HighPoint Advisor Group LLC Trims Position in Raytheon (RTN)
HighPoint Advisor Group LLC lessened its stake in Raytheon (NYSE:RTN) by 41.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,140 shares of the aerospace company’s stock after selling 1,500 shares during the period. HighPoint Advisor Group LLC’s holdings in Raytheon were worth $425,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RTN. Charles Schwab Investment Advisory Inc. bought a new stake in shares of Raytheon in the second quarter valued at about $230,415,000. Wells Fargo & Company MN lifted its stake in shares of Raytheon by 45.2% in the second quarter. Wells Fargo & Company MN now owns 2,698,919 shares of the aerospace company’s stock valued at $521,378,000 after buying an additional 840,321 shares during the period. Putnam Investments LLC lifted its stake in shares of Raytheon by 49.8% in the second quarter. Putnam Investments LLC now owns 2,154,197 shares of the aerospace company’s stock valued at $416,148,000 after buying an additional 716,446 shares during the period. Morgan Stanley lifted its stake in shares of Raytheon by 16.4% in the second quarter. Morgan Stanley now owns 3,268,371 shares of the aerospace company’s stock valued at $631,383,000 after buying an additional 461,461 shares during the period. Finally, American Century Companies Inc. bought a new stake in shares of Raytheon in the second quarter valued at about $85,666,000. Institutional investors and hedge funds own 72.78% of the company’s stock.
Several research firms recently weighed in on RTN. UBS Group began coverage on shares of Raytheon in a research note on Wednesday, August 15th. They issued a “buy” rating and a $250.00 target price for the company. Zacks Investment Research upgraded shares of Raytheon from a “hold” rating to a “buy” rating and set a $221.00 target price for the company in a research note on Thursday, August 2nd. Stifel Nicolaus dropped their price target on shares of Raytheon from $235.00 to $230.00 and set a “buy” rating for the company in a research report on Friday, July 27th. Morgan Stanley dropped their price target on shares of Raytheon from $239.00 to $228.00 and set an “overweight” rating for the company in a research report on Thursday, July 12th. Finally, ValuEngine lowered shares of Raytheon from a “buy” rating to a “hold” rating in a research report on Friday, June 15th. Four investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $224.29.
Raytheon (NYSE:RTN) last posted its quarterly earnings results on Thursday, July 26th. The aerospace company reported $2.78 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.32 by $0.46. Raytheon had a net margin of 9.24% and a return on equity of 24.01%. The firm had revenue of $6.63 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same quarter in the prior year, the business posted $1.98 earnings per share. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. equities analysts predict that Raytheon will post 9.93 EPS for the current fiscal year.
In other news, VP Taylor W. Lawrence sold 3,299 shares of the firm’s stock in a transaction that occurred on Thursday, August 30th. The shares were sold at an average price of $199.41, for a total transaction of $657,853.59. Following the completion of the sale, the vice president now owns 44,220 shares of the company’s stock, valued at $8,817,910.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.19% of the company’s stock.
Raytheon Company Profile
Raytheon Company develops integrated products, services, and solutions for defense and other government markets worldwide. It operates through five segments: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS); and Forcepoint.
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