Traders Sell Shares of Raytheon (RTN) on Strength (RTN)
Traders sold shares of Raytheon Company (NYSE:RTN) on strength during trading on Wednesday. $40.88 million flowed into the stock on the tick-up and $89.51 million flowed out of the stock on the tick-down, for a money net flow of $48.63 million out of the stock. Of all companies tracked, Raytheon had the 0th highest net out-flow for the day. Raytheon traded up $1.35 for the day and closed at $185.20
Several equities research analysts recently weighed in on the company. Wells Fargo & Company restated an “outperform” rating and issued a $202.00 target price (up from $195.00) on shares of Raytheon in a report on Tuesday, November 28th. Royal Bank Of Canada set a $225.00 price target on Raytheon and gave the stock a “buy” rating in a report on Thursday, November 16th. Buckingham Research upped their price target on Raytheon from $199.00 to $204.00 and gave the stock a “buy” rating in a report on Tuesday, October 31st. Zacks Investment Research lowered Raytheon from a “buy” rating to a “hold” rating in a report on Monday, October 30th. Finally, J P Morgan Chase & Co cut their price target on Raytheon from $194.00 to $190.00 and set an “overweight” rating for the company in a report on Monday, October 30th. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $200.59.
The stock has a market capitalization of $53,637.20, a price-to-earnings ratio of 24.54, a P/E/G ratio of 2.52 and a beta of 0.58. The company has a quick ratio of 1.55, a current ratio of 1.66 and a debt-to-equity ratio of 0.44.
Raytheon (NYSE:RTN) last released 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 business had revenue of $6.28 billion for the quarter, compared to analysts’ expectations of $6.33 billion. Raytheon had a return on equity of 20.98% and a net margin of 8.77%. Raytheon’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.79 earnings per share. research analysts anticipate that Raytheon Company will post 7.61 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 3rd will be given a dividend of $0.7975 per share. This represents a $3.19 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date of this dividend is Tuesday, January 2nd. Raytheon’s dividend payout ratio is presently 42.88%.
Raytheon announced that its board has initiated a share repurchase plan on Wednesday, November 15th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the aerospace company to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.
In other news, Director Stephen J. Hadley sold 800 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $190.27, for a total transaction of $152,216.00. Following the sale, the director now directly owns 11,360 shares in the company, valued at $2,161,467.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 value of $121,725.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,545 shares of company stock worth $291,955. 0.19% of the stock is currently owned by company insiders.
A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Raytheon by 1.7% in the second quarter. Vanguard Group Inc. now owns 22,278,418 shares of the aerospace company’s stock valued at $3,597,519,000 after acquiring an additional 367,898 shares during the period. BlackRock Inc. grew its position in Raytheon by 2.7% in the second quarter. BlackRock Inc. now owns 19,934,958 shares of the aerospace company’s stock valued at $3,219,097,000 after acquiring an additional 527,139 shares during the period. State Street Corp grew its position in Raytheon by 2.6% in the first quarter. State Street Corp now owns 12,585,731 shares of the aerospace company’s stock valued at $1,919,348,000 after acquiring an additional 313,435 shares during the period. Clearbridge Investments LLC grew its position in Raytheon by 0.7% in the first quarter. Clearbridge Investments LLC now owns 3,527,842 shares of the aerospace company’s stock valued at $537,996,000 after acquiring an additional 23,172 shares during the period. Finally, Boston Partners grew its position in Raytheon by 3.3% in the second quarter. Boston Partners now owns 3,374,514 shares of the aerospace company’s stock valued at $544,916,000 after acquiring an additional 106,788 shares during the period. Hedge funds and other institutional investors own 73.53% of the company’s stock.
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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