Raytheon Company (RTN) Shares Bought by Cypress Funds LLC
Cypress Funds LLC boosted its position in Raytheon Company (NYSE:RTN) by 20.8% during the second quarter, Holdings Channel reports. The fund owned 157,000 shares of the aerospace company’s stock after buying an additional 27,000 shares during the period. Raytheon makes up about 5.0% of Cypress Funds LLC’s portfolio, making the stock its 8th largest position. Cypress Funds LLC’s holdings in Raytheon were worth $25,352,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of RTN. Crestwood Advisors Group LLC purchased a new stake in shares of Raytheon during the first quarter worth $110,000. Oakworth Capital Inc. boosted its stake in shares of Raytheon by 156.1% in the first quarter. Oakworth Capital Inc. now owns 730 shares of the aerospace company’s stock worth $111,000 after buying an additional 445 shares during the last quarter. Signature Estate & Investment Advisors LLC purchased a new stake in shares of Raytheon during the first quarter worth $111,000. St. Johns Investment Management Company LLC purchased a new stake in shares of Raytheon during the second quarter worth $113,000. Finally, Jacobi Capital Management LLC boosted its stake in shares of Raytheon by 271.1% in the first quarter. Jacobi Capital Management LLC now owns 757 shares of the aerospace company’s stock worth $114,000 after buying an additional 553 shares during the last quarter. Institutional investors and hedge funds own 74.72% of the company’s stock.
Shares of Raytheon Company (NYSE:RTN) traded down 0.08% during midday trading on Wednesday, reaching $178.07. 784,482 shares of the company’s stock traded hands. Raytheon Company has a 52-week low of $132.89 and a 52-week high of $181.05. The stock has a market cap of $51.68 billion, a price-to-earnings ratio of 24.60 and a beta of 0.59. The stock has a 50 day moving average of $169.57 and a 200-day moving average of $159.17.
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 the consensus estimate 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 during the quarter, compared to the consensus estimate of $6.24 billion. During the same quarter last year, the firm posted $2.38 EPS. The company’s quarterly revenue was up 4.2% on a year-over-year basis. On average, equities research analysts expect that Raytheon Company will post $7.59 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 3rd. Shareholders of record on Wednesday, July 5th were issued a dividend of $0.7975 per share. This represents a $3.19 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend was Friday, June 30th. Raytheon’s dividend payout ratio is 43.94%.
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A number of brokerages have recently weighed in on RTN. Stifel Nicolaus boosted their price objective on shares of Raytheon from $160.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, April 28th. Vetr cut shares of Raytheon from a “buy” rating to a “hold” rating and set a $187.08 price objective for the company. in a research note on Tuesday. BidaskClub upgraded shares of Raytheon from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 12th. Argus restated a “buy” rating and issued a $195.00 price objective (up from $175.00) on shares of Raytheon in a research note on Friday, August 4th. Finally, Zacks Investment Research upgraded shares of Raytheon from a “hold” rating to a “buy” rating and set a $183.00 price objective for the company in a research note on Tuesday, May 30th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $183.01.
In other news, 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 sale, the chief accounting officer now owns 18,470 shares of the company’s stock, valued at $3,010,240.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Wesley D. Kremer sold 1,010 shares of Raytheon stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $163.10, for a total value of $164,731.00. Following the sale, the vice president now directly owns 23,136 shares of the company’s stock, valued at approximately $3,773,481.60. The disclosure for this sale can be found here. Insiders have sold a total of 16,740 shares of company stock valued at $2,730,129 in the last ninety days. 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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