First Trust Advisors LP Reduces Position in Raytheon Company (RTN)
First Trust Advisors LP cut its position in shares of Raytheon Company (NYSE:RTN) by 3.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 255,995 shares of the aerospace company’s stock after selling 8,367 shares during the period. First Trust Advisors LP owned approximately 0.09% of Raytheon worth $41,338,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in RTN. Dowling & Yahnke LLC bought a new position in Raytheon during the first quarter valued at approximately $11,845,000. Lourd Capital LLC bought a new position in Raytheon during the first quarter valued at approximately $217,000. LaFleur & Godfrey LLC bought a new position in Raytheon during the first quarter valued at approximately $17,324,000. Verity & Verity LLC boosted its stake in Raytheon by 3.7% during the first quarter. Verity & Verity LLC now owns 36,288 shares of the aerospace company’s stock valued at $5,534,000 after buying an additional 1,308 shares during the last quarter. Finally, Arrow Financial Corp boosted its stake in Raytheon by 23.3% during the first quarter. Arrow Financial Corp now owns 900 shares of the aerospace company’s stock valued at $137,000 after buying an additional 170 shares during the last quarter. 73.82% of the stock is owned by institutional investors.
RTN has been the subject of a number of research reports. Zacks Investment Research lowered Raytheon from a “buy” rating to a “hold” rating in a research note on Friday, May 19th. Royal Bank Of Canada restated a “buy” rating and set a $181.00 price objective on shares of Raytheon in a research report on Friday, June 2nd. Vetr downgraded Raytheon from a “buy” rating to a “hold” rating and set a $187.08 price objective on the stock. in a research report on Wednesday, August 30th. BidaskClub upgraded Raytheon from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 12th. Finally, Jefferies Group LLC restated a “buy” rating and set a $172.00 price objective on shares of Raytheon in a research report on Monday, June 26th. Three equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $186.07.
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Shares of Raytheon Company (NYSE:RTN) opened at 181.40 on Friday. The stock has a 50 day moving average price of $178.04 and a 200 day moving average price of $163.58. Raytheon Company has a one year low of $132.89 and a one year high of $184.17. The stock has a market capitalization of $52.65 billion, a P/E ratio of 25.06 and a beta of 0.58.
Raytheon (NYSE:RTN) last released its quarterly earnings data on Thursday, July 27th. The aerospace company reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.15. Raytheon had a return on equity of 20.74% and a net margin of 8.68%. The firm had revenue of $6.28 billion for the quarter, compared to analysts’ expectations of $6.24 billion. During the same period in the prior year, the firm posted $2.38 earnings per share. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. Equities analysts forecast that Raytheon Company will post $7.59 earnings per share for the current year.
In related news, VP Taylor W. Lawrence sold 3,791 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $182.09, for a total value of $690,303.19. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Frank R. Jimenez sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $181.94, for a total value of $90,970.00. Following the completion of the transaction, the vice president now owns 29,292 shares in the company, valued at $5,329,386.48. The disclosure for this sale can be found here. Insiders sold 5,120 shares of company stock worth $930,651 over the last quarter. 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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