Premier Fund Managers Ltd Purchases 3,700 Shares of Raytheon Co. (RTN)
Premier Fund Managers Ltd increased its stake in Raytheon Co. (NYSE:RTN) by 19.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,700 shares of the company’s stock after buying an additional 3,700 shares during the period. Raytheon accounts for approximately 3.0% of Premier Fund Managers Ltd’s holdings, making the stock its 15th largest position. Premier Fund Managers Ltd’s holdings in Raytheon were worth $3,066,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Smith Moore & CO. bought a new position in shares of Raytheon during the first quarter valued at about $227,000. Aviva PLC raised its position in shares of Raytheon by 4.9% in the first quarter. Aviva PLC now owns 243,105 shares of the company’s stock valued at $29,812,000 after buying an additional 11,448 shares in the last quarter. King Wealth Management Group LLC bought a new position in shares of Raytheon during the first quarter valued at about $1,023,000. ING Groep NV raised its position in shares of Raytheon by 86.4% in the first quarter. ING Groep NV now owns 6,868 shares of the company’s stock valued at $842,000 after buying an additional 3,183 shares in the last quarter. Finally, Monetary Management Group Inc. raised its position in shares of Raytheon by 840.0% in the first quarter. Monetary Management Group Inc. now owns 940 shares of the company’s stock valued at $115,000 after buying an additional 840 shares in the last quarter. 77.90% of the stock is owned by institutional investors and hedge funds.
Shares of Raytheon Co. (NYSE:RTN) traded down 0.03% during midday trading on Wednesday, reaching $137.13. 1,736,456 shares of the company’s stock were exchanged. Raytheon Co. has a one year low of $108.83 and a one year high of $143.39. The stock has a market cap of $40.47 billion, a price-to-earnings ratio of 19.16 and a beta of 0.64. The firm has a 50 day moving average of $139.33 and a 200-day moving average of $134.04.
Raytheon (NYSE:RTN) last announced its quarterly earnings data on Thursday, July 28th. The company reported $2.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.74 by $0.64. The business had revenue of $6 billion for the quarter, compared to analysts’ expectations of $5.83 billion. Raytheon had a net margin of 9.02% and a return on equity of 19.26%. The business’s revenue was up 3.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.65 earnings per share. On average, equities research analysts anticipate that Raytheon Co. will post $7.41 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Wednesday, October 5th will be issued a dividend of $0.7325 per share. This represents a $2.93 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend is Monday, October 3rd. Raytheon’s payout ratio is 40.86%.
A number of analysts have weighed in on RTN shares. Argus reiterated a “buy” rating and set a $161.00 price target on shares of Raytheon in a report on Wednesday, August 3rd. Citigroup Inc. increased 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. Credit Suisse Group AG reiterated a “buy” rating and set a $151.00 price target on shares of Raytheon in a report on Friday, July 29th. JPMorgan Chase & Co. set a $145.00 price target on Raytheon and gave the stock a “buy” rating in a report on Friday, July 29th. Finally, Jefferies Group increased their price target on Raytheon from $145.00 to $158.00 and gave the stock a “buy” rating in a report on Friday, July 29th. Five equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $174.93.
In other news, Director Vernon E. Clark sold 2,540 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $141.01, for a total transaction of $358,165.40. Following the sale, the director now owns 7,246 shares in the company, valued at $1,021,758.46. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.21% of the company’s stock.
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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