Raytheon (NYSE:RTN) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Raytheon (NYSE:RTN) from a buy rating to a hold rating in a research report released on Monday, March 12th.

According to Zacks, “Raytheon's share price outperformed the broader industry over the last one year. The company 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, the company continues to receive numerous orders from both Pentagon as well as foreign allies. Moreover, the company is a strong cash generator, which allows it to pay attractive dividend to shareholders. Raytheon has a distinct focus on its overseas business. Foreign military contracts continue to be the vital growth driver for Raytheon. However, factors like tough competition and political uncertainty continue to be major headwinds for Raytheon. Company’s sales from international markets are subject to country-specific risk related to political stability and regime change. The enactment of the Tax Cuts and Jobs Act of 2017 had an unfavorable provisional tax relatated impact on its bottom line.”

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Other analysts have also recently issued reports about the stock. Stifel Nicolaus upped their price objective on shares of Raytheon from $210.00 to $220.00 and gave the stock a buy rating in a research note on Friday, January 26th. Cowen reaffirmed a buy rating and set a $215.00 price objective on shares of Raytheon in a research note on Thursday, January 25th. Royal Bank of Canada set a $235.00 price objective on shares of Raytheon and gave the stock a buy rating in a research note on Tuesday, January 23rd. JPMorgan Chase cut shares of Raytheon from an overweight rating to a neutral rating and increased their price target for the company from $190.00 to $210.00 in a research note on Tuesday, December 12th. Finally, Robert W. Baird reissued a buy rating and set a $237.00 price target on shares of Raytheon in a research note on Friday, January 26th. Four investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Raytheon has a consensus rating of Buy and a consensus price target of $219.36.

Raytheon stock traded down $3.48 during trading hours on Monday, hitting $215.91. 1,749,735 shares of the stock were exchanged, compared to its average volume of 1,810,833. The company has a current ratio of 1.54, a quick ratio of 1.46 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $62,605.80, a price-to-earnings ratio of 28.33, a P/E/G ratio of 2.05 and a beta of 0.70. Raytheon has a 12 month low of $150.72 and a 12 month high of $222.82.

Raytheon (NYSE:RTN) last issued its quarterly earnings data on Thursday, January 25th. The aerospace company reported $2.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.02 by $0.01. The firm had revenue of $6.78 billion for the quarter, compared to analysts’ expectations of $6.81 billion. Raytheon had a net margin of 7.98% and a return on equity of 21.36%. The company’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.84 earnings per share. equities research analysts predict that Raytheon will post 9.66 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 10th. Investors of record on Wednesday, April 11th will be issued a $0.8675 dividend. This is a positive change from Raytheon’s previous quarterly dividend of $0.80. This represents a $3.47 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend is Tuesday, April 10th. Raytheon’s dividend payout ratio is currently 41.86%.

In related news, CAO Michael J. Wood sold 543 shares of the stock in a transaction that occurred on Friday, March 23rd. The shares were sold at an average price of $215.02, for a total value of $116,755.86. Following the transaction, the chief accounting officer now directly owns 16,427 shares in the company, valued at $3,532,133.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Michael J. Wood sold 3,989 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $215.88, for a total transaction of $861,145.32. Following the completion of the transaction, the chief accounting officer now owns 22,260 shares in the company, valued at $4,805,488.80. The disclosure for this sale can be found here. Insiders sold 105,866 shares of company stock worth $22,730,714 over the last 90 days. 0.19% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Investment Centers of America Inc. raised its holdings in Raytheon by 26.8% in the third quarter. Investment Centers of America Inc. now owns 2,635 shares of the aerospace company’s stock worth $492,000 after purchasing an additional 557 shares during the period. Boulegeris Investments Inc. raised its holdings in Raytheon by 32.5% in the third quarter. Boulegeris Investments Inc. now owns 11,550 shares of the aerospace company’s stock worth $2,155,000 after purchasing an additional 2,835 shares during the period. Stevens Capital Management LP acquired a new stake in Raytheon in the third quarter worth $24,642,000. MUFG Securities EMEA plc acquired a new stake in Raytheon in the fourth quarter worth $39,449,000. Finally, Marietta Wealth Management LLC raised its holdings in Raytheon by 7.4% in the third quarter. Marietta Wealth Management LLC now owns 9,730 shares of the aerospace company’s stock worth $1,815,000 after purchasing an additional 667 shares during the period. Institutional investors and hedge funds own 73.43% of the company’s stock.

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About Raytheon

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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