Raytheon (NYSE:RTN) was downgraded by analysts at J P Morgan Chase & Co from an “overweight” rating to a “neutral” rating in a report released on Tuesday, Marketbeat Ratings reports. They presently have a $210.00 target price on the aerospace company’s stock, up from their previous target price of $190.00. J P Morgan Chase & Co’s price objective points to a potential upside of 9.73% from the company’s previous close.
Several other research analysts have also recently issued reports on the company. Wells Fargo & Company reiterated an “outperform” rating and issued a $202.00 price objective (up previously from $195.00) on shares of Raytheon in a research report on Tuesday, November 28th. Royal Bank of Canada set a $225.00 price objective on Raytheon and gave the stock a “buy” rating in a research report on Thursday, November 16th. Buckingham Research raised their price target on Raytheon from $199.00 to $204.00 and gave the company a “buy” rating in a research report on Tuesday, October 31st. Zacks Investment Research cut Raytheon from a “buy” rating to a “hold” rating in a research report on Monday, October 30th. Finally, Sanford C. Bernstein restated an “outperform” rating and issued a $199.00 price target (up previously from $188.00) on shares of Raytheon in a research report on Monday, October 30th. They noted that the move was a valuation call. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Raytheon currently has an average rating of “Buy” and a consensus target price of $201.77.
Raytheon (RTN) traded up $2.60 during trading hours on Tuesday, reaching $191.38. The company’s stock had a trading volume of 1,510,125 shares, compared to its average volume of 1,223,654. The stock has a market capitalization of $55,339.90, a PE ratio of 25.32, a price-to-earnings-growth ratio of 2.60 and a beta of 0.58. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.66 and a quick ratio of 1.55. Raytheon has a 1 year low of $141.16 and a 1 year high of $191.54.
Raytheon announced that its board has approved a share repurchase plan on Wednesday, November 15th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the aerospace company to buy shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, VP Frank R. Jimenez sold 650 shares of the stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $187.27, for a total transaction of $121,725.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Stephen J. Hadley sold 800 shares of the stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $190.27, for a total value of $152,216.00. Following the sale, the director now directly owns 11,360 shares in the company, valued at approximately $2,161,467.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,545 shares of company stock worth $291,955. Corporate insiders own 0.19% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Signature Estate & Investment Advisors LLC acquired a new stake in Raytheon in the 3rd quarter worth about $103,000. St. Johns Investment Management Company LLC acquired a new stake in Raytheon in the 2nd quarter worth about $113,000. Jacobi Capital Management LLC boosted its stake in Raytheon by 271.1% in the 1st quarter. Jacobi Capital Management LLC now owns 757 shares of the aerospace company’s stock worth $114,000 after buying an additional 553 shares during the last quarter. Shine Investment Advisory Services Inc. acquired a new stake in Raytheon in the 2nd quarter worth about $139,000. Finally, Invictus RG acquired a new stake in Raytheon in the 3rd quarter worth about $152,000. 73.53% of the stock is currently owned by institutional investors and hedge funds.
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About Raytheon
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.
