Raytheon (NYSE:RTN) Lowered to “Market Perform” at Sanford C. Bernstein

Sanford C. Bernstein cut shares of Raytheon (NYSE:RTN) from an outperform rating to a market perform rating in a research report sent to investors on Tuesday, BenzingaRatingsTable reports. They currently have $212.00 price target on the aerospace company’s stock.

Several other research analysts have also recently issued reports on the company. Bank of America reaffirmed a buy rating and set a $265.00 target price (up previously from $224.00) on shares of Raytheon in a research report on Friday, July 26th. Vertical Research cut Raytheon from a buy rating to a hold rating and cut their target price for the company from $216.00 to $203.00 in a research report on Tuesday, June 11th. ValuEngine cut Raytheon from a hold rating to a sell rating in a research report on Friday, June 28th. Stifel Nicolaus lifted their target price on Raytheon from $205.00 to $218.00 and gave the company a buy rating in a research report on Monday, June 10th. Finally, UBS Group lifted their price target on Raytheon from $205.00 to $215.00 and gave the stock a neutral rating in a report on Friday, September 13th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $212.00.

Shares of NYSE:RTN opened at $194.93 on Tuesday. The stock has a market cap of $54.29 billion, a price-to-earnings ratio of 18.37, a PEG ratio of 1.61 and a beta of 0.85. The company has a quick ratio of 1.35, a current ratio of 1.46 and a debt-to-equity ratio of 0.41. Raytheon has a 12-month low of $144.27 and a 12-month high of $209.18. The business’s 50 day moving average is $186.25 and its 200 day moving average is $181.46.

Raytheon (NYSE:RTN) last announced its earnings results on Thursday, July 25th. The aerospace company reported $2.92 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.61 by $0.31. The company had revenue of $7.16 billion for the quarter, compared to analysts’ expectations of $7.02 billion. Raytheon had a return on equity of 26.34% and a net margin of 10.96%. Raytheon’s quarterly revenue was up 8.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.45 earnings per share. As a group, equities research analysts expect that Raytheon will post 11.73 earnings per share for the current year.

In related news, VP Wesley D. Kremer sold 2,915 shares of Raytheon stock in a transaction on Friday, September 13th. The stock was sold at an average price of $200.00, for a total transaction of $583,000.00. Following the sale, the vice president now directly owns 26,260 shares in the company, valued at $5,252,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Frank R. Jimenez sold 1,054 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $180.00, for a total value of $189,720.00. Following the completion of the sale, the vice president now owns 25,863 shares in the company, valued at $4,655,340. The disclosure for this sale can be found here. Insiders have sold 13,969 shares of company stock worth $2,622,820 over the last quarter. 0.18% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. raised its stake in shares of Raytheon by 2.3% in the first quarter. BlackRock Inc. now owns 23,365,818 shares of the aerospace company’s stock valued at $4,254,449,000 after buying an additional 527,708 shares during the period. Amundi Pioneer Asset Management Inc. raised its stake in shares of Raytheon by 7.3% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 4,165,178 shares of the aerospace company’s stock valued at $758,397,000 after buying an additional 284,688 shares during the period. Morgan Stanley raised its stake in shares of Raytheon by 5.5% in the second quarter. Morgan Stanley now owns 3,432,646 shares of the aerospace company’s stock valued at $596,867,000 after buying an additional 178,321 shares during the period. Clearbridge Investments LLC raised its stake in shares of Raytheon by 1.6% in the first quarter. Clearbridge Investments LLC now owns 3,018,011 shares of the aerospace company’s stock valued at $549,519,000 after buying an additional 47,460 shares during the period. Finally, LSV Asset Management raised its stake in shares of Raytheon by 829.0% in the first quarter. LSV Asset Management now owns 2,129,350 shares of the aerospace company’s stock valued at $387,712,000 after buying an additional 1,900,150 shares during the period. Hedge funds and other institutional investors own 72.96% of the company’s stock.

Raytheon Company Profile

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.

Further Reading: What defines an oversold asset?

Analyst Recommendations for Raytheon (NYSE:RTN)

Receive News & Ratings for Raytheon Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Raytheon and related companies with MarketBeat.com's FREE daily email newsletter.