Zweig DiMenna Associates LLC Purchases 53,200 Shares of Raytheon (NYSE:RTN)

Zweig DiMenna Associates LLC grew its holdings in shares of Raytheon (NYSE:RTN) by 80.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 119,080 shares of the aerospace company’s stock after acquiring an additional 53,200 shares during the quarter. Raytheon comprises 2.0% of Zweig DiMenna Associates LLC’s investment portfolio, making the stock its 8th largest position. Zweig DiMenna Associates LLC’s holdings in Raytheon were worth $24,609,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Rainier Group Investment Advisory LLC purchased a new position in shares of Raytheon during the first quarter valued at approximately $103,000. Squar Milner Financial Services LLC purchased a new position in shares of Raytheon during the second quarter valued at approximately $100,000. Clarus Wealth Advisors purchased a new position in shares of Raytheon during the second quarter valued at approximately $113,000. Fort L.P. purchased a new position in shares of Raytheon during the second quarter valued at approximately $117,000. Finally, Livingston Group Asset Management CO operating as Southport Capital Management purchased a new position in shares of Raytheon during the third quarter valued at approximately $134,000. Hedge funds and other institutional investors own 73.24% of the company’s stock.

Several equities analysts have recently issued reports on RTN shares. Zacks Investment Research raised Raytheon from a “hold” rating to a “buy” rating and set a $224.00 target price on the stock in a research note on Wednesday, July 18th. UBS Group initiated coverage on Raytheon in a research note on Wednesday, August 15th. They issued a “buy” rating and a $250.00 price target on the stock. Stifel Nicolaus reduced their price target on Raytheon from $235.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, July 27th. Bank of America reduced their price target on Raytheon from $245.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, October 26th. Finally, Morgan Stanley reduced their price target on Raytheon from $239.00 to $228.00 and set an “overweight” rating on the stock in a research note on Thursday, July 12th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $231.08.

NYSE RTN opened at $184.80 on Wednesday. Raytheon has a 12 month low of $165.00 and a 12 month high of $229.75. The firm has a market capitalization of $51.66 billion, a PE ratio of 24.25, a P/E/G ratio of 1.36 and a beta of 0.84. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.37 and a current ratio of 1.49.

Raytheon (NYSE:RTN) last released its earnings results on Thursday, October 25th. The aerospace company reported $2.25 EPS for the quarter, topping analysts’ consensus estimates of $1.97 by $0.28. The firm had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. Raytheon had a return on equity of 24.43% and a net margin of 9.33%. During the same period in the prior year, the firm posted $1.97 earnings per share. As a group, equities analysts anticipate that Raytheon will post 10.1 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 8th. Stockholders of record on Wednesday, October 10th will be issued a dividend of $0.8675 per share. This represents a $3.47 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend is Tuesday, October 9th. Raytheon’s payout ratio is currently 45.54%.

In other news, VP Taylor W. Lawrence sold 3,299 shares of the company’s stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $199.41, for a total transaction of $657,853.59. Following the transaction, the vice president now directly owns 44,220 shares of the company’s stock, valued at $8,817,910.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.19% of the company’s stock.

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Raytheon Company Profile

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.

Further Reading: How Short Selling Works

Institutional Ownership by Quarter for Raytheon (NYSE:RTN)

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