Raytheon (NYSE:RTN) Shares Gap Up Following Analyst Upgrade

Raytheon (NYSE:RTN)’s share price gapped up prior to trading on Tuesday after Stifel Nicolaus raised their price target on the stock from $205.00 to $218.00. The stock had previously closed at $181.31, but opened at $187.19. Stifel Nicolaus currently has a buy rating on the stock. Raytheon shares last traded at $178.00, with a volume of 2844306 shares traded.

A number of other equities analysts have also recently commented on the company. ValuEngine raised Raytheon from a “sell” rating to a “hold” rating in a research note on Friday, June 7th. Jefferies Financial Group lifted their price target on Raytheon from $202.00 to $216.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Zacks Investment Research cut Raytheon from a “buy” rating to a “hold” rating in a research note on Monday, April 29th. Wolfe Research set a $205.00 price target on Raytheon and gave the stock a “buy” rating in a research note on Friday, April 26th. Finally, UBS Group cut Raytheon from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $220.00 to $200.00 in a research note on Wednesday, April 3rd. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $208.36.

In other news, VP Michael J. Wood sold 427 shares of Raytheon stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $177.58, for a total value of $75,826.66. Following the sale, the vice president now directly owns 13,165 shares in the company, valued at approximately $2,337,840.70. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Wesley D. Kremer sold 8,186 shares of Raytheon stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $185.00, for a total value of $1,514,410.00. Following the completion of the sale, the vice president now owns 29,175 shares in the company, valued at $5,397,375. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,592 shares of company stock worth $2,310,174. Corporate insiders own 0.18% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc boosted its position in shares of Raytheon by 0.9% during the third quarter. Vanguard Group Inc now owns 23,074,017 shares of the aerospace company’s stock valued at $4,768,477,000 after purchasing an additional 212,408 shares in the last quarter. Advisors Asset Management Inc. boosted its position in shares of Raytheon by 6.3% during the fourth quarter. Advisors Asset Management Inc. now owns 47,530 shares of the aerospace company’s stock valued at $7,289,000 after purchasing an additional 2,820 shares in the last quarter. Capital Investment Advisory Services LLC bought a new stake in shares of Raytheon during the fourth quarter valued at approximately $39,000. Pinnacle Associates Ltd. boosted its position in shares of Raytheon by 21.1% during the fourth quarter. Pinnacle Associates Ltd. now owns 8,183 shares of the aerospace company’s stock valued at $1,255,000 after purchasing an additional 1,423 shares in the last quarter. Finally, ClariVest Asset Management LLC boosted its position in shares of Raytheon by 9.6% during the fourth quarter. ClariVest Asset Management LLC now owns 1,880 shares of the aerospace company’s stock valued at $288,000 after purchasing an additional 164 shares in the last quarter. Hedge funds and other institutional investors own 74.39% of the company’s stock.

The company has a quick ratio of 1.31, a current ratio of 1.43 and a debt-to-equity ratio of 0.36. The stock has a market cap of $52.03 billion, a price-to-earnings ratio of 16.68, a P/E/G ratio of 1.42 and a beta of 0.91.

Raytheon (NYSE:RTN) last released its quarterly earnings results on Thursday, April 25th. The aerospace company reported $2.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.45 by $0.32. Raytheon had a return on equity of 26.27% and a net margin of 11.11%. The company had revenue of $6.73 billion for the quarter, compared to analyst estimates of $6.58 billion. During the same period in the previous year, the company posted $2.20 earnings per share. The firm’s revenue was up 7.4% on a year-over-year basis. On average, equities analysts forecast that Raytheon will post 11.62 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be issued a $0.9425 dividend. This represents a $3.77 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend is Tuesday, July 9th. Raytheon’s dividend payout ratio (DPR) is 35.53%.

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Raytheon Company Profile (NYSE:RTN)

Raytheon Company develops integrated products, services, and solutions for the defense and other government markets worldwide. It operates through five segments: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS); and Forcepoint.

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