Raytheon Company (RTN) Lifted to “Buy” at 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 released on Thursday morning. The brokerage currently has $204.00 target price 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. Thanks to its wide range of combat-proven defense products, the company continues to receive scrumptious orders from both Pentagon as well as foreign allies of the nation. In particular, its Patriot missile-defense systems have been seeing increased number of buyers, lately. Also, Raytheon’s stock outperformed the broader industry on a year-to-date basis. Moreover, the company is a strong cash generator, which allows it to pay attractive dividend per share to its shareholders. On the flip side, factors like tough competition, budget deficits and political uncertainty continue to be major headwinds for Raytheon.”
A number of other research analysts have also recently issued reports on the company. ValuEngine raised Raytheon from a hold rating to a buy rating in a research note on Monday, September 11th. Vetr cut Raytheon from a buy rating to a hold rating and set a $187.08 target price for the company. in a research note on Wednesday, August 30th. Royal Bank Of Canada set a $193.00 target price on Raytheon and gave the company a buy rating in a research note on Monday, August 28th. BidaskClub cut Raytheon from a strong-buy rating to a buy rating in a research note on Saturday, August 19th. Finally, Buckingham Research boosted their target price on Raytheon from $190.00 to $199.00 and gave the company a buy rating in a research note on Friday, August 11th. Three equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $186.07.
Shares of Raytheon (NYSE RTN) opened at 182.50 on Thursday. The stock has a market capitalization of $52.97 billion, a P/E ratio of 25.21 and a beta of 0.58. The company has a 50-day moving average price of $178.41 and a 200 day moving average price of $163.78. Raytheon has a 52 week low of $132.89 and a 52 week high of $184.17.
Raytheon (NYSE:RTN) last posted its earnings results on Thursday, July 27th. The aerospace company reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.15. Raytheon had a return on equity of 20.74% and a net margin of 8.68%. The firm had revenue of $6.28 billion during the quarter, compared to analysts’ expectations of $6.24 billion. During the same period in the previous year, the firm earned $2.38 earnings per share. The company’s revenue was up 4.2% on a year-over-year basis. Analysts forecast that Raytheon will post $7.59 earnings per share for the current fiscal year.
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In related news, VP Frank R. Jimenez sold 500 shares of the company’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $181.94, for a total transaction of $90,970.00. Following the sale, the vice president now owns 29,292 shares in the company, valued at $5,329,386.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert E. Beauchamp bought 1,162 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were bought at an average price of $171.99 per share, for a total transaction of $199,852.38. Following the acquisition, the director now directly owns 4,303 shares of the company’s stock, valued at approximately $740,072.97. The disclosure for this purchase can be found here. Insiders have sold 5,120 shares of company stock worth $930,651 in the last quarter. 0.19% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in RTN. Dowling & Yahnke LLC bought a new stake in Raytheon during the first quarter worth about $11,845,000. Lourd Capital LLC bought a new stake in Raytheon during the first quarter worth about $217,000. LaFleur & Godfrey LLC bought a new stake in Raytheon during the first quarter worth about $17,324,000. Verity & Verity LLC raised its holdings in Raytheon by 3.7% during the first quarter. Verity & Verity LLC now owns 36,288 shares of the aerospace company’s stock worth $5,534,000 after acquiring an additional 1,308 shares in the last quarter. Finally, Arrow Financial Corp raised its holdings in Raytheon by 23.3% during the first quarter. Arrow Financial Corp now owns 900 shares of the aerospace company’s stock worth $137,000 after acquiring an additional 170 shares in the last quarter. Institutional investors and hedge funds own 73.82% of the company’s stock.
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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