Raytheon Company (RTN) Upgraded to “Buy” at Zacks Investment Research
Raytheon Company (NYSE:RTN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The firm currently has a $204.00 price target on the aerospace company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 13.03% from the company’s current price.
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.”
Other research analysts also recently issued reports about the stock. Vetr upgraded shares of Raytheon from a “hold” rating to a “buy” rating and set a $178.87 price target for the company in a report on Monday, July 17th. Stifel Nicolaus reiterated a “buy” rating and set a $185.00 price target (up from $175.00) on shares of Raytheon in a report on Sunday, July 30th. BidaskClub upgraded shares of Raytheon from a “hold” rating to a “buy” rating in a report on Saturday, June 17th. Royal Bank Of Canada reiterated a “buy” rating and set a $181.00 price target on shares of Raytheon in a report on Friday, June 2nd. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $172.00 price target on shares of Raytheon in a report on Tuesday, May 23rd. Three equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $186.07.
Raytheon (NYSE RTN) opened at 180.36 on Thursday. The company has a market capitalization of $52.35 billion, a price-to-earnings ratio of 24.91 and a beta of 0.58. Raytheon has a 12 month low of $132.89 and a 12 month high of $184.17. The firm has a 50-day moving average price of $177.37 and a 200-day moving average price of $163.33.
Raytheon (NYSE:RTN) last announced its quarterly earnings results on Thursday, July 27th. The aerospace company reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.15. The company 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 company’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.38 earnings per share. On average, equities analysts anticipate that Raytheon will post $7.59 earnings per share for the current fiscal year.
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In other Raytheon news, VP Taylor W. Lawrence sold 3,791 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $182.09, for a total transaction of $690,303.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert E. Beauchamp bought 1,162 shares of Raytheon stock in a transaction on Monday, July 31st. The shares were acquired at an average cost of $171.99 per share, with a total value of $199,852.38. Following the completion of the acquisition, the director now owns 4,303 shares of the company’s stock, valued at approximately $740,072.97. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 5,120 shares of company stock valued at $930,651. 0.19% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the business. National Pension Service increased its holdings in Raytheon by 12.1% during the second quarter. National Pension Service now owns 248,655 shares of the aerospace company’s stock valued at $39,892,000 after buying an additional 26,830 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Raytheon by 1.0% during the third quarter. JPMorgan Chase & Co. now owns 2,368,169 shares of the aerospace company’s stock valued at $322,377,000 after buying an additional 23,945 shares during the last quarter. Lockheed Martin Investment Management Co. purchased a new stake in Raytheon during the first quarter valued at approximately $1,830,000. Nationwide Fund Advisors increased its holdings in Raytheon by 4.5% during the second quarter. Nationwide Fund Advisors now owns 523,176 shares of the aerospace company’s stock valued at $71,126,000 after buying an additional 22,683 shares during the last quarter. Finally, Abner Herrman & Brock LLC increased its holdings in Raytheon by 8.2% during the second quarter. Abner Herrman & Brock LLC now owns 77,617 shares of the aerospace company’s stock valued at $12,534,000 after buying an additional 5,866 shares during the last quarter. 73.82% of the stock is owned by institutional investors and hedge funds.
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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