Raytheon Company (RTN) Downgraded to Hold at Zacks Investment Research
Raytheon Company (NYSE:RTN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “Raytheon started 2017 on an impressive note. Its first quarter results outperformed the Zacks Consensus Estimate on both top- and bottom-line fronts. Moreover, year over year, the company reflected improved performance. Its raised 2016 guidance also buoys optimism. However, bookings dropped when compared to the year-ago quarter’s figure. Nevertheless, being one of the best-positioned large-cap defense players in the U.S., Raytheon continues to invest heavily in technological upgrades. Apart from a significant presence in the domestic soil, the company has a distinct focus on its overseas business. Further, Raytheon’s stock outperformed the Zacks categorized Aerospace/Defense Equipment industry in the last one year. On the flip side, Raytheon operates in a highly competitive market and also remains exposed to fluctuating currency risk.”
Several other analysts have also weighed in on the company. Vetr lowered Raytheon Company from a “buy” rating to a “hold” rating and set a $159.34 target price on the stock. in a report on Monday, March 13th. Stifel Nicolaus upped their target price on Raytheon Company from $160.00 to $175.00 and gave the company a “buy” rating in a report on Friday, April 28th. Royal Bank of Canada reissued a “buy” rating and issued a $180.00 target price on shares of Raytheon Company in a report on Friday, March 24th. Jefferies Group LLC reissued a “buy” rating on shares of Raytheon Company in a report on Monday, February 27th. Finally, Credit Suisse Group AG reissued a “buy” rating and issued a $170.00 target price on shares of Raytheon Company in a report on Friday, March 31st. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $166.36.
Raytheon Company (NYSE:RTN) traded up 1.51% during midday trading on Friday, reaching $160.28. 1,819,070 shares of the company were exchanged. The company has a 50 day moving average of $155.16 and a 200-day moving average of $149.67. The company has a market capitalization of $46.65 billion, a price-to-earnings ratio of 20.65 and a beta of 0.67. Raytheon Company has a 52-week low of $128.69 and a 52-week high of $163.10.
Raytheon Company (NYSE:RTN) last announced its quarterly earnings data on Thursday, April 27th. The aerospace company reported $1.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.61 by $0.12. Raytheon Company had a return on equity of 19.77% and a net margin of 9.19%. The firm had revenue of $6 billion for the quarter, compared to analyst estimates of $5.83 billion. During the same quarter in the prior year, the company posted $1.43 earnings per share. Raytheon Company’s quarterly revenue was up 3.4% on a year-over-year basis. On average, equities research analysts anticipate that Raytheon Company will post $7.48 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 11th. Stockholders of record on Wednesday, April 12th were issued a $0.7975 dividend. This represents a $3.19 dividend on an annualized basis and a dividend yield of 2.02%. This is an increase from Raytheon Company’s previous quarterly dividend of $0.73. The ex-dividend date was Monday, April 10th. Raytheon Company’s dividend payout ratio (DPR) is 39.38%.
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In other news, VP David C. Wajsgras sold 5,250 shares of the firm’s stock in a transaction dated Wednesday, March 8th. The stock was sold at an average price of $154.46, for a total value of $810,915.00. Following the transaction, the vice president now directly owns 150,182 shares in the company, valued at approximately $23,197,111.72. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Frank R. Jimenez sold 1,275 shares of the firm’s stock in a transaction dated Thursday, April 13th. The stock was sold at an average price of $151.00, for a total value of $192,525.00. Following the completion of the transaction, the vice president now owns 30,001 shares in the company, valued at $4,530,151. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,776 shares of company stock worth $2,257,281. Company insiders own 0.21% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Willingdon Wealth Management increased its position in Raytheon Company by 1.1% in the third quarter. Willingdon Wealth Management now owns 14,981 shares of the aerospace company’s stock worth $2,039,000 after buying an additional 160 shares during the period. Nordea Investment Management AB increased its position in Raytheon Company by 6.4% in the third quarter. Nordea Investment Management AB now owns 394,855 shares of the aerospace company’s stock worth $53,752,000 after buying an additional 23,777 shares during the period. Argentus Capital Management LLC purchased a new position in Raytheon Company during the third quarter worth approximately $408,000. Physicians Financial Services Inc. increased its position in Raytheon Company by 2.5% in the third quarter. Physicians Financial Services Inc. now owns 4,084 shares of the aerospace company’s stock worth $555,000 after buying an additional 100 shares during the period. Finally, LMR Partners LLP increased its position in 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 period. Institutional investors own 75.72% of the company’s stock.
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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