Investors Sell Raytheon Co. (RTN) on Strength (RTN)
Investors sold shares of Raytheon Co. (NYSE:RTN) on strength during trading hours on Wednesday. $46.74 million flowed into the stock on the tick-up and $86.65 million flowed out of the stock on the tick-down, for a money net flow of $39.91 million out of the stock. Of all companies tracked, Raytheon had the 9th highest net out-flow for the day. Raytheon traded up $0.67 for the day and closed at $140.79
Several brokerages have recently issued reports on RTN. Argus restated a “buy” rating and issued a $161.00 price objective on shares of Raytheon in a research note on Wednesday, August 3rd. Credit Suisse Group AG restated a “buy” rating and issued a $151.00 price objective on shares of Raytheon in a research note on Friday, July 29th. JPMorgan Chase & Co. set a $145.00 price objective on shares of Raytheon and gave the stock a “buy” rating in a research note on Friday, July 29th. Jefferies Group raised their price objective on shares of Raytheon from $145.00 to $158.00 and gave the stock a “buy” rating in a research note on Friday, July 29th. Finally, Deutsche Bank AG raised their price objective on shares of Raytheon from $135.00 to $140.00 and gave the stock a “hold” rating in a research note on Friday, July 29th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $172.99.
The stock’s 50-day moving average price is $137.58 and its 200-day moving average price is $129.60. The firm has a market capitalization of $41.55 billion and a price-to-earnings ratio of 19.67.
Raytheon (NYSE:RTN) last issued its quarterly earnings data on Thursday, July 28th. The company reported $2.38 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.64. During the same period in the prior year, the company earned $1.65 earnings per share. The firm earned $6 billion during the quarter, compared to analyst estimates of $5.83 billion. The business’s quarterly revenue was up 3.2% compared to the same quarter last year. Equities analysts predict that Raytheon Co. will post $7.41 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 4th. Shareholders of record on Wednesday, July 6th were issued a $0.7325 dividend. This represents a $2.93 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date was Friday, July 1st.
In other news, CAO Michael J. Wood sold 2,582 shares of the stock in a transaction on Monday, June 6th. The stock was sold at an average price of $133.35, for a total transaction of $344,309.70. Following the sale, the chief accounting officer now directly owns 19,871 shares of the company’s stock, valued at approximately $2,649,797.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Vernon E. Clark sold 2,540 shares of the stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $141.01, for a total value of $358,165.40. Following the sale, the director now directly owns 7,246 shares in the company, valued at $1,021,758.46. The disclosure for this sale can be found here.
Several hedge funds recently added to or reduced their stakes in the company. Employees Retirement System of Texas raised its stake in Raytheon by 15.2% in the fourth quarter. Employees Retirement System of Texas now owns 186,900 shares of the company’s stock valued at $23,275,000 after buying an additional 24,700 shares during the period. Home Federal Bank of Tennessee bought a new stake in Raytheon during the fourth quarter valued at about $1,948,000. Caldwell & Orkin Inc. raised its stake in Raytheon by 87.0% in the fourth quarter. Caldwell & Orkin Inc. now owns 43,015 shares of the company’s stock valued at $5,357,000 after buying an additional 20,015 shares during the period. OppenheimerFunds Inc. bought a new stake in Raytheon during the fourth quarter valued at about $1,281,000. Finally, Utah Retirement Systems raised its stake in Raytheon by 0.4% in the fourth quarter. Utah Retirement Systems now owns 54,843 shares of the company’s stock valued at $6,830,000 after buying an additional 200 shares during the period.
Raytheon Company, together with its subsidiaries, is a technology Company that specializes in defense and other Government markets. The Company develops products, services and solutions in markets: sensing; effects; command, control, communications and intelligence (C3I); and mission support, as well as cyber and information security.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.