Pinebridge Investments L.P. Has $15.90 Million Holdings in Raytheon (NYSE:RTN)

Pinebridge Investments L.P. increased its position in shares of Raytheon (NYSE:RTN) by 138.7% during the second quarter, Holdings Channel reports. The fund owned 91,458 shares of the aerospace company’s stock after acquiring an additional 53,144 shares during the quarter. Pinebridge Investments L.P.’s holdings in Raytheon were worth $15,903,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in RTN. LSV Asset Management raised its holdings in shares of Raytheon by 829.0% during the first quarter. LSV Asset Management now owns 2,129,350 shares of the aerospace company’s stock valued at $387,712,000 after acquiring an additional 1,900,150 shares during the period. Thoroughbred Financial Services LLC increased its stake in Raytheon by 17,408.1% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,107,038 shares of the aerospace company’s stock valued at $110,704,000 after buying an additional 1,100,715 shares during the period. BlackRock Inc. increased 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 valued at $4,254,449,000 after buying an additional 527,708 shares during the period. Artisan Partners Limited Partnership acquired a new position in Raytheon in the 1st quarter valued at approximately $62,635,000. 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 valued at $309,684,000 after buying an additional 342,977 shares during the period. Institutional investors and hedge funds own 73.08% of the company’s stock.

RTN stock traded up $2.62 during trading hours on Friday, hitting $200.07. The company’s stock had a trading volume of 1,282,907 shares, compared to its average volume of 1,436,589. The company has a quick ratio of 1.35, a current ratio of 1.46 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $55.53 billion, a PE ratio of 18.86, a price-to-earnings-growth ratio of 1.54 and a beta of 0.85. Raytheon has a 12 month low of $144.27 and a 12 month high of $210.89. The stock has a 50 day moving average price of $184.36 and a two-hundred day moving average price of $180.91.

Raytheon (NYSE:RTN) last posted its earnings results on Thursday, July 25th. The aerospace company reported $2.92 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.61 by $0.31. The company had revenue of $7.16 billion during the quarter, compared to the consensus estimate of $7.02 billion. Raytheon had a net margin of 10.96% and a return on equity of 26.34%. The company’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.45 earnings per share. Sell-side analysts expect that Raytheon will post 11.73 earnings per share for the current year.

Several research analysts have weighed in on RTN shares. Vertical Research lowered shares of Raytheon from a “buy” rating to a “hold” rating and dropped their price objective for the company from $216.00 to $203.00 in a research note on Tuesday, June 11th. Stifel Nicolaus upped their price objective on shares of Raytheon from $205.00 to $218.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Buckingham Research lowered shares of Raytheon from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $265.00 to $195.00 in a research note on Monday, June 24th. ValuEngine lowered shares of Raytheon from a “hold” rating to a “sell” rating in a research note on Friday, June 28th. Finally, UBS Group upped their price objective on shares of Raytheon from $205.00 to $215.00 and gave the company a “neutral” rating in a research note on Friday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $210.80.

In related news, VP Randa G. Newsome sold 10,000 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were 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 directly owns 20,396 shares of the company’s stock, valued at approximately $3,773,463.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Frank R. Jimenez sold 1,054 shares of the company’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $180.00, for a total transaction of $189,720.00. Following the sale, the vice president now directly owns 25,863 shares of the company’s stock, valued at $4,655,340. The disclosure for this sale can be found here. Insiders own 0.18% of the company’s stock.

Raytheon Profile

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.

Further Reading: Front-End Load

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Institutional Ownership by Quarter for Raytheon (NYSE:RTN)

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