Auxier Asset Management trimmed its position in shares of Raytheon (NYSE:RTN) by 7.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,500 shares of the aerospace company’s stock after selling 1,000 shares during the quarter. Auxier Asset Management’s holdings in Raytheon were worth $2,415,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in RTN. Putnam Investments LLC lifted its stake in shares of Raytheon by 49.8% in the second quarter. Putnam Investments LLC now owns 2,154,197 shares of the aerospace company’s stock worth $416,148,000 after acquiring an additional 716,446 shares during the period. Salem Investment Counselors Inc. lifted its stake in shares of Raytheon by 140.8% in the second quarter. Salem Investment Counselors Inc. now owns 684 shares of the aerospace company’s stock worth $132,000 after acquiring an additional 400 shares during the period. Moneta Group Investment Advisors LLC lifted its stake in shares of Raytheon by 424.9% in the second quarter. Moneta Group Investment Advisors LLC now owns 13,144 shares of the aerospace company’s stock worth $484,000 after acquiring an additional 10,640 shares during the period. Millennium Management LLC lifted its stake in shares of Raytheon by 19.9% in the second quarter. Millennium Management LLC now owns 351,214 shares of the aerospace company’s stock worth $67,848,000 after acquiring an additional 58,309 shares during the period. Finally, Worldquant Millennium Quantitative Strategies LLC acquired a new position in shares of Raytheon in the second quarter worth approximately $2,402,000. 73.28% of the stock is currently owned by hedge funds and other institutional investors.
In other news, VP Taylor W. Lawrence sold 3,299 shares of the business’s stock in a transaction that occurred on Thursday, August 30th. The stock was sold at an average price of $199.41, for a total transaction of $657,853.59. Following the completion of the sale, the vice president now owns 44,220 shares in the company, valued at $8,817,910.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.19% of the company’s stock.
A number of equities research analysts have weighed in on the company. UBS Group assumed coverage on Raytheon in a report on Wednesday, August 15th. They issued a “buy” rating and a $250.00 target price for the company. Zacks Investment Research upgraded Raytheon from a “hold” rating to a “buy” rating and set a $221.00 target price for the company in a report on Thursday, August 2nd. Stifel Nicolaus lowered their target price on Raytheon from $235.00 to $230.00 and set a “buy” rating for the company in a report on Friday, July 27th. Morgan Stanley lowered their target price on Raytheon from $239.00 to $228.00 and set an “overweight” rating for the company in a report on Thursday, July 12th. Finally, ValuEngine downgraded Raytheon from a “buy” rating to a “hold” rating in a report on Friday, June 15th. Four equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $224.29.
NYSE RTN opened at $200.83 on Friday. The company has a market cap of $56.35 billion, a PE ratio of 26.36, a PEG ratio of 1.51 and a beta of 0.68. Raytheon has a 52 week low of $179.29 and a 52 week high of $229.75. The company has a quick ratio of 1.51, a current ratio of 1.61 and a debt-to-equity ratio of 0.45.
Raytheon (NYSE:RTN) last released its quarterly earnings data on Thursday, July 26th. The aerospace company reported $2.78 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.32 by $0.46. The firm had revenue of $6.63 billion during the quarter, compared to the consensus estimate of $6.51 billion. Raytheon had a return on equity of 24.01% and a net margin of 9.24%. The company’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.98 earnings per share. equities analysts anticipate that Raytheon will post 9.93 earnings per share for the current fiscal year.
Raytheon Company develops integrated products, services, and solutions for defense and other government markets worldwide. It operates through five segments: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS); and Forcepoint.
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