Raytheon Company (NYSE:RTN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage currently has a $205.00 target price on the aerospace company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.87% from the stock’s previous close.
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. 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.”
RTN has been the topic of a number of other reports. BidaskClub upgraded shares of Raytheon from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 12th. Buckingham Research raised their price target on shares of Raytheon from $190.00 to $199.00 and gave the company a “buy” rating in a report on Friday, August 11th. Jefferies Group LLC restated a “buy” rating and issued a $172.00 price target on shares of Raytheon in a report on Monday, June 26th. Royal Bank Of Canada set a $193.00 price target on shares of Raytheon and gave the company a “buy” rating in a report on Monday, August 28th. Finally, Robert W. Baird restated an “outperform” rating and issued a $212.00 price target (up from $170.00) on shares of Raytheon in a report on Thursday, August 10th. Three research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $186.14.
Raytheon (NYSE RTN) traded up 0.82% during midday trading on Wednesday, reaching $184.75. 416,362 shares of the company traded hands. The stock has a market capitalization of $53.62 billion, a P/E ratio of 25.52 and a beta of 0.58. Raytheon has a one year low of $132.89 and a one year high of $184.94. The company has a 50 day moving average price of $179.06 and a 200-day moving average price of $164.34.
Raytheon (NYSE:RTN) last posted its earnings results on Thursday, July 27th. The aerospace company reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.15. The business had revenue of $6.28 billion for 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% on a year-over-year basis. During the same quarter last year, the firm posted $2.38 EPS. Analysts forecast that Raytheon will post $7.59 EPS for the current fiscal year.
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In related news, VP Frank R. Jimenez sold 500 shares of Raytheon stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $181.94, for a total value of $90,970.00. Following the completion of the sale, the vice president now directly owns 29,292 shares in the company, valued at approximately $5,329,386.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Taylor W. Lawrence sold 3,791 shares of Raytheon stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $182.09, for a total transaction of $690,303.19. The disclosure for this sale can be found here. Insiders sold a total of 5,120 shares of company stock valued at $930,651 over the last quarter. 0.19% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in RTN. Guardian Life Insurance Co. of America lifted its stake in Raytheon by 0.6% during the 1st quarter. Guardian Life Insurance Co. of America now owns 1,132 shares of the aerospace company’s stock valued at $173,000 after acquiring an additional 7 shares during the period. HM Capital Management LLC lifted its stake in Raytheon by 0.5% during the 2nd quarter. HM Capital Management LLC now owns 2,025 shares of the aerospace company’s stock valued at $327,000 after acquiring an additional 10 shares during the period. Ironwood Investment Management LLC lifted its stake in Raytheon by 0.7% during the 2nd quarter. Ironwood Investment Management LLC now owns 2,475 shares of the aerospace company’s stock valued at $400,000 after acquiring an additional 16 shares during the period. Pineno Levin & Ford Asset Management Inc. lifted its stake in Raytheon by 0.8% during the 2nd quarter. Pineno Levin & Ford Asset Management Inc. now owns 1,903 shares of the aerospace company’s stock valued at $307,000 after acquiring an additional 16 shares during the period. Finally, TCI Wealth Advisors Inc. lifted 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 valued at $331,000 after acquiring an additional 17 shares during the period. Institutional investors own 73.75% of the company’s stock.
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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