Sanford C. Bernstein Reiterates Outperform Rating for Raytheon Company (RTN)
Sanford C. Bernstein restated their outperform rating on shares of Raytheon Company (NYSE:RTN) in a report released on Monday morning. The firm currently has a $199.00 price target on the aerospace company’s stock, up from their prior price target of $188.00. The analysts noted that the move was a valuation call.
Other research analysts have also recently issued reports about the stock. Argus reiterated a buy rating and set a $195.00 price objective (up from $175.00) on shares of Raytheon in a report on Friday, August 4th. Bank of America Corporation reiterated a buy rating and set a $200.00 price objective (up from $185.00) on shares of Raytheon in a report on Tuesday, August 1st. BidaskClub cut shares of Raytheon from a strong-buy rating to a buy rating in a report on Monday, July 31st. Stifel Nicolaus restated a buy rating and set a $185.00 price target (up from $175.00) on shares of Raytheon in a report on Sunday, July 30th. Finally, Vetr upgraded shares of Raytheon from a hold rating to a buy rating and set a $178.87 price target on the stock in a report on Monday, July 17th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $199.24.
Raytheon (NYSE:RTN) last issued its quarterly earnings data on Thursday, October 26th. The aerospace company reported $1.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.07. The firm had revenue of $6.28 billion during the quarter, compared to analysts’ expectations of $6.33 billion. Raytheon had a net margin of 8.77% and a return on equity of 20.98%. The business’s revenue was up 4.5% on a year-over-year basis. During the same period last year, the company earned $1.79 earnings per share.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Thursday, October 12th will be paid a $0.7975 dividend. This represents a $3.19 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date of this dividend is Wednesday, October 11th. Raytheon’s payout ratio is 42.88%.
In other Raytheon news, VP Taylor W. Lawrence sold 3,791 shares of the business’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $182.09, for a total value of $690,303.19. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Frank R. Jimenez sold 650 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $187.27, for a total transaction of $121,725.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,770 shares of company stock worth $1,052,376. Corporate insiders own 0.19% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. OxFORD Asset Management LLP raised its position in shares of Raytheon by 238.8% in the second quarter. OxFORD Asset Management LLP now owns 51,452 shares of the aerospace company’s stock valued at $8,308,000 after purchasing an additional 36,265 shares during the period. National Pension Service raised its position in shares of Raytheon by 12.1% in the second quarter. National Pension Service now owns 248,655 shares of the aerospace company’s stock valued at $39,892,000 after purchasing an additional 26,830 shares during the period. Abner Herrman & Brock LLC raised its position in shares of Raytheon by 8.2% in the second quarter. Abner Herrman & Brock LLC now owns 77,617 shares of the aerospace company’s stock valued at $12,534,000 after purchasing an additional 5,866 shares during the period. Kornitzer Capital Management Inc. KS raised its position in shares of Raytheon by 13.9% in the second quarter. Kornitzer Capital Management Inc. KS now owns 6,720 shares of the aerospace company’s stock valued at $1,085,000 after purchasing an additional 820 shares during the period. Finally, Appleton Partners Inc. MA raised its position in shares of Raytheon by 13.7% in the second quarter. Appleton Partners Inc. MA now owns 8,345 shares of the aerospace company’s stock valued at $1,348,000 after purchasing an additional 1,005 shares during the period. 73.80% of the stock is currently owned by institutional investors.
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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