Wells Fargo & Co restated their outperform rating on shares of Raytheon (NYSE:RTN) in a research report released on Tuesday, The Fly reports. Wells Fargo & Co currently has a $215.00 price target on the aerospace company’s stock, up from their prior price target of $202.00.
Several other research analysts also recently commented on RTN. Zacks Investment Research downgraded Raytheon from a buy rating to a hold rating in a report on Monday, September 18th. Deutsche Bank upgraded Raytheon from a hold rating to a buy rating and raised their price objective for the stock from $180.00 to $210.00 in a report on Friday, September 29th. Jefferies Group restated a buy rating and set a $190.00 price objective on shares of Raytheon in a report on Friday, September 29th. ValuEngine downgraded Raytheon from a buy rating to a hold rating in a report on Monday, October 2nd. Finally, Citigroup reiterated a buy rating and issued a $215.00 price target (up from $192.00) on shares of Raytheon in a report on Monday, October 9th. Three investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $204.12.
Raytheon (RTN) traded up $0.97 on Tuesday, reaching $196.68. The company’s stock had a trading volume of 1,226,738 shares, compared to its average volume of 1,230,000. The stock has a market cap of $56,860.00, a P/E ratio of 26.47, a P/E/G ratio of 2.66 and a beta of 0.58. Raytheon has a one year low of $141.28 and a one year high of $199.75. 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 (NYSE:RTN) last released its quarterly earnings data on Thursday, October 26th. The aerospace company reported $1.97 EPS for the quarter, topping the consensus estimate of $1.90 by $0.07. The company had revenue of $6.28 billion for the quarter, compared to the consensus estimate of $6.33 billion. Raytheon had a return on equity of 20.98% and a net margin of 8.77%. Raytheon’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period last year, the business posted $1.79 EPS. equities analysts anticipate that Raytheon will post 7.61 EPS for the current year.
Raytheon declared that its Board of Directors has initiated a share buyback plan on Wednesday, November 15th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the aerospace company to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 3rd will be issued a $0.7975 dividend. The ex-dividend date of this dividend is Tuesday, January 2nd. This represents a $3.19 dividend on an annualized basis and a dividend yield of 1.62%. Raytheon’s dividend payout ratio is presently 42.93%.
In related news, Director Letitia A. Long sold 650 shares of the business’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $185.83, for a total transaction of $120,789.50. Following the transaction, the director now directly owns 2,273 shares in the company, valued at approximately $422,391.59. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Stephen J. Hadley sold 800 shares of the business’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $190.27, for a total value of $152,216.00. Following the transaction, the director now owns 11,360 shares in the company, valued at $2,161,467.20. The disclosure for this sale can be found here. Insiders sold a total of 1,895 shares of company stock worth $357,215 over the last quarter. Company insiders own 0.19% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. TCI Wealth Advisors Inc. increased its stake in Raytheon by 0.8% during the 2nd quarter. TCI Wealth Advisors Inc. now owns 2,048 shares of the aerospace company’s stock worth $331,000 after buying an additional 17 shares in the last quarter. Omnia Family Wealth LLC increased its stake in Raytheon by 2.3% during the 2nd quarter. Omnia Family Wealth LLC now owns 1,326 shares of the aerospace company’s stock worth $215,000 after buying an additional 30 shares in the last quarter. Courier Capital LLC increased its stake in Raytheon by 1.1% during the 2nd quarter. Courier Capital LLC now owns 2,772 shares of the aerospace company’s stock worth $448,000 after buying an additional 30 shares in the last quarter. Linscomb & Williams Inc. increased its stake in Raytheon by 1.8% during the 2nd quarter. Linscomb & Williams Inc. now owns 1,734 shares of the aerospace company’s stock worth $280,000 after buying an additional 30 shares in the last quarter. Finally, Regal Investment Advisors LLC increased its stake in Raytheon by 1.9% during the 2nd quarter. Regal Investment Advisors LLC now owns 1,722 shares of the aerospace company’s stock worth $278,000 after buying an additional 32 shares in the last quarter. Hedge funds and other institutional investors own 73.26% of the company’s stock.
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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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