As Raytheon (NYSE: RTX) stock has just reached its new all-time high (ATH) of $113.47, it became apparent that one United States politician has tremendously profited from its price increase – Markwayne Mullin – who is also a member of the U.S. Armed Services Committee.
Specifically, Mullin purchased Raytheon stock on October 3, 2023, and the price of RTX shares has skyrocketed by more than 60% since his trade, according to the data shared by Quiver Quantitative, a platform tracking politician and other insider trades, in an X post on July 26.
Indeed, as Finbold reported at the time of the trade, the platform, which has developed a trading bot to buy stocks purchased by influential lawmakers, alerted that the U.S. Senator had bought stock in the defense contractor while sitting on the Armed Services Committee when its price was $70.58, and it has grown 61.65% since.
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As it happens, the popularity of war stocks among politicians has been on the rise and, in April this year, the House of Representatives passed a massive military-focused foreign aid bill, following over a year of substantial investments in these stocks made by numerous public figures, including Mullin.
Meanwhile, the Armed Services Committee member also involved himself with investments in water metering technology company Badger Meter (NYSE: BMI), fuels manufacturer Valero Energy (NYSE: VLO), and social media giant Meta Platforms (NASDAQ: META).
Raytheon stock price analysis
As for Raytheon stocks, their price at press time stood at $114.09, up 10% in the past week, advancing 12.67% in terms of its monthly movements, as well as gaining 33.87% since the year’s turn, according to the most recent RTX stock chart information retrieved on July 26.
All things considered, being a member of the U.S. Armed Services Committee places Mullin close to the policies that directly and indirectly affect the country’s largest defense stocks, which could make him privy to information unavailable to other investors.
That said, blindly following insiders’ trades would be unwise, and doing one’s own research, carefully weighing all the risks, and keeping up with any relevant news is critical when investing, considering that things in the stock market can change unexpectedly.
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