Raytheon (RTN) Receives Outperform Rating from Wells Fargo & Co
Wells Fargo & Co reissued their outperform rating on shares of Raytheon (NYSE:RTN) in a report published on Tuesday morning, The Fly reports. The firm currently has a $215.00 price objective on the aerospace company’s stock, up from their prior price objective of $202.00.
Other research analysts have also recently issued reports about the company. Zacks Investment Research cut Raytheon from a buy rating to a hold rating in a report on Tuesday, September 26th. Sanford C. Bernstein reiterated an outperform rating and issued a $199.00 price objective (up from $188.00) on shares of Raytheon in a report on Monday, October 30th. They noted that the move was a valuation call. Buckingham Research upped their price objective on Raytheon from $199.00 to $204.00 and gave the company a buy rating in a report on Tuesday, October 31st. Deutsche Bank upgraded Raytheon from a hold rating to a buy rating and upped their price objective for the company from $180.00 to $210.00 in a report on Friday, September 29th. Finally, Stifel Nicolaus upped their price objective on Raytheon from $185.00 to $195.00 and gave the company a hold rating in a report on Friday, October 27th. Three investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Raytheon presently has an average rating of Buy and a consensus price target of $204.12.
Raytheon (RTN) traded up $0.97 during mid-day trading on Tuesday, hitting $196.68. The stock had a trading volume of 1,226,738 shares, compared to its average volume of 1,230,000. The company has a quick ratio of 1.55, a current ratio of 1.66 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $56,860.00, a price-to-earnings ratio of 26.47, a PEG ratio of 2.66 and a beta of 0.58. Raytheon has a 1-year low of $141.28 and a 1-year high of $199.75.
Raytheon declared that its board has approved a share repurchase program 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 programs are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 3rd will be paid a dividend of $0.7975 per share. This represents a $3.19 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend is Tuesday, January 2nd. Raytheon’s dividend payout ratio (DPR) is 42.93%.
In other Raytheon news, Director Stephen J. Hadley sold 800 shares of the company’s stock in a transaction 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 transaction, the director now directly owns 11,360 shares in the company, valued at $2,161,467.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Frank R. Jimenez sold 175 shares of the company’s stock in a transaction on Saturday, December 29th. The stock was sold at an average price of $189.13, for a total value of $33,097.75. Following the transaction, the vice president now owns 28,311 shares in the company, valued at $5,354,459.43. The disclosure for this sale can be found here. Insiders have sold 1,895 shares of company stock worth $357,215 over the last 90 days. 0.19% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the business. Signature Estate & Investment Advisors LLC acquired a new position in Raytheon during the third quarter worth $103,000. Stonehearth Capital Management LLC acquired a new position in Raytheon during the fourth quarter worth $103,000. Rowland & Co. Investment Counsel ADV acquired a new position in Raytheon during the fourth quarter worth $106,000. Jacobi Capital Management LLC lifted its stake in Raytheon by 5.3% during the second quarter. Jacobi Capital Management LLC now owns 797 shares of the aerospace company’s stock worth $132,000 after purchasing an additional 40 shares in the last quarter. Finally, Invictus RG acquired a new position in Raytheon during the third quarter worth $152,000. Institutional investors own 73.26% of the company’s stock.
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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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