Raytheon Company (RTN) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Raytheon Company (NYSE:RTN) from a hold rating to a buy rating in a research report sent to investors on Tuesday, May 23rd. Zacks Investment Research currently has $181.00 price objective on the aerospace company’s stock.
According to Zacks, “Raytheon is one of the best-positioned large-cap defense players due to its non-platform-centric focus. Apart from its existing strong base in the domestic soil, the company has a distinct focus on its overseas business. Further, the company has been heavily investing in technological upgrades. Looking ahead, Raytheon has raised its 2017 revenue guidance and earnings projection. Furthermore, the company continues to be a strong cash generator, which helps it to take important cash deployment decisions. Raytheon’s stock outperformed the Zacks categorized Aerospace/Defense industry in the last one year. On the flip side, Raytheon’s high dependence on the U.S. government for military contracts could adversely impact its results. Also tough competition, budget deficits and political uncertainty continue to be major headwinds.”
Other analysts have also recently issued research reports about the company. Stifel Nicolaus upped their price objective on Raytheon Company from $160.00 to $175.00 and gave the company a buy rating in a research note on Friday, April 28th. Cowen and Company restated a buy rating and set a $170.00 price objective on shares of Raytheon Company in a research note on Monday, April 10th. Credit Suisse Group restated a buy rating and set a $170.00 price objective on shares of Raytheon Company in a research note on Friday, March 31st. Royal Bank of Canada restated a buy rating and set a $180.00 price objective on shares of Raytheon Company in a research note on Friday, March 24th. Finally, Jefferies Group LLC upped their price objective on Raytheon Company from $163.00 to $172.00 and gave the company a buy rating in a research note on Monday, March 20th. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The company currently has an average rating of Buy and an average price target of $167.82.
Shares of Raytheon Company (NYSE RTN) traded down 0.02% during midday trading on Tuesday, hitting $162.56. The stock had a trading volume of 1,697,057 shares. Raytheon Company has a one year low of $130.97 and a one year high of $164.35. The company has a market cap of $47.32 billion, a P/E ratio of 20.94 and a beta of 0.63. The stock has a 50 day moving average of $160.24 and a 200-day moving average of $152.38.
Raytheon Company (NYSE:RTN) last released its quarterly earnings results on Thursday, April 27th. The aerospace company reported $1.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.61 by $0.12. Raytheon Company had a return on equity of 20.45% and a net margin of 9.41%. The business had revenue of $6 billion for the quarter, compared to analysts’ expectations of $5.83 billion. During the same quarter in the previous year, the firm posted $1.43 earnings per share. The company’s revenue was up 3.4% compared to the same quarter last year. Analysts forecast that Raytheon Company will post $7.48 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 3rd. Investors of record on Wednesday, July 5th will be issued a $0.7975 dividend. This represents a $3.19 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date is Friday, June 30th. Raytheon Company’s dividend payout ratio (DPR) is 41.16%.
In other Raytheon Company news, CAO Michael J. Wood sold 1,442 shares of the stock in a transaction on Monday, June 5th. The stock was sold at an average price of $162.98, for a total transaction of $235,017.16. Following the completion of the transaction, the chief accounting officer now directly owns 18,470 shares of the company’s stock, valued at approximately $3,010,240.60. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Thomas A. Kennedy sold 10,703 shares of the stock in a transaction on Monday, June 5th. The shares were sold at an average price of $162.05, for a total value of $1,734,421.15. Following the transaction, the chairman now directly owns 61,671 shares of the company’s stock, valued at $9,993,785.55. The disclosure for this sale can be found here. Insiders sold a total of 25,437 shares of company stock valued at $4,027,117 over the last three months. Corporate insiders own 0.19% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. LMR Partners LLP raised its position in shares of Raytheon Company by 14.0% in the third quarter. LMR Partners LLP now owns 9,581 shares of the aerospace company’s stock worth $1,304,000 after buying an additional 1,177 shares during the last quarter. Becker Capital Management Inc. raised its position in shares of Raytheon Company by 0.7% in the third quarter. Becker Capital Management Inc. now owns 284,018 shares of the aerospace company’s stock worth $38,663,000 after buying an additional 1,897 shares during the last quarter. Sit Investment Associates Inc. raised its position in shares of Raytheon Company by 1.3% in the third quarter. Sit Investment Associates Inc. now owns 195,870 shares of the aerospace company’s stock worth $26,664,000 after buying an additional 2,475 shares during the last quarter. Stratos Wealth Partners LTD. raised its position in shares of Raytheon Company by 1.5% in the third quarter. Stratos Wealth Partners LTD. now owns 4,086 shares of the aerospace company’s stock worth $556,000 after buying an additional 60 shares during the last quarter. Finally, NEXT Financial Group Inc raised its position in shares of Raytheon Company by 194.8% in the third quarter. NEXT Financial Group Inc now owns 5,354 shares of the aerospace company’s stock worth $729,000 after buying an additional 3,538 shares during the last quarter. 76.20% of the stock is owned by hedge funds and other institutional investors.
About Raytheon Company
Raytheon Company is a technology company, which specializes in defense and other government markets. The Company develops integrated products, services and solutions in various markets, including sensing; effects; command, control, communications, computers, cyber and intelligence; mission support, and cybersecurity.
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