Investors Sell Shares of Raytheon (RTN) on Strength (RTN)
Traders sold shares of Raytheon Company (NYSE:RTN) on strength during trading hours on Thursday. $27.55 million flowed into the stock on the tick-up and $93.94 million flowed out of the stock on the tick-down, for a money net flow of $66.39 million out of the stock. Of all equities tracked, Raytheon had the 12th highest net out-flow for the day. Raytheon traded up $0.13 for the day and closed at $188.78
A number of research firms have commented on RTN. Zacks Investment Research raised Raytheon from a “hold” rating to a “buy” rating and set a $205.00 target price for the company in a report on Wednesday, September 20th. ValuEngine lowered Raytheon from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Stifel Nicolaus lifted their target price on Raytheon from $185.00 to $195.00 and gave the stock a “hold” rating in a report on Friday, October 27th. Royal Bank of Canada reissued a “buy” rating and issued a $209.00 target price on shares of Raytheon in a report on Tuesday, October 10th. Finally, Vetr downgraded Raytheon from a “buy” rating to a “hold” rating and set a $187.08 price target on the stock. in a research note on Wednesday, August 30th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Raytheon presently has an average rating of “Buy” and an average target price of $201.77.
The stock has a market capitalization of $54,027.47, a P/E ratio of 24.72, a PEG ratio of 2.54 and a beta of 0.58. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.66 and a quick ratio of 1.55.
Raytheon (NYSE:RTN) last released its earnings results on Thursday, October 26th. The aerospace company reported $1.97 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.90 by $0.07. The company had revenue of $6.28 billion for the quarter, compared to the consensus estimate of $6.33 billion. Raytheon had a return on equity of 20.98% and a net margin of 8.77%. Raytheon’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.79 earnings per share. analysts expect that Raytheon Company will post 7.61 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 3rd will be given a dividend of $0.7975 per share. The ex-dividend date of this dividend is Tuesday, January 2nd. This represents a $3.19 annualized dividend and a yield of 1.69%. Raytheon’s dividend payout ratio (DPR) is presently 42.88%.
Raytheon declared that its board has authorized a stock buyback plan on Wednesday, November 15th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the aerospace company to repurchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.
In related news, VP Frank R. Jimenez sold 650 shares of Raytheon stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $187.27, for a total transaction of $121,725.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Stephen J. Hadley sold 800 shares of Raytheon stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $190.27, for a total value of $152,216.00. Following the transaction, the director now owns 11,360 shares in the company, valued at $2,161,467.20. The disclosure for this sale can be found here. Insiders have sold 1,545 shares of company stock worth $291,955 over the last quarter. 0.19% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signature Estate & Investment Advisors LLC purchased a new position in shares of Raytheon in the third quarter valued at about $103,000. St. Johns Investment Management Company LLC purchased a new position in shares of Raytheon in the second quarter valued at about $113,000. Jacobi Capital Management LLC lifted 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 valued at $114,000 after acquiring an additional 553 shares in the last quarter. Shine Investment Advisory Services Inc. purchased a new position in shares of Raytheon in the second quarter valued at about $139,000. Finally, Invictus RG purchased a new position in shares of Raytheon in the third quarter valued at about $152,000. Institutional investors own 73.53% 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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