Traders Buy Shares of Raytheon Company (RTN) on Weakness
Investors purchased shares of Raytheon Company (NYSE:RTN) on weakness during trading hours on Wednesday. $8.40 million flowed into the stock on the tick-up and $1.45 million flowed out of the stock on the tick-down, for a money net flow of $6.95 million into the stock. Of all equities tracked, Raytheon had the 10th highest net in-flow for the day. Raytheon traded down ($0.37) for the day and closed at $182.71
A number of brokerages recently weighed in on RTN. BidaskClub raised shares of Raytheon from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 12th. Buckingham Research boosted their price target on shares of Raytheon from $190.00 to $199.00 and gave the company a “buy” rating in a research report on Friday, August 11th. Vetr cut shares of Raytheon from a “buy” rating to a “hold” rating and set a $166.27 price target for the company. in a research report on Tuesday, May 9th. Jefferies Group LLC reissued a “buy” rating and issued a $172.00 price target on shares of Raytheon in a research report on Monday, June 26th. Finally, Royal Bank Of Canada set a $193.00 price target on shares of Raytheon and gave the company a “buy” rating in a research report on Monday, August 28th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $183.76.
The firm has a market capitalization of $52.32 billion, a price-to-earnings ratio of 24.90 and a beta of 0.58. The company’s 50 day moving average price is $175.55 and its 200 day moving average price is $162.38.
Raytheon (NYSE:RTN) last issued its quarterly earnings data on Thursday, July 27th. The aerospace company reported $1.89 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.74 by $0.15. The firm 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%. Raytheon’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period last year, the firm posted $2.38 EPS. Equities analysts anticipate that Raytheon Company will post $7.59 EPS for the current fiscal year.
In other Raytheon news, VP Frank R. Jimenez sold 500 shares of the business’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $181.94, for a total transaction of $90,970.00. Following 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vernon E. Clark sold 829 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $180.19, for a total transaction of $149,377.51. Following the sale, the director now owns 7,588 shares in the company, valued at $1,367,281.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,120 shares of company stock worth $930,651. 0.19% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the business. Intl Fcstone Inc. bought a new stake in shares of Raytheon during the 2nd quarter worth about $310,000. M Holdings Securities Inc. bought a new stake in shares of Raytheon during the 2nd quarter worth about $297,000. Lord Abbett & CO. LLC raised its position in shares of Raytheon by 1.5% during the 2nd quarter. Lord Abbett & CO. LLC now owns 525,000 shares of the aerospace company’s stock worth $84,777,000 after buying an additional 7,600 shares in the last quarter. United Bank VA raised its position in shares of Raytheon by 8.0% during the 2nd quarter. United Bank VA now owns 24,705 shares of the aerospace company’s stock worth $3,990,000 after buying an additional 1,833 shares in the last quarter. Finally, WFG Advisors LP raised its position in shares of Raytheon by 4.4% during the 2nd quarter. WFG Advisors LP now owns 3,924 shares of the aerospace company’s stock worth $634,000 after buying an additional 167 shares in the last quarter. Institutional investors own 73.82% 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.
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.