Zacks Investment Research downgraded shares of Raytheon Company (NYSE:RTN) from a buy rating to a hold rating in a research report report published on Monday morning.
According to Zacks, “Raytheon’s third-quarter earnings topped the Zacks Consensus Estimate, while its revenues failed to meet the corresponding consensus mark. Year-over-year results reflected improving numbers. Notably, 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. Moreover, the company is a strong cash generator, which allows it to pay attractive dividend to shareholders. On the flip side, factors like tough competition, budget deficits and political uncertainty continue to be major headwinds for Raytheon. Also the company underperformed the broader industry over a year.”
RTN has been the topic of several other research reports. Sanford C. Bernstein reaffirmed an outperform rating and set a $199.00 target price (up previously from $188.00) on shares of Raytheon in a report on Monday. They noted that the move was a valuation call. Vetr lowered shares of Raytheon from a buy rating to a hold rating and set a $187.08 target price on the stock. in a report on Tuesday, August 15th. Wells Fargo & Company reduced their target price on shares of Raytheon from $200.00 to $195.00 and set an outperform rating on the stock in a report on Friday. BidaskClub raised shares of Raytheon from a buy rating to a strong-buy rating in a report on Wednesday, July 12th. Finally, Deutsche Bank AG raised shares of Raytheon from a hold rating to a buy rating and raised their price target for the stock from $180.00 to $210.00 in a report on Friday, September 29th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The company has an average rating of Buy and an average price target of $199.24.
Shares of Raytheon (NYSE RTN) traded up 0.35% during mid-day trading on Monday, hitting $180.20. 1,517,632 shares of the company traded hands. Raytheon has a 1-year low of $132.89 and a 1-year high of $190.25. The stock has a market capitalization of $52.30 billion, a PE ratio of 24.89 and a beta of 0.59. The firm’s 50 day moving average price is $185.61 and its 200-day moving average price is $171.36.
Raytheon (NYSE:RTN) last released its earnings results on Thursday, October 26th. The aerospace company reported $1.97 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.90 by $0.07. Raytheon had a net margin of 8.77% and a return on equity of 20.98%. The company had revenue of $6.28 billion for the quarter, compared to analyst estimates of $6.33 billion. During the same quarter last year, the firm earned $1.79 EPS. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. On average, equities research analysts forecast that Raytheon will post $7.61 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 9th. Stockholders of record on Thursday, October 12th will be given a $0.7975 dividend. The ex-dividend date of this dividend is Wednesday, October 11th. This represents a $3.19 annualized dividend and a dividend yield of 1.77%. Raytheon’s dividend payout ratio is 42.88%.
In other news, Director Vernon E. Clark sold 829 shares of the firm’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $180.19, for a total value of $149,377.51. Following the completion of the sale, the director now directly owns 7,588 shares of the company’s stock, valued at approximately $1,367,281.72. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Frank R. Jimenez sold 650 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $187.27, for a total transaction of $121,725.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,770 shares of company stock valued at $1,052,376. Corporate insiders own 0.19% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Csenge Advisory Group purchased a new stake in shares of Raytheon in the 3rd quarter worth about $816,000. Syntal Capital Partners LLC lifted its position in shares of Raytheon by 195.4% in the 3rd quarter. Syntal Capital Partners LLC now owns 4,552 shares of the aerospace company’s stock worth $849,000 after purchasing an additional 3,011 shares during the period. Dupont Capital Management Corp lifted its position in shares of Raytheon by 2.3% in the 3rd quarter. Dupont Capital Management Corp now owns 34,279 shares of the aerospace company’s stock worth $6,396,000 after purchasing an additional 756 shares during the period. Andra AP fonden lifted its position in shares of Raytheon by 9.6% in the 3rd quarter. Andra AP fonden now owns 83,397 shares of the aerospace company’s stock worth $15,560,000 after purchasing an additional 7,297 shares during the period. Finally, Palisade Capital Management LLC NJ purchased a new stake in shares of Raytheon in the 3rd quarter worth about $6,929,000. 73.80% of the stock is owned by hedge funds and other institutional investors.
Raytheon Company Profile
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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