Traders Buy Raytheon Company (RTN) on Weakness
Traders purchased shares of Raytheon Company (NYSE:RTN) on weakness during trading on Thursday. $178.70 million flowed into the stock on the tick-up and $131.30 million flowed out of the stock on the tick-down, for a money net flow of $47.40 million into the stock. Of all stocks tracked, Raytheon had the 12th highest net in-flow for the day. Raytheon traded down ($1.68) for the day and closed at $177.62
A number of equities research analysts have recently issued reports on RTN shares. Robert W. Baird restated an “outperform” rating and set a $212.00 price objective (up previously from $170.00) on shares of Raytheon in a report on Thursday. Cowen and Company restated a “buy” rating on shares of Raytheon in a report on Thursday. Argus restated a “buy” rating and set a $195.00 price objective (up previously from $175.00) on shares of Raytheon in a report on Friday, August 4th. Morgan Stanley started coverage on Raytheon in a report on Tuesday. They set an “equal weight” rating and a $188.00 price objective for the company. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $183.00 price objective (up previously from $180.00) on shares of Raytheon in a report on Sunday, July 30th. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Raytheon currently has an average rating of “Buy” and a consensus target price of $180.12.
The stock’s 50 day moving average is $168.07 and its 200 day moving average is $158.27. The company has a market capitalization of $51.55 billion, a price-to-earnings ratio of 24.53 and a beta of 0.59.
Raytheon (NYSE:RTN) last released its quarterly earnings data on Thursday, July 27th. The aerospace company reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.15. Raytheon had a net margin of 8.68% and a return on equity of 20.74%. The business had revenue of $6.28 billion during the quarter, compared to analyst estimates of $6.24 billion. During the same period in the previous year, the business earned $2.38 EPS. Raytheon’s revenue was up 4.2% compared to the same quarter last year. On average, equities analysts predict that Raytheon Company will post $7.59 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 3rd. Investors of record on Wednesday, July 5th were paid a $0.7975 dividend. The ex-dividend date was Friday, June 30th. This represents a $3.19 dividend on an annualized basis and a yield of 1.80%. Raytheon’s dividend payout ratio is 43.94%.
In related news, VP Wesley D. Kremer sold 1,010 shares of Raytheon stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $163.10, for a total value of $164,731.00. Following the completion of the transaction, the vice president now directly owns 23,136 shares in the company, valued at approximately $3,773,481.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Taylor W. Lawrence sold 2,756 shares of Raytheon stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $162.04, for a total transaction of $446,582.24. Following the completion of the transaction, the vice president now owns 53,285 shares of the company’s stock, valued at $8,634,301.40. The disclosure for this sale can be found here. Insiders sold a total of 15,911 shares of company stock valued at $2,580,752 over the last quarter. 0.19% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Crestwood Advisors Group LLC purchased a new position in shares of Raytheon during the first quarter valued at approximately $110,000. Oakworth Capital Inc. increased its position in shares of Raytheon by 156.1% in the first quarter. Oakworth Capital Inc. now owns 730 shares of the aerospace company’s stock valued at $111,000 after buying an additional 445 shares during the last quarter. Signature Estate & Investment Advisors LLC purchased a new position in shares of Raytheon during the first quarter valued at approximately $111,000. St. Johns Investment Management Company LLC purchased a new position in shares of Raytheon during the second quarter valued at approximately $113,000. Finally, Jacobi Capital Management LLC increased 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 buying an additional 553 shares during the last quarter. 74.98% of the stock is owned by hedge funds and other institutional investors.
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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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