Nuveen Asset Management LLC boosted its stake in Raytheon (NYSE:RTN) by 11,865.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,593,864 shares of the aerospace company’s stock after purchasing an additional 1,580,544 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.57% of Raytheon worth $277,141,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. BlackRock Inc. boosted its stake in Raytheon by 2.3% in the 1st quarter. BlackRock Inc. now owns 23,365,818 shares of the aerospace company’s stock worth $4,254,449,000 after purchasing an additional 527,708 shares during the period. Amundi Pioneer Asset Management Inc. raised its holdings in shares of Raytheon by 7.3% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 4,165,178 shares of the aerospace company’s stock valued at $758,397,000 after buying an additional 284,688 shares in the last quarter. Morgan Stanley increased its stake in Raytheon by 5.5% in the 2nd quarter. Morgan Stanley now owns 3,432,646 shares of the aerospace company’s stock worth $596,867,000 after purchasing an additional 178,321 shares during the period. Clearbridge Investments LLC increased its stake in Raytheon by 1.6% in the 1st quarter. Clearbridge Investments LLC now owns 3,018,011 shares of the aerospace company’s stock worth $549,519,000 after purchasing an additional 47,460 shares during the period. Finally, Lazard Asset Management LLC increased its stake in Raytheon by 25.3% in the 1st quarter. Lazard Asset Management LLC now owns 1,700,821 shares of the aerospace company’s stock worth $309,684,000 after purchasing an additional 342,977 shares during the period. Institutional investors and hedge funds own 72.96% of the company’s stock.
A number of equities analysts have commented on the company. Bank of America reaffirmed a “buy” rating and issued a $265.00 price target (up from $224.00) on shares of Raytheon in a research note on Friday, July 26th. Stifel Nicolaus lifted their price objective on Raytheon from $205.00 to $218.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. Sanford C. Bernstein lowered Raytheon from an “outperform” rating to a “market perform” rating and set a $212.00 price target on the stock. in a research report on Tuesday, September 17th. Buckingham Research lowered Raytheon from a “buy” rating to a “neutral” rating and dropped their price target for the company from $265.00 to $195.00 in a research report on Monday, June 24th. Finally, UBS Group lifted their price target on Raytheon from $205.00 to $215.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the stock. Raytheon has a consensus rating of “Buy” and a consensus target price of $212.00.
Raytheon (NYSE:RTN) last posted its quarterly earnings results on Thursday, July 25th. The aerospace company reported $2.92 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.61 by $0.31. The firm had revenue of $7.16 billion during the quarter, compared to analysts’ expectations of $7.02 billion. Raytheon had a return on equity of 26.34% and a net margin of 10.96%. The company’s revenue was up 8.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.45 earnings per share. Equities research analysts predict that Raytheon will post 11.73 EPS for the current fiscal year.
In related news, VP Randa G. Newsome sold 10,000 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $185.01, for a total transaction of $1,850,100.00. Following the completion of the sale, the vice president now owns 20,396 shares in the company, valued at $3,773,463.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Wesley D. Kremer sold 2,915 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $200.00, for a total value of $583,000.00. Following the sale, the vice president now owns 26,260 shares of the company’s stock, valued at approximately $5,252,000. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,969 shares of company stock valued at $2,622,820. 0.18% of the stock is owned by company insiders.
Raytheon Company develops integrated products, services, and solutions for the 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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