Traders Buy Shares of Raytheon Co. (RTN) on Weakness
Traders bought shares of Raytheon Co. (NYSE:RTN) on weakness during trading hours on Tuesday. $52.17 million flowed into the stock on the tick-up and $33.25 million flowed out of the stock on the tick-down, for a money net flow of $18.92 million into the stock. Of all equities tracked, Raytheon had the 14th highest net in-flow for the day. Raytheon traded down ($0.86) for the day and closed at $138.33
RTN has been the topic of several research reports. Guggenheim initiated coverage on Raytheon in a research report on Monday, April 4th. They issued a “buy” rating and a $144.00 target price on the stock. Goldman Sachs Group Inc. raised their target price on Raytheon from $123.00 to $130.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 12th. Royal Bank Of Canada raised their target price on Raytheon from $147.00 to $148.00 and gave the stock a “top pick” rating in a research report on Friday, April 29th. Drexel Hamilton reissued a “buy” rating on shares of Raytheon in a research report on Friday, April 29th. Finally, Sanford C. Bernstein raised their target price on Raytheon from $148.00 to $150.00 and gave the stock an “outperform” rating in a research report on Monday, May 2nd. Four analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $167.99.
The stock has a 50 day moving average price of $134.65 and a 200-day moving average price of $127.32. The stock has a market cap of $41.08 billion and a price-to-earnings ratio of 21.45.
Raytheon (NYSE:RTN) last announced its quarterly earnings data on Thursday, April 28th. The company reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.05. The firm earned $5.80 billion during the quarter, compared to analyst estimates of $5.45 billion. During the same period in the prior year, the company posted $1.78 earnings per share. The firm’s revenue for the quarter was up 9.0% on a year-over-year basis. On average, analysts expect that Raytheon Co. will post $7.15 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 4th. Investors of record on Wednesday, July 6th will be issued a dividend of $0.7325 per share. This represents a $2.93 annualized dividend and a yield of 2.11%. The ex-dividend date is Friday, July 1st.
In related news, CFO Anthony F. O’brien sold 1,238 shares of the firm’s stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $133.35, for a total transaction of $165,087.30. Following the sale, the chief financial officer now directly owns 20,309 shares of the company’s stock, valued at $2,708,205.15. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Michael J. Wood sold 2,582 shares of the firm’s stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $133.35, for a total value of $344,309.70. Following the sale, the chief accounting officer now directly owns 19,871 shares in the company, valued at $2,649,797.85. The disclosure for this sale can be found here.
A number of institutional investors have modified their holdings of RTN. Brown Advisory Inc. increased its position in shares of Raytheon by 7.1% in the fourth quarter. Brown Advisory Inc. now owns 9,058 shares of the company’s stock worth $1,128,000 after buying an additional 604 shares in the last quarter. WFG Advisors LP increased its position in shares of Raytheon by 5.8% in the fourth quarter. WFG Advisors LP now owns 9,615 shares of the company’s stock worth $1,197,000 after buying an additional 528 shares in the last quarter. Bank of Hawaii increased its position in shares of Raytheon by 34.8% in the fourth quarter. Bank of Hawaii now owns 10,073 shares of the company’s stock worth $1,254,000 after buying an additional 2,598 shares in the last quarter. OppenheimerFunds Inc. acquired a new position in shares of Raytheon during the fourth quarter worth about $1,281,000. Finally, Pittenger & Anderson Inc. increased its position in shares of Raytheon by 10,340.0% in the fourth quarter. Pittenger & Anderson Inc. now owns 10,440 shares of the company’s stock worth $1,300,000 after buying an additional 10,340 shares in the last quarter.
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.