Raytheon Company (RTN) Downgraded by ValuEngine to Hold
ValuEngine cut shares of Raytheon Company (NYSE:RTN) from a buy rating to a hold rating in a research note published on Monday morning.
A number of other research analysts also recently commented on the stock. Bank of America Corporation reiterated a buy rating and set a $200.00 price objective (up from $185.00) on shares of Raytheon in a research note on Tuesday, August 1st. BidaskClub downgraded shares of Raytheon from a strong-buy rating to a buy rating in a research report on Monday, July 31st. Stifel Nicolaus reissued a buy rating and issued a $185.00 target price (up previously from $175.00) on shares of Raytheon in a research report on Sunday, July 30th. Vetr upgraded shares of Raytheon from a hold rating to a buy rating and set a $178.87 target price on the stock in a research note on Monday, July 17th. Finally, Jefferies Group LLC restated a buy rating and issued a $172.00 target price on shares of Raytheon in a research note on Monday, June 26th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $190.67.
Shares of Raytheon (NYSE RTN) opened at 187.65 on Monday. Raytheon has a 52-week low of $132.89 and a 52-week high of $187.79. The stock’s 50 day moving average price is $181.57 and its 200-day moving average price is $166.35. The firm has a market cap of $54.47 billion, a PE ratio of 25.92 and a beta of 0.59.
Raytheon (NYSE:RTN) last released its quarterly earnings results on Thursday, July 27th. The aerospace company reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.15. The business had revenue of $6.28 billion during the quarter, compared to the consensus estimate of $6.24 billion. Raytheon had a net margin of 8.68% and a return on equity of 20.74%. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.38 earnings per share. On average, equities research analysts anticipate that Raytheon will post $7.59 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Thursday, October 12th will be paid a dividend of $0.7975 per share. The ex-dividend date of this dividend is Wednesday, October 11th. This represents a $3.19 dividend on an annualized basis and a yield of 1.70%. Raytheon’s payout ratio is currently 43.94%.
In other news, VP Taylor W. Lawrence sold 3,791 shares of the company’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $182.09, for a total transaction of $690,303.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction, the vice president now owns 29,292 shares of the company’s stock, valued at approximately $5,329,386.48. The disclosure for this sale can be found here. Insiders sold 5,120 shares of company stock worth $930,651 over the last quarter. 0.19% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the stock. National Pension Service boosted its stake in Raytheon by 12.1% during the 2nd quarter. National Pension Service now owns 248,655 shares of the aerospace company’s stock valued at $39,892,000 after purchasing an additional 26,830 shares during the period. Lockheed Martin Investment Management Co. bought a new position in Raytheon in the 1st quarter worth about $1,830,000. Abner Herrman & Brock LLC increased its stake in shares of Raytheon by 8.2% in the second quarter. Abner Herrman & Brock LLC now owns 77,617 shares of the aerospace company’s stock valued at $12,534,000 after purchasing an additional 5,866 shares during the period. Kornitzer Capital Management Inc. KS increased its stake in shares of Raytheon by 13.9% in the second quarter. Kornitzer Capital Management Inc. KS now owns 6,720 shares of the aerospace company’s stock valued at $1,085,000 after purchasing an additional 820 shares during the period. Finally, Appleton Partners Inc. MA increased its stake in shares of Raytheon by 13.7% in the second quarter. Appleton Partners Inc. MA now owns 8,345 shares of the aerospace company’s stock valued at $1,348,000 after purchasing an additional 1,005 shares during the period. Hedge funds and other institutional investors own 73.75% 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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