MAI Capital Management Boosts Holdings in Raytheon (RTN)
MAI Capital Management grew its holdings in shares of Raytheon (NYSE:RTN) by 2.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 67,871 shares of the aerospace company’s stock after acquiring an additional 1,658 shares during the quarter. MAI Capital Management’s holdings in Raytheon were worth $13,111,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Rainier Group Investment Advisory LLC bought a new stake in Raytheon in the first quarter valued at $103,000. Squar Milner Financial Services LLC bought a new stake in Raytheon in the second quarter valued at $100,000. Clarus Wealth Advisors bought a new stake in Raytheon in the second quarter valued at $113,000. Fort L.P. bought a new stake in Raytheon in the second quarter valued at $117,000. Finally, Stelac Advisory Services LLC bought a new stake in Raytheon in the first quarter valued at $136,000. 72.78% of the stock is currently owned by hedge funds and other institutional investors.
In other Raytheon news, VP Taylor W. Lawrence sold 3,299 shares of the business’s stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $199.41, for a total value of $657,853.59. Following the completion of the transaction, the vice president now owns 44,220 shares of the company’s stock, valued at approximately $8,817,910.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.19% of the stock is currently owned by insiders.
Raytheon (NYSE:RTN) last issued its earnings results on Thursday, July 26th. The aerospace company reported $2.78 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.32 by $0.46. Raytheon had a return on equity of 24.01% and a net margin of 9.24%. The business had revenue of $6.63 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same quarter in the previous year, the firm earned $1.98 EPS. Raytheon’s revenue was up 5.5% on a year-over-year basis. sell-side analysts forecast that Raytheon will post 9.93 earnings per share for the current year.
RTN has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of Raytheon from a “hold” rating to a “buy” rating and set a $240.00 price target on the stock in a report on Tuesday, June 12th. Stifel Nicolaus dropped their target price on shares of Raytheon from $235.00 to $230.00 and set a “buy” rating on the stock in a report on Friday, July 27th. UBS Group began coverage on shares of Raytheon in a report on Wednesday, August 15th. They set a “buy” rating and a $250.00 target price on the stock. ValuEngine cut shares of Raytheon from a “buy” rating to a “hold” rating in a report on Friday, June 15th. Finally, Credit Suisse Group reaffirmed a “neutral” rating and issued a $219.00 price target (down previously from $250.00) on shares of Raytheon in a research report on Tuesday, May 22nd. Four equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $224.29.
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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