Arrow Financial Corp grew its stake in shares of Raytheon Company (NYSE:RTN) by 66.7% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 1,500 shares of the aerospace company’s stock after purchasing an additional 600 shares during the period. Arrow Financial Corp’s holdings in Raytheon were worth $242,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently modified their holdings of the company. St. Johns Investment Management Company LLC bought a new stake in Raytheon during the 2nd quarter worth approximately $113,000. Signature Estate & Investment Advisors LLC bought a new stake in Raytheon during the 1st quarter worth approximately $111,000. Jacobi Capital Management LLC increased its holdings in Raytheon by 271.1% during the 1st quarter. Jacobi Capital Management LLC now owns 757 shares of the aerospace company’s stock worth $114,000 after purchasing an additional 553 shares in the last quarter. Tarbox Family Office Inc. increased its holdings in Raytheon by 1,666.7% during the 2nd quarter. Tarbox Family Office Inc. now owns 795 shares of the aerospace company’s stock worth $128,000 after purchasing an additional 750 shares in the last quarter. Finally, Shine Investment Advisory Services Inc. bought a new stake in Raytheon during the 2nd quarter worth approximately $139,000. 73.82% of the stock is owned by hedge funds and other institutional investors.
RTN has been the subject of a number of recent research reports. Robert W. Baird reissued an “outperform” rating and set a $212.00 price objective (up from $170.00) on shares of Raytheon in a report on Thursday, August 10th. Vetr lowered Raytheon from a “buy” rating to a “hold” rating and set a $187.08 price objective for the company. in a report on Wednesday, August 30th. BidaskClub lowered Raytheon from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Zacks Investment Research lowered Raytheon from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Finally, Buckingham Research boosted their price objective on Raytheon from $190.00 to $199.00 and gave the stock a “buy” rating in a report on Friday, August 11th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $184.67.
In related news, VP Frank R. Jimenez sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $181.94, for a total transaction of $90,970.00. Following the completion of the sale, the vice president now owns 29,292 shares of the company’s stock, valued at $5,329,386.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Vernon E. Clark sold 829 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $180.19, for a total transaction of $149,377.51. Following the sale, the director now directly owns 7,588 shares of the company’s stock, valued at approximately $1,367,281.72. The disclosure for this sale can be found here. Insiders have sold 5,120 shares of company stock valued at $930,651 in the last three months. 0.19% of the stock is owned by insiders.
Raytheon Company (NYSE:RTN) opened at 182.50 on Wednesday. The stock has a 50 day moving average price of $177.00 and a 200-day moving average price of $163.12. Raytheon Company has a 52 week low of $132.89 and a 52 week high of $184.17. The stock has a market cap of $52.97 billion, a P/E ratio of 25.21 and a beta of 0.58.
Raytheon (NYSE:RTN) last announced its quarterly earnings results on Thursday, July 27th. The aerospace company reported $1.89 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.74 by $0.15. The company had revenue of $6.28 billion during the quarter, compared to the consensus estimate of $6.24 billion. Raytheon had a net margin of 8.68% and a return on equity of 20.74%. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the firm earned $2.38 earnings per share. On average, equities analysts anticipate that Raytheon Company will post $7.59 EPS for the current fiscal year.
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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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