Canandaigua National Bank & Trust Co. Cuts Stake in Raytheon Co. (RTN)
Canandaigua National Bank & Trust Co. decreased its position in Raytheon Co. (NYSE:RTN) by 10.8% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,446 shares of the company’s stock after selling 419 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Raytheon were worth $468,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the company. HL Financial Services LLC boosted its stake in shares of Raytheon by 11.2% in the second quarter. HL Financial Services LLC now owns 6,347 shares of the company’s stock worth $863,000 after buying an additional 641 shares in the last quarter. Investment House LLC bought a new position in Raytheon during the second quarter worth $218,000. Pitcairn Co. raised its position in Raytheon by 5.1% in the second quarter. Pitcairn Co. now owns 1,717 shares of the company’s stock worth $233,000 after buying an additional 83 shares during the last quarter. Rehmann Capital Advisory Group raised its position in Raytheon by 17.8% in the second quarter. Rehmann Capital Advisory Group now owns 3,309 shares of the company’s stock worth $450,000 after buying an additional 501 shares during the last quarter. Finally, Bank of Montreal Can bought a new position in Raytheon during the second quarter worth $39,610,000. 77.90% of the stock is owned by institutional investors.
Raytheon Co. (NYSE:RTN) traded up 1.06% on Wednesday, reaching $139.12. The company had a trading volume of 1,407,164 shares. Raytheon Co. has a 52-week low of $103.64 and a 52-week high of $143.39. The stock has a 50 day moving average price of $140.12 and a 200 day moving average price of $132.96. The stock has a market capitalization of $41.05 billion, a PE ratio of 19.44 and a beta of 0.66.
Raytheon (NYSE:RTN) last issued its 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 analysts’ expectations of $5.83 billion. During the same period last year, the company posted $1.65 earnings per share. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. Analysts expect that Raytheon Co. will post $7.41 EPS for the current year.
RTN has been the subject of a number of recent research reports. Credit Suisse Group AG reiterated a “buy” rating and set a $151.00 price objective on shares of Raytheon in a research note on Friday, July 29th. JPMorgan Chase & Co. set a $145.00 price objective on Raytheon and gave the company a “buy” rating in a research note on Friday, July 29th. Zacks Investment Research lowered Raytheon from a “buy” rating to a “hold” rating in a research note on Tuesday, July 19th. Citigroup Inc. lifted their price objective on Raytheon from $145.00 to $170.00 and gave the company a “buy” rating in a research note on Tuesday, September 6th. Finally, Argus reiterated a “buy” rating and set a $161.00 price objective on shares of Raytheon in a research note on Wednesday, August 3rd. Five investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $174.93.
In other Raytheon news, Director Vernon E. Clark sold 2,540 shares of the stock in a transaction dated Tuesday, August 2nd. The shares were 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 filing with the SEC, which is available at this link. 0.21% of the stock is currently owned by company insiders.
Raytheon Company Profile
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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