Raytheon Company (RTN): First Eagle Investment Management, AQR Capital Management, Renaissance Technologies are all Bullish

Is Raytheon Company (NYSE:RTN) a first-rate investment right now? Hedge funds are betting on the stock. The number of bullish hedge fund bets rose by 5 lately.RTN was in 30 hedge funds’ portfolios at the end of September. There were 25 hedge funds in hedge funds experts Insider Monkey’s database with RTN positions at the end of the previous quarter.

Raytheon Company (NYSE:RTN)

According to 4-traders, “The U.S. Army has awarded Raytheon Company a $15 million contract modification for the procurement of 216 Excalibur Ib rounds.”

With these “truths” under our belt, we’re going to take a glance at the key action surrounding Raytheon Company (NYSE:RTN).

How are hedge funds trading Raytheon Company (NYSE:RTN)?

In preparation for this quarter, a total of 30 of the hedge funds we track were long in this stock, a change of 20 percent from one quarter earlier. With the smart money’s capital changing hands, there exists a select group of key hedge fund managers who were upping their stakes substantially.

According to our comprehensive database, First Eagle Investment Management, managed by Jean-Marie Eveillard, holds the biggest position in Raytheon Company (NYSE:RTN). First Eagle Investment Management has a $88.5 million position in the stock, comprising 0.3 percent of its 13F portfolio. Sitting at the No. 2 spot is Cliff Asness of AQR Capital Management, with a $76 million position; the fund has 0.3 percent of its 13F portfolio invested in the stock. Other hedgies that hold long positions include Jim Simons’s Renaissance Technologies, Louis Navellier’s Navellier & Associates and David Harding’s Winton Capital Management.

Consequently, key money managers were leading the bulls’ herd. First Eagle Investment Management, managed by Jean-Marie Eveillard, created the biggest position in Raytheon Company (NYSE:RTN). First Eagle Investment Management had 88.5 million invested in the company at the end of the quarter. Glenn Russell Dubin’s Highbridge Capital Management also made a $2.9 million investment in the stock during the quarter. The other funds with brand new RTN positions are Thomas Lenox Kempner’s Davidson Kempner, Daniel S. Och’s OZ Management, and Ray Carroll’s Breton Hill Capital.

How are insiders trading Raytheon Company (NYSE:RTN)?

Insider trading activity, especially when it’s bullish, is at its handiest when the company in focus has experienced transactions within the past six months. Over the last half-year time frame, Raytheon Company (NYSE:RTN) has seen zero unique insiders buying, and 11 insider sales (see the details of insider trades here).

Let’s also take a look at hedge fund and insider activity in other stocks similar to Raytheon Company (NYSE:RTN). These stocks are Gencorp Inc (NYSE:GY), AerCap Holdings N.V. (NYSE:AER), Textron Inc. (NYSE:TXT), and Northrop Grumman Corporation (NYSE:NOC). All of these stocks are in the aerospace/defense – major diversified industry and their market caps are closest to RTN’s market cap.

Company Name # of Hedge Funds # of Insiders Buying # of Insiders Selling
Gencorp Inc (NYSE:GY) 32 0 2
AerCap Holdings N.V. (NYSE:AER) 16 0 0
Textron Inc. (NYSE:TXT) 24 0 1
Northrop Grumman Corporation (NYSE:NOC) 27 1 8

Raytheon Company was the most widely held aerospace/defense – major diversified industry stock among the hedge funds Insider Monkey tracks at the end of Q3.


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