Rice Partnership LLC Raises Position in Raytheon (NYSE:RTN)

Rice Partnership LLC raised its stake in Raytheon (NYSE:RTN) by 3.6% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 18,136 shares of the aerospace company’s stock after buying an additional 629 shares during the quarter. Raytheon comprises 2.1% of Rice Partnership LLC’s investment portfolio, making the stock its 18th largest position. Rice Partnership LLC’s holdings in Raytheon were worth $3,153,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Geode Capital Management LLC raised its position in Raytheon by 5.3% in the fourth quarter. Geode Capital Management LLC now owns 3,729,683 shares of the aerospace company’s stock worth $570,952,000 after acquiring an additional 186,460 shares in the last quarter. CX Institutional raised its position in Raytheon by 23.4% in the first quarter. CX Institutional now owns 348 shares of the aerospace company’s stock worth $63,000 after acquiring an additional 66 shares in the last quarter. Pinnacle Bank raised its position in Raytheon by 24.5% in the first quarter. Pinnacle Bank now owns 763 shares of the aerospace company’s stock worth $139,000 after acquiring an additional 150 shares in the last quarter. USS Investment Management Ltd raised its position in Raytheon by 5.7% in the first quarter. USS Investment Management Ltd now owns 1,527,946 shares of the aerospace company’s stock worth $278,193,000 after acquiring an additional 82,955 shares in the last quarter. Finally, Biltmore Wealth Management LLC bought a new stake in Raytheon in the first quarter worth about $548,000. 74.90% of the stock is owned by hedge funds and other institutional investors.

Several research firms have issued reports on RTN. Buckingham Research downgraded Raytheon from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $265.00 to $195.00 in a report on Monday, June 24th. Jefferies Financial Group boosted their price objective on Raytheon from $202.00 to $216.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Vertical Research downgraded Raytheon from a “buy” rating to a “hold” rating and cut their price objective for the stock from $216.00 to $203.00 in a report on Tuesday, June 11th. Zacks Investment Research downgraded Raytheon from a “buy” rating to a “hold” rating in a report on Monday, April 29th. Finally, Wolfe Research set a $205.00 price objective on Raytheon and gave the stock a “buy” rating in a report on Friday, April 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $209.80.

In other news, VP Wesley D. Kremer sold 8,186 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $185.00, for a total value of $1,514,410.00. Following the transaction, the vice president now owns 29,175 shares in the company, valued at approximately $5,397,375. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Randa G. Newsome sold 10,000 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $185.01, for a total value of $1,850,100.00. Following the completion of the transaction, the vice president now owns 20,396 shares in the company, valued at approximately $3,773,463.96. The disclosure for this sale can be found here. 0.18% of the stock is owned by corporate insiders.

NYSE RTN traded down $1.59 on Monday, hitting $177.68. 70,996 shares of the company were exchanged, compared to its average volume of 1,961,550. The company’s 50 day moving average price is $179.17. 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 cap of $49.93 billion, a price-to-earnings ratio of 16.76, a P/E/G ratio of 1.44 and a beta of 0.86. Raytheon has a twelve month low of $144.27 and a twelve month high of $210.89.

Raytheon (NYSE:RTN) last issued its earnings results on Thursday, July 25th. The aerospace company reported $2.92 earnings per share for the quarter, beating analysts’ consensus estimates of $2.61 by $0.31. The company had revenue of $7.16 billion for the quarter, compared to the consensus estimate of $7.02 billion. Raytheon had a return on equity of 26.34% and a net margin of 10.96%. The firm’s quarterly revenue was up 8.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.45 EPS. Equities research analysts expect that Raytheon will post 11.69 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were issued a $0.9425 dividend. The ex-dividend date was Tuesday, July 9th. This represents a $3.77 dividend on an annualized basis and a dividend yield of 2.12%. Raytheon’s dividend payout ratio is 35.53%.

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.

Featured Story: Why do corrections happen?

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.