Argus Reiterates Buy Rating for Raytheon Company (RTN)
Raytheon Company (NYSE:RTN)‘s stock had its “buy” rating reiterated by equities research analysts at Argus in a report issued on Friday. They presently have a $195.00 price target on the aerospace company’s stock, up from their previous price target of $175.00. Argus’ price objective indicates a potential upside of 12.15% from the stock’s previous close.
A number of other research analysts also recently issued reports on RTN. Stifel Nicolaus reissued a “buy” rating and set a $185.00 price objective (up from $175.00) on shares of Raytheon in a research report on Sunday, July 30th. BidaskClub downgraded shares of Raytheon from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Vetr downgraded shares of Raytheon from a “buy” rating to a “hold” rating and set a $170.66 target price on the stock. in a research report on Monday, June 19th. Zacks Investment Research downgraded shares of Raytheon from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $183.00 target price (up from $180.00) on shares of Raytheon in a research report on Sunday, July 30th. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $176.56.
Shares of Raytheon (NYSE RTN) traded down 0.16% on Friday, reaching $173.87. 1,434,988 shares of the company traded hands. Raytheon has a one year low of $132.89 and a one year high of $174.60. The stock has a market capitalization of $50.47 billion, a P/E ratio of 24.02 and a beta of 0.59. The stock’s 50 day moving average price is $165.60 and its 200-day moving average price is $157.06.
Raytheon (NYSE:RTN) last issued its quarterly earnings data on Thursday, July 27th. The aerospace company reported $1.89 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 quarterly revenue was up 4.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.38 EPS. Equities analysts forecast that Raytheon will post $7.58 earnings per share for the current fiscal year.
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In other news, Director Robert E. Beauchamp purchased 1,162 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were bought at an average price of $171.99 per share, for a total transaction of $199,852.38. Following the purchase, the director now directly owns 4,303 shares in the company, valued at approximately $740,072.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Wesley D. Kremer sold 1,010 shares of the company’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $163.10, for a total transaction of $164,731.00. Following the completion of the transaction, the vice president now owns 23,136 shares in the company, valued at approximately $3,773,481.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,911 shares of company stock worth $2,580,752. 0.19% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in the company. Crestwood Advisors Group LLC purchased a new position in shares of Raytheon during the first quarter worth about $110,000. Oakworth Capital Inc. boosted its position in shares of Raytheon by 156.1% in the first quarter. Oakworth Capital Inc. now owns 730 shares of the aerospace company’s stock worth $111,000 after buying an additional 445 shares during the last quarter. Signature Estate & Investment Advisors LLC purchased a new position in shares of Raytheon during the first quarter worth about $111,000. St. Johns Investment Management Company LLC purchased a new position in shares of Raytheon during the second quarter worth about $113,000. Finally, Jacobi Capital Management LLC boosted its position in shares of Raytheon by 271.1% in the first quarter. Jacobi Capital Management LLC now owns 757 shares of the aerospace company’s stock worth $114,000 after buying an additional 553 shares during the last quarter. Institutional investors own 74.83% of the company’s stock.
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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