Berkshire Asset Management LLC PA Cuts Position in Raytheon Company (RTN)
Berkshire Asset Management LLC PA lowered its position in shares of Raytheon Company (NYSE:RTN) by 11.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,619 shares of the aerospace company’s stock after selling 884 shares during the period. Berkshire Asset Management LLC PA’s holdings in Raytheon were worth $1,069,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the stock. Newman Dignan & Sheerar Inc. boosted its stake in shares of Raytheon by 6.8% in the first quarter. Newman Dignan & Sheerar Inc. now owns 2,751 shares of the aerospace company’s stock worth $420,000 after buying an additional 175 shares in the last quarter. National Pension Service boosted its stake in shares of Raytheon by 1.8% in the first quarter. National Pension Service now owns 221,825 shares of the aerospace company’s stock worth $33,975,000 after buying an additional 3,900 shares in the last quarter. Carroll Financial Associates Inc. boosted its stake in shares of Raytheon by 58.4% in the first quarter. Carroll Financial Associates Inc. now owns 2,428 shares of the aerospace company’s stock worth $370,000 after buying an additional 895 shares in the last quarter. Murphy Capital Management Inc. boosted its stake in shares of Raytheon by 0.6% in the first quarter. Murphy Capital Management Inc. now owns 8,552 shares of the aerospace company’s stock worth $1,304,000 after buying an additional 50 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in shares of Raytheon by 30.7% in the first quarter. Bank of Montreal Can now owns 366,069 shares of the aerospace company’s stock worth $55,826,000 after buying an additional 85,886 shares in the last quarter. 74.98% of the stock is owned by institutional investors and hedge funds.
Shares of Raytheon Company (NYSE:RTN) traded up 1.23% during trading on Friday, hitting $179.81. 1,039,789 shares of the company were exchanged. The firm’s 50-day moving average price is $168.07 and its 200 day moving average price is $158.27. The firm has a market capitalization of $52.19 billion, a PE ratio of 24.84 and a beta of 0.59. Raytheon Company has a 12 month low of $132.89 and a 12 month high of $181.05. Raytheon also was the target of unusually large options trading activity on Thursday. Stock traders purchased 14,447 call options on the company. This is an increase of approximately 901% compared to the average daily volume of 1,443 call options.
Raytheon (NYSE:RTN) last released its earnings results on Thursday, July 27th. The aerospace company reported $1.89 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.74 by $0.15. Raytheon had a net margin of 8.68% and a return on equity of 20.74%. The business had revenue of $6.28 billion during the quarter, compared to analyst estimates of $6.24 billion. During the same quarter in the prior year, the firm earned $2.38 earnings per share. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. On average, equities research analysts expect that Raytheon Company will post $7.59 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 3rd. Stockholders of record on Wednesday, July 5th were issued a dividend of $0.7975 per share. This represents a $3.19 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend was Friday, June 30th. Raytheon’s payout ratio is 43.94%.
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RTN has been the subject of a number of research reports. Stifel Nicolaus upped their target price on shares of Raytheon from $160.00 to $175.00 and gave the company a “buy” rating in a report on Friday, April 28th. Deutsche Bank AG upped their target price on shares of Raytheon from $156.00 to $160.00 and gave the company a “hold” rating in a report on Friday, April 28th. Zacks Investment Research raised shares of Raytheon from a “hold” rating to a “buy” rating and set a $175.00 target price for the company in a report on Monday, May 1st. Vetr cut shares of Raytheon from a “buy” rating to a “hold” rating and set a $166.27 target price for the company. in a report on Tuesday, May 9th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $172.00 target price on shares of Raytheon in a report on Tuesday, May 23rd. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $181.39.
In other news, VP Wesley D. Kremer sold 1,010 shares of the company’s stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $163.10, for a total transaction of $164,731.00. Following the completion of the sale, the vice president now owns 23,136 shares of the company’s stock, valued at $3,773,481.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert E. Beauchamp bought 1,162 shares of the company’s stock in a transaction dated Monday, July 31st. The shares were acquired at an average cost of $171.99 per share, with a total value of $199,852.38. Following the acquisition, the director now directly owns 4,303 shares of the company’s stock, valued at $740,072.97. The disclosure for this purchase can be found here. Insiders have sold 15,911 shares of company stock valued at $2,580,752 in the last ninety days. Insiders own 0.19% of the company’s stock.
Raytheon Company Profile
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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