Raytheon (RTN) Lifted to Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of Raytheon (NYSE:RTN) from a hold rating to a buy rating in a research note released on Wednesday, Zacks.com reports. The brokerage currently has $205.00 price objective on the aerospace company’s stock.

According to Zacks, “Raytheon is one of the best-positioned large-cap defense players due to its non-platform centric focus. Due to its wide range of combat-proven defense products, Raytheon continues to receive numerous orders from both Pentagon as well as foreign allies. It has been heavily investing in technological upgrades, which in turn has been significantly boosting its growth trajectory. Lately, the company has prioritized its investments in high energy lasers, high power microwaves, hypersonics, next-generation sensors and cybersecurity. In particular, realizing the fact that Hypersonic systems is the next wave of technology relative to advanced missile systems, Raytheon is executing several activities in the areas of hypersonics and counter-hypersonics. However, factors like tough competition and political uncertainty continue to be major headwind for the company. Its shares also underperformed the industry in the past 12 months.”

A number of other equities research analysts have also commented on the company. UBS Group lowered Raytheon from a buy rating to a neutral rating and lowered their price target for the company from $220.00 to $200.00 in a research report on Wednesday, April 3rd. Alembic Global Advisors raised Raytheon from a neutral rating to an overweight rating and set a $214.00 price target for the company in a research report on Tuesday, February 5th. Argus reissued a buy rating and issued a $200.00 price target on shares of Raytheon in a research report on Friday, February 1st. ValuEngine lowered Raytheon from a hold rating to a sell rating in a research report on Thursday, January 31st. Finally, Citigroup lowered their price target on Raytheon from $230.00 to $208.00 and set a buy rating for the company in a research report on Monday, January 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $210.33.

NYSE RTN opened at $182.49 on Wednesday. The firm has a market capitalization of $51.51 billion, a P/E ratio of 17.20, a P/E/G ratio of 1.39 and a beta of 0.99. Raytheon has a 12 month low of $144.27 and a 12 month high of $229.75. The company has a quick ratio of 1.37, a current ratio of 1.46 and a debt-to-equity ratio of 0.41.

Raytheon (NYSE:RTN) last released its quarterly earnings results on Thursday, January 31st. The aerospace company reported $2.93 EPS for the quarter, beating analysts’ consensus estimates of $2.89 by $0.04. The business had revenue of $7.36 billion during the quarter, compared to analyst estimates of $7.50 billion. Raytheon had a return on equity of 25.81% and a net margin of 10.75%. During the same period in the prior year, the firm posted $2.03 EPS. Equities analysts expect that Raytheon will post 11.59 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Wednesday, April 10th will be paid a $0.9425 dividend. This represents a $3.77 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date is Tuesday, April 9th. This is an increase from Raytheon’s previous quarterly dividend of $0.87. Raytheon’s dividend payout ratio is 35.53%.

In other Raytheon news, CAO Michael J. Wood sold 3,501 shares of the company’s stock in a transaction on Friday, February 15th. The stock was sold at an average price of $183.86, for a total value of $643,693.86. Following the completion of the transaction, the chief accounting officer now owns 19,217 shares in the company, valued at approximately $3,533,237.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael J. Wood sold 427 shares of the company’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $177.58, for a total value of $75,826.66. Following the completion of the transaction, the vice president now owns 13,165 shares of the company’s stock, valued at approximately $2,337,840.70. The disclosure for this sale can be found here. Insiders sold a total of 21,657 shares of company stock valued at $3,940,619 in the last 90 days. Corporate insiders own 0.19% of the company’s stock.

Large investors have recently made changes to their positions in the business. Oregon Public Employees Retirement Fund grew its stake in shares of Raytheon by 8,792.1% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,674,238 shares of the aerospace company’s stock worth $63,000 after acquiring an additional 9,565,442 shares during the period. Norges Bank bought a new position in shares of Raytheon during the 4th quarter worth $439,572,000. Standard Life Aberdeen plc grew its stake in shares of Raytheon by 64.9% during the 3rd quarter. Standard Life Aberdeen plc now owns 1,950,068 shares of the aerospace company’s stock worth $403,010,000 after acquiring an additional 767,198 shares during the period. Millennium Management LLC grew its stake in shares of Raytheon by 237.8% during the 4th quarter. Millennium Management LLC now owns 1,004,199 shares of the aerospace company’s stock worth $153,994,000 after acquiring an additional 706,918 shares during the period. Finally, Pendal Group Ltd grew its stake in shares of Raytheon by 1,423.0% during the 4th quarter. Pendal Group Ltd now owns 736,834 shares of the aerospace company’s stock worth $100,947,000 after acquiring an additional 688,455 shares during the period. Hedge funds and other institutional investors own 75.81% of the company’s stock.

Raytheon Company Profile

Raytheon Company develops integrated products, services, and solutions for 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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