Zacks Investment Research cut shares of Raytheon (NYSE:RTN) from a buy rating to a hold rating in a research report report published on Monday, March 12th.
According to Zacks, “Raytheon's share price outperformed the broader industry over the last one year. The company is one of the best-positioned large-cap defense players due to its non-platform centric focus. Due to its wide range of combat-proven defense products, the company continues to receive numerous orders from both Pentagon as well as foreign allies. Moreover, the company is a strong cash generator, which allows it to pay attractive dividend to shareholders. Raytheon has a distinct focus on its overseas business. Foreign military contracts continue to be the vital growth driver for Raytheon. However, factors like tough competition and political uncertainty continue to be major headwinds for Raytheon. Company’s sales from international markets are subject to country-specific risk related to political stability and regime change. The enactment of the Tax Cuts and Jobs Act of 2017 had an unfavorable provisional tax relatated impact on its bottom line.”
Other research analysts also recently issued reports about the stock. Wells Fargo reaffirmed an outperform rating and issued a $202.00 target price (up from $195.00) on shares of Raytheon in a research report on Tuesday, November 28th. Stifel Nicolaus reaffirmed a buy rating and issued a $210.00 target price on shares of Raytheon in a research report on Tuesday, January 9th. Morgan Stanley increased their target price on shares of Raytheon from $224.00 to $245.00 and gave the company an overweight rating in a research report on Friday, February 23rd. ValuEngine raised shares of Raytheon from a hold rating to a buy rating in a research report on Sunday, December 31st. Finally, Sanford C. Bernstein raised their price objective on shares of Raytheon from $231.00 to $255.00 and gave the stock an outperform rating in a research report on Monday, January 29th. Three research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Raytheon presently has a consensus rating of Buy and a consensus target price of $214.12.
RTN stock traded up $0.44 during mid-day trading on Monday, hitting $210.52. 868,283 shares of the stock were exchanged, compared to its average volume of 1,785,893. Raytheon has a twelve month low of $148.65 and a twelve month high of $222.82. The stock has a market capitalization of $60,609.34, a PE ratio of 30.29, a P/E/G ratio of 1.99 and a beta of 0.71. The company has a quick ratio of 1.46, a current ratio of 1.54 and a debt-to-equity ratio of 0.48.
Raytheon (NYSE:RTN) last issued its quarterly earnings data on Thursday, January 25th. The aerospace company reported $2.03 EPS for the quarter, topping the consensus estimate of $2.02 by $0.01. Raytheon had a net margin of 7.98% and a return on equity of 21.36%. The firm had revenue of $6.78 billion for the quarter, compared to analyst estimates of $6.81 billion. During the same period in the prior year, the business posted $1.84 EPS. The business’s revenue for the quarter was up 8.0% compared to the same quarter last year. equities research analysts expect that Raytheon will post 9.66 earnings per share for the current year.
In other Raytheon news, CFO Anthony F. O’brien sold 10,503 shares of Raytheon stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $214.17, for a total transaction of $2,249,427.51. Following the transaction, the chief financial officer now directly owns 35,328 shares of the company’s stock, valued at $7,566,197.76. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Michael J. Wood sold 3,989 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $215.88, for a total transaction of $861,145.32. Following the transaction, the chief accounting officer now directly owns 22,260 shares in the company, valued at $4,805,488.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 79,400 shares of company stock valued at $17,052,714. Insiders own 0.19% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of RTN. Signature Estate & Investment Advisors LLC bought a new position in shares of Raytheon during the third quarter worth about $103,000. Stonehearth Capital Management LLC acquired a new stake in Raytheon in the fourth quarter worth about $103,000. Rowland & Co. Investment Counsel ADV acquired a new stake in Raytheon in the fourth quarter worth about $106,000. Global Trust Asset Management LLC acquired a new stake in Raytheon in the fourth quarter worth about $136,000. Finally, Invictus RG acquired a new stake in Raytheon in the third quarter worth about $152,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.
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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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