Sequoia Financial Advisors LLC purchased a new position in Raytheon Co. (NYSE:RTN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,600 shares of the company’s stock, valued at approximately $218,000.
A number of other institutional investors have also added to or reduced their stakes in RTN. Adage Capital Partners GP L.L.C. boosted its position in Raytheon by 534.4% in the first quarter. Adage Capital Partners GP L.L.C. now owns 2,194,011 shares of the company’s stock worth $269,052,000 after buying an additional 1,848,150 shares during the last quarter. Renaissance Technologies LLC boosted its position in Raytheon by 1,302.8% in the first quarter. Renaissance Technologies LLC now owns 1,015,600 shares of the company’s stock worth $124,543,000 after buying an additional 943,200 shares during the last quarter. Royal Bank of Canada boosted its position in Raytheon by 66.7% in the first quarter. Royal Bank of Canada now owns 1,136,397 shares of the company’s stock worth $139,356,000 after buying an additional 454,613 shares during the last quarter. UBS Asset Management Americas Inc. boosted its position in Raytheon by 33.2% in the first quarter. UBS Asset Management Americas Inc. now owns 1,688,023 shares of the company’s stock worth $207,001,000 after buying an additional 421,080 shares during the last quarter. Finally, Nordea Investment Management AB boosted its position in Raytheon by 2,807.0% in the second quarter. Nordea Investment Management AB now owns 371,078 shares of the company’s stock worth $50,448,000 after buying an additional 358,313 shares during the last quarter. 77.89% of the stock is owned by institutional investors.
Raytheon Co. (NYSE:RTN) traded down 0.17% on Wednesday, reaching $137.40. The company’s stock had a trading volume of 869,476 shares. The stock has a market capitalization of $40.55 billion, a P/E ratio of 19.20 and a beta of 0.64. Raytheon Co. has a 52 week low of $111.60 and a 52 week high of $143.39. The firm has a 50 day moving average price of $138.08 and a 200 day moving average price of $134.98.
Raytheon (NYSE:RTN) last posted its quarterly earnings results on Thursday, July 28th. The company reported $2.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.74 by $0.64. Raytheon had a net margin of 9.02% and a return on equity of 19.26%. The company earned $6 billion during the quarter, compared to the consensus estimate of $5.83 billion. During the same period last year, the firm earned $1.65 EPS. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. On average, equities analysts anticipate that Raytheon Co. will post $7.41 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Wednesday, October 5th will be given a dividend of $0.7325 per share. The ex-dividend date is Monday, October 3rd. This represents a $2.93 annualized dividend and a dividend yield of 2.13%. Raytheon’s dividend payout ratio is currently 40.86%.
A number of equities analysts recently weighed in on RTN shares. Citigroup Inc. upped their price target on Raytheon from $145.00 to $170.00 and gave the stock a “buy” rating in a report on Tuesday, September 6th. Zacks Investment Research lowered Raytheon from a “hold” rating to a “sell” rating in a research note on Monday. Deutsche Bank AG boosted their price objective on Raytheon from $135.00 to $140.00 and gave the stock a “hold” rating in a research note on Friday, July 29th. Stifel Nicolaus boosted their price objective on Raytheon from $140.00 to $160.00 and gave the stock a “buy” rating in a research note on Friday, July 29th. Finally, Robert W. Baird started coverage on Raytheon in a research note on Thursday, October 6th. They set an “outperform” rating and a $170.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $174.67.
In related news, Director Vernon E. Clark sold 2,540 shares of Raytheon stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $141.01, for a total transaction of $358,165.40. Following the completion of the transaction, the director now directly owns 7,246 shares in the company, valued at approximately $1,021,758.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.21% of the company’s stock.
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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