Scopus Asset Management L.P. Invests $28.98 Million in Raytheon Company (NYSE:RTN)
Scopus Asset Management L.P. bought a new position in shares of Raytheon Company (NYSE:RTN) during the first quarter, Holdings Channel reports. The fund bought 190,000 shares of the aerospace company’s stock, valued at approximately $28,975,000.
A number of other large investors have also modified their holdings of the stock. Lockheed Martin Investment Management Co. purchased a new position in Raytheon during the first quarter worth approximately $1,830,000. James Investment Research Inc. raised its position in Raytheon by 0.6% in the first quarter. James Investment Research Inc. now owns 68,346 shares of the aerospace company’s stock worth $10,422,000 after buying an additional 381 shares during the period. GHP Investment Advisors Inc. purchased a new position in Raytheon during the first quarter worth approximately $204,000. Capstone Asset Management Co. raised its position in Raytheon by 7.7% in the first quarter. Capstone Asset Management Co. now owns 72,253 shares of the aerospace company’s stock worth $11,019,000 after buying an additional 5,179 shares during the period. Finally, Banced Corp raised its position in Raytheon by 6.0% in the first quarter. Banced Corp now owns 2,995 shares of the aerospace company’s stock worth $457,000 after buying an additional 169 shares during the period. 74.98% of the stock is currently owned by institutional investors and hedge funds.
Shares of Raytheon Company (NYSE RTN) traded up 0.97% on Friday, reaching $179.35. 1,930,579 shares of the company traded hands. The stock has a 50-day moving average price of $168.59 and a 200 day moving average price of $158.50. The firm has a market capitalization of $52.06 billion, a P/E ratio of 24.77 and a beta of 0.59. Raytheon Company has a 1-year low of $132.89 and a 1-year high of $181.05. Raytheon also saw some unusual options trading activity on Thursday. Investors purchased 14,447 call options on the company. This represents an increase of 901% compared to the typical daily volume of 1,443 call options.
Raytheon (NYSE:RTN) last announced its quarterly earnings results on Thursday, July 27th. The aerospace company reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.15. The company had revenue of $6.28 billion for the quarter, compared to the consensus estimate of $6.24 billion. Raytheon had a net margin of 8.68% and a return on equity of 20.74%. Raytheon’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.38 EPS. Analysts anticipate that Raytheon Company will post $7.59 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 3rd. Shareholders of record on Wednesday, July 5th were issued a $0.7975 dividend. The ex-dividend date of this dividend was Friday, June 30th. This represents a $3.19 dividend on an annualized basis and a yield of 1.78%. Raytheon’s dividend payout ratio is currently 43.94%.
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A number of research analysts have recently commented on RTN shares. Vetr lowered shares of Raytheon from a “buy” rating to a “hold” rating and set a $166.27 price target for the company. in a research report on Tuesday, May 9th. Jefferies Group LLC restated a “buy” rating and set a $172.00 price target on shares of Raytheon in a research report on Monday, June 26th. Zacks Investment Research upgraded shares of Raytheon from a “hold” rating to a “buy” rating and set a $175.00 price target for the company in a research report on Monday, May 1st. Royal Bank Of Canada restated a “buy” rating and set a $181.00 price target on shares of Raytheon in a research report on Friday, June 2nd. Finally, Bank of America Corporation restated a “buy” rating and set a $200.00 price target (up from $185.00) on shares of Raytheon in a research report on Tuesday, August 1st. Three research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $182.49.
In related news, Director Robert E. Beauchamp purchased 1,162 shares of Raytheon stock in a transaction on Monday, July 31st. The shares were bought at an average cost of $171.99 per share, for a total transaction of $199,852.38. Following the acquisition, the director now owns 4,303 shares in the company, valued at approximately $740,072.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Michael J. Wood sold 1,442 shares of Raytheon stock in a transaction on Monday, June 5th. The stock was sold at an average price of $162.98, for a total transaction of $235,017.16. Following the completion of the transaction, the chief accounting officer now directly owns 18,470 shares of the company’s stock, valued at $3,010,240.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,911 shares of company stock worth $2,580,752. 0.19% of the stock is currently owned by insiders.
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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