $2.38 EPS for the quarter, topping the consensus estimate of $1.74 by $0.64. The firm earned $6 billion during 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%. Raytheon’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period last year, the business earned $1.65 earnings per share. Equities research analysts forecast that Raytheon Co. will post $7.41 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Wednesday, October 5th will be given a $0.7325 dividend. The ex-dividend date is Monday, October 3rd. This represents a $2.93 annualized dividend and a yield of 2.14%. Raytheon’s dividend payout ratio (DPR) is currently 40.86%.
Several research firms recently issued reports on RTN. Jefferies Group upped their price target on shares of Raytheon from $145.00 to $158.00 and gave the company a “buy” rating in a report on Friday, July 29th. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $151.00 price target on shares of Raytheon in a report on Friday, July 29th. Zacks Investment Research raised shares of 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. JPMorgan Chase & Co. set a $145.00 price target on shares of Raytheon and gave the company a “buy” rating in a report on Friday, July 29th. Finally, Argus reissued a “buy” rating and set a $161.00 target price on shares of Raytheon in a report on Wednesday, August 3rd. Five investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $174.67.
In related news, Director Vernon E. Clark sold 2,540 shares of the firm’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 completion of the transaction, 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 document filed with the SEC, which can be accessed through the SEC website. 0.21% of the stock is owned by corporate insiders.
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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