Legal & General Group Plc boosted its position in Raytheon Company (NYSE:RTN) by 2.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,480,571 shares of the aerospace company’s stock after acquiring an additional 33,017 shares during the period. Legal & General Group Plc owned 0.51% of Raytheon worth $239,070,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Shikiar Asset Management Inc. lifted its stake in Raytheon by 6.6% in the second quarter. Shikiar Asset Management Inc. now owns 2,010 shares of the aerospace company’s stock valued at $325,000 after buying an additional 125 shares during the period. State of Wisconsin Investment Board lifted its stake in Raytheon by 16.2% in the second quarter. State of Wisconsin Investment Board now owns 418,556 shares of the aerospace company’s stock valued at $67,588,000 after buying an additional 58,420 shares during the period. Fishman Jay A Ltd. MI lifted its stake in Raytheon by 31.5% in the second quarter. Fishman Jay A Ltd. MI now owns 94,392 shares of the aerospace company’s stock valued at $15,242,000 after buying an additional 22,610 shares during the period. Fiduciary Financial Services of The Southwest Inc. TX lifted its stake in Raytheon by 47.1% in the second quarter. Fiduciary Financial Services of The Southwest Inc. TX now owns 18,735 shares of the aerospace company’s stock valued at $3,025,000 after buying an additional 5,996 shares during the period. Finally, LMR Partners LLP acquired a new position in Raytheon in the second quarter valued at about $4,402,000. Institutional investors and hedge funds own 73.75% of the company’s stock.
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Several research firms have weighed in on RTN. BidaskClub raised Raytheon from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 12th. Buckingham Research increased their target price on Raytheon from $190.00 to $199.00 and gave the company a “buy” rating in a research note on Friday, August 11th. Argus reissued a “buy” rating and issued a $195.00 target price (up previously from $175.00) on shares of Raytheon in a research note on Friday, August 4th. Morgan Stanley began coverage on Raytheon in a research note on Tuesday, August 8th. They issued an “equal weight” rating and a $188.00 target price on the stock. Finally, Cowen and Company reissued an “outperform” rating and issued a $189.00 target price (up previously from $182.00) on shares of Raytheon in a research note on Thursday, August 10th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $186.07.
Shares of Raytheon Company (NYSE:RTN) opened at 183.31 on Tuesday. The firm has a market cap of $53.21 billion, a price-to-earnings ratio of 25.32 and a beta of 0.58. Raytheon Company has a 52-week low of $132.89 and a 52-week high of $184.17. The stock’s 50 day moving average price is $178.73 and its 200-day moving average price is $164.12.
Raytheon (NYSE:RTN) last posted its quarterly earnings results on Thursday, July 27th. The aerospace company reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.15. Raytheon had a return on equity of 20.74% and a net margin of 8.68%. The business had revenue of $6.28 billion for the quarter, compared to the consensus estimate of $6.24 billion. During the same period in the prior year, the business earned $2.38 EPS. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, analysts forecast that Raytheon Company will post $7.59 EPS for the current year.
In related news, Director Robert E. Beauchamp acquired 1,162 shares of the stock in a transaction dated Monday, July 31st. The stock was purchased at an average cost of $171.99 per share, with a total value of $199,852.38. Following the completion of the purchase, the director now directly owns 4,303 shares in the company, valued at approximately $740,072.97. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Frank R. Jimenez sold 500 shares of the stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $181.94, for a total value of $90,970.00. Following the completion of the sale, the vice president now directly owns 29,292 shares of the company’s stock, valued at $5,329,386.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,120 shares of company stock valued at $930,651. Company insiders own 0.19% of the company’s stock.
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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