Investors Sell Shares of Raytheon Co. (RTN) on Strength (RTN)
Investors sold shares of Raytheon Co. (NYSE:RTN) on strength during trading on Friday. $90.03 million flowed into the stock on the tick-up and $175.28 million flowed out of the stock on the tick-down, for a money net flow of $85.25 million out of the stock. Of all companies tracked, Raytheon had the 0th highest net out-flow for the day. Raytheon traded up $1.47 for the day and closed at $139.53
Several brokerages have commented on RTN. Sterne Agee CRT reissued a “buy” rating on shares of Raytheon in a report on Monday, May 16th. Zacks Investment Research raised shares of Raytheon from a “hold” rating to a “buy” rating and set a $151.00 price target for the company in a report on Monday, July 4th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Raytheon in a report on Thursday, June 9th. Stifel Nicolaus lifted their price objective on shares of Raytheon from $140.00 to $160.00 and gave the stock a “buy” rating in a report on Friday. Finally, Oppenheimer Holdings Inc. reaffirmed a “buy” rating on shares of Raytheon in a report on Tuesday, June 7th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Raytheon currently has an average rating of “Buy” and a consensus target price of $171.54.
The company has a market cap of $41.48 billion and a P/E ratio of 19.48. The stock’s 50-day moving average is $136.42 and its 200 day moving average is $128.45.
Raytheon (NYSE:RTN) last released its quarterly earnings data on Thursday, July 28th. The company reported $2.38 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.74 by $0.64. The business had revenue of $6 billion for the quarter, compared to the consensus estimate of $5.83 billion. Raytheon’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.65 EPS. On average, equities analysts forecast that Raytheon Co. will post $7.32 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 4th. Shareholders of record on Wednesday, July 6th will be given a dividend of $0.7325 per share. The ex-dividend date is Friday, July 1st. This represents a $2.93 annualized dividend and a yield of 2.10%.
In other Raytheon news, VP Taylor W. Lawrence sold 4,336 shares of the stock in a transaction on Monday, June 6th. The shares were sold at an average price of $133.80, for a total transaction of $580,156.80. Following the completion of the transaction, the vice president now owns 57,525 shares in the company, valued at $7,696,845. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Anthony F. O’brien sold 1,238 shares of the stock in a transaction on Monday, June 6th. The shares were sold at an average price of $133.35, for a total transaction of $165,087.30. Following the transaction, the chief financial officer now owns 20,309 shares of the company’s stock, valued at approximately $2,708,205.15. The disclosure for this sale can be found here.
Other institutional investors have added to or reduced their stakes in the company. Wells Fargo & Company MN raised its position in Raytheon by 33.5% in the fourth quarter. Wells Fargo & Company MN now owns 1,436,366 shares of the company’s stock valued at $178,871,000 after buying an additional 360,266 shares during the period. Telemark Asset Management LLC acquired a new position in Raytheon during the fourth quarter valued at approximately $12,453,000. Eaton Vance Management raised its position in Raytheon by 25.8% in the fourth quarter. Eaton Vance Management now owns 274,625 shares of the company’s stock valued at $34,199,000 after buying an additional 56,406 shares during the period. Philadelphia Trust Co. raised its position in Raytheon by 25.6% in the fourth quarter. Philadelphia Trust Co. now owns 209,749 shares of the company’s stock valued at $26,090,000 after buying an additional 42,776 shares during the period. Finally, State of Tennessee Treasury Department raised its position in Raytheon by 11.5% in the fourth quarter. State of Tennessee Treasury Department now owns 347,223 shares of the company’s stock valued at $43,239,000 after buying an additional 35,918 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.