Raytheon (NYSE:RTN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday, January 12th. The firm currently has a $217.00 price objective on the aerospace company’s stock. Zacks Investment Research‘s price target points to a potential upside of 4.93% from the stock’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. Moreover, the company is a strong cash generator, which allows it to pay attractive dividend to shareholders. Also the company outperformed the broader industry over a year. On the flip side, factors like tough competition and political uncertainty continue to be major headwinds for Raytheon.”
RTN has been the topic of several other research reports. Buckingham Research upped their price objective on shares of Raytheon from $199.00 to $204.00 and gave the stock a “buy” rating in a report on Tuesday, October 31st. Robert W. Baird restated a “buy” rating and set a $212.00 price objective on shares of Raytheon in a report on Tuesday, October 24th. Cowen reiterated a “buy” rating and issued a $203.00 target price on shares of Raytheon in a research note on Thursday, October 26th. Wells Fargo & Co reduced their target price on shares of Raytheon from $200.00 to $195.00 and set an “outperform” rating for the company in a research note on Friday, October 27th. Finally, Citigroup reiterated a “buy” rating and issued a $215.00 target price (up previously from $192.00) on shares of Raytheon in a research note on Monday, October 9th. Three investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $210.77.
Raytheon (NYSE RTN) traded down $4.05 on Friday, reaching $206.80. 2,430,000 shares of the company’s stock traded hands, compared to its average volume of 1,470,000. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.46 and a current ratio of 1.54. Raytheon has a 1 year low of $146.23 and a 1 year high of $213.45. The firm has a market capitalization of $58,630.00, a P/E ratio of 29.80, a price-to-earnings-growth ratio of 2.00 and a beta of 0.76.
Raytheon (NYSE:RTN) last released its quarterly earnings data on Thursday, January 25th. The aerospace company reported $2.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.02 by $0.01. Raytheon had a net margin of 7.98% and a return on equity of 21.36%. The firm had revenue of $6.78 billion for the quarter, compared to the consensus estimate of $6.81 billion. During the same quarter in the prior year, the company posted $1.84 earnings per share. The business’s revenue was up 8.0% on a year-over-year basis. analysts forecast that Raytheon will post 9.65 earnings per share for the current year.
Raytheon declared that its board has authorized a stock buyback plan on Wednesday, November 15th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the aerospace company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, Director Letitia A. Long sold 650 shares of the stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $185.83, for a total transaction of $120,789.50. Following the completion of the transaction, the director now owns 2,273 shares in the company, valued at $422,391.59. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Frank R. Jimenez sold 175 shares of the stock in a transaction dated Saturday, December 29th. The shares were sold at an average price of $189.13, for a total transaction of $33,097.75. Following the transaction, the vice president now owns 28,311 shares of the company’s stock, valued at approximately $5,354,459.43. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,274 shares of company stock valued at $1,486,162. 0.19% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of RTN. Vanguard Group Inc. boosted its position in Raytheon by 1.7% during the second quarter. Vanguard Group Inc. now owns 22,278,418 shares of the aerospace company’s stock worth $3,597,519,000 after purchasing an additional 367,898 shares during the period. BlackRock Inc. boosted its position in Raytheon by 2.7% during the second quarter. BlackRock Inc. now owns 19,934,958 shares of the aerospace company’s stock worth $3,219,097,000 after purchasing an additional 527,139 shares during the period. Franklin Resources Inc. boosted its position in Raytheon by 1.8% during the second quarter. Franklin Resources Inc. now owns 2,611,461 shares of the aerospace company’s stock worth $421,682,000 after purchasing an additional 46,444 shares during the period. Alliancebernstein L.P. boosted its position in Raytheon by 55.2% during the second quarter. Alliancebernstein L.P. now owns 2,328,691 shares of the aerospace company’s stock worth $376,037,000 after purchasing an additional 827,931 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its position in Raytheon by 42.7% during the second quarter. UBS Asset Management Americas Inc. now owns 1,826,164 shares of the aerospace company’s stock worth $294,889,000 after purchasing an additional 546,398 shares during the period. Institutional investors own 73.40% 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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