PNC Financial Services Group Inc. Acquires 28,696 Shares of Raytheon Company (RTN)
PNC Financial Services Group Inc. grew its holdings in Raytheon Company (NYSE:RTN) by 2.8% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,056,380 shares of the aerospace company’s stock after buying an additional 28,696 shares during the quarter. PNC Financial Services Group Inc. owned 0.36% of Raytheon worth $170,584,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in the company. Guardian Life Insurance Co. of America raised its stake in shares of Raytheon by 0.6% in the 1st quarter. Guardian Life Insurance Co. of America now owns 1,132 shares of the aerospace company’s stock valued at $173,000 after buying an additional 7 shares in the last quarter. HM Capital Management LLC increased its position in shares of Raytheon by 0.5% during the 2nd quarter. HM Capital Management LLC now owns 2,025 shares of the aerospace company’s stock worth $327,000 after purchasing an additional 10 shares in the last quarter. Ironwood Investment Management LLC increased its position in shares of Raytheon by 0.7% during the 2nd quarter. Ironwood Investment Management LLC now owns 2,475 shares of the aerospace company’s stock worth $400,000 after purchasing an additional 16 shares in the last quarter. Pineno Levin & Ford Asset Management Inc. increased its position in shares of Raytheon by 0.8% during the 2nd quarter. Pineno Levin & Ford Asset Management Inc. now owns 1,903 shares of the aerospace company’s stock worth $307,000 after purchasing an additional 16 shares in the last quarter. Finally, TCI Wealth Advisors Inc. increased its position in shares of Raytheon by 0.8% during the 2nd quarter. TCI Wealth Advisors Inc. now owns 2,048 shares of the aerospace company’s stock worth $331,000 after purchasing an additional 17 shares in the last quarter. Institutional investors own 73.62% of the company’s stock.
In other Raytheon news, Director Vernon E. Clark sold 829 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $180.19, for a total transaction of $149,377.51. Following the completion of the transaction, the director now owns 7,588 shares of the company’s stock, valued at $1,367,281.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert E. Beauchamp bought 1,162 shares of the stock in a transaction on 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 purchase, the director now owns 4,303 shares of the company’s stock, valued at approximately $740,072.97. The disclosure for this purchase can be found here. In the last three months, insiders have sold 5,770 shares of company stock valued at $1,052,376. Insiders own 0.19% of the company’s stock.
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A number of equities research analysts recently issued reports on RTN shares. BidaskClub upgraded shares of Raytheon from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 12th. Buckingham Research increased their target price on shares of Raytheon from $190.00 to $199.00 and gave the stock a “buy” rating in a research report on Friday, August 11th. Jefferies Group LLC reiterated a “buy” rating and set a $172.00 target price on shares of Raytheon in a research report on Monday, June 26th. Royal Bank Of Canada set a $193.00 target price on shares of Raytheon and gave the stock a “buy” rating in a research report on Monday, August 28th. Finally, Citigroup Inc. reiterated a “buy” rating and set a $215.00 target price (up previously from $192.00) on shares of Raytheon in a research report on Monday, October 9th. Four investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Raytheon has a consensus rating of “Buy” and an average target price of $193.19.
Shares of Raytheon Company (NYSE:RTN) opened at 188.71 on Tuesday. Raytheon Company has a 52-week low of $132.89 and a 52-week high of $189.64. The firm has a market cap of $54.77 billion, a PE ratio of 26.06 and a beta of 0.59. The firm has a 50-day moving average of $184.25 and a 200 day moving average of $168.60.
Raytheon (NYSE:RTN) last issued its earnings results on Thursday, July 27th. The aerospace company reported $1.89 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.74 by $0.15. The firm had revenue of $6.28 billion during the quarter, compared to the consensus estimate of $6.24 billion. Raytheon had a return on equity of 20.74% and a net margin of 8.68%. The business’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.38 earnings per share. On average, equities analysts predict that Raytheon Company will post $7.59 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Thursday, October 12th will be paid a dividend of $0.7975 per share. This represents a $3.19 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend is Wednesday, October 11th. Raytheon’s payout ratio is 43.94%.
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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