Pictet Asset Management Ltd. Lowers Position in Raytheon (NYSE:RTN)

Pictet Asset Management Ltd. lessened its stake in Raytheon (NYSE:RTN) by 29.2% during the 2nd quarter, HoldingsChannel reports. The firm owned 127,031 shares of the aerospace company’s stock after selling 52,325 shares during the quarter. Pictet Asset Management Ltd.’s holdings in Raytheon were worth $22,088,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Wright Investors Service Inc. lifted its position in shares of Raytheon by 0.7% during the 2nd quarter. Wright Investors Service Inc. now owns 8,826 shares of the aerospace company’s stock valued at $1,534,000 after buying an additional 57 shares in the last quarter. Altfest L J & Co. Inc. lifted its position in shares of Raytheon by 0.8% during the 2nd quarter. Altfest L J & Co. Inc. now owns 7,933 shares of the aerospace company’s stock valued at $1,379,000 after buying an additional 64 shares in the last quarter. Sequoia Financial Advisors LLC lifted its position in shares of Raytheon by 3.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 1,991 shares of the aerospace company’s stock valued at $346,000 after buying an additional 64 shares in the last quarter. Brookmont Capital Management lifted its position in shares of Raytheon by 0.3% during the 2nd quarter. Brookmont Capital Management now owns 18,997 shares of the aerospace company’s stock valued at $3,303,000 after buying an additional 66 shares in the last quarter. Finally, Cornerstone Advisors Inc. lifted its position in shares of Raytheon by 13.8% during the 1st quarter. Cornerstone Advisors Inc. now owns 595 shares of the aerospace company’s stock valued at $108,000 after buying an additional 72 shares in the last quarter. Institutional investors and hedge funds own 73.08% of the company’s stock.

In other Raytheon news, VP Frank R. Jimenez sold 1,054 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $180.00, for a total value of $189,720.00. Following the completion of the sale, the vice president now directly owns 25,863 shares of the company’s stock, valued at approximately $4,655,340. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Randa G. Newsome sold 10,000 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $185.01, for a total value 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 $3,773,463.96. The disclosure for this sale can be found here. 0.18% of the stock is owned by company insiders.

RTN has been the topic of a number of recent analyst reports. Vertical Research lowered Raytheon from a “buy” rating to a “hold” rating and decreased their target price for the company from $216.00 to $203.00 in a research report on Tuesday, June 11th. Buckingham Research lowered Raytheon from a “buy” rating to a “neutral” rating and decreased their target price for the company from $265.00 to $195.00 in a research report on Monday, June 24th. UBS Group increased their price objective on Raytheon from $205.00 to $215.00 and gave the company a “neutral” rating in a research note on Friday. ValuEngine downgraded Raytheon from a “hold” rating to a “sell” rating in a research note on Friday, June 28th. Finally, Bank of America reissued a “buy” rating and issued a $265.00 price objective (up from $224.00) on shares of Raytheon in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $210.80.

NYSE RTN traded up $4.99 during mid-day trading on Friday, hitting $202.44. The stock had a trading volume of 76,538 shares, compared to its average volume of 1,436,589. The firm’s 50 day moving average is $184.36 and its 200 day moving average is $180.91. Raytheon has a twelve month low of $144.27 and a twelve month high of $210.89. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.46 and a quick ratio of 1.35. The stock has a market capitalization of $55.53 billion, a price-to-earnings ratio of 19.01, a PEG ratio of 1.54 and a beta of 0.85.

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

Raytheon Company 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: What is an Initial Coin Offering (ICO)?

Want to see what other hedge funds are holding RTN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Raytheon (NYSE:RTN).

Institutional Ownership by Quarter for Raytheon (NYSE:RTN)

Receive News & Ratings for Raytheon Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Raytheon and related companies with MarketBeat.com's FREE daily email newsletter.