Zacks Investment Research Lowers Raytheon Company (RTN) to Hold

Zacks Investment Research downgraded shares of Raytheon Company (NYSE:RTN) from a buy rating to a hold rating in a report released on Monday morning.

According to Zacks, “Raytheon’s third-quarter earnings topped the Zacks Consensus Estimate, while its revenues failed to meet the corresponding consensus mark. Year-over-year results reflected improving numbers. Notably, Raytheon is one of the best-positioned large-cap defense players due to its non-platform-centric focus. Thanks to its wide range of combat-proven defense products, the company continues to receive scrumptious 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. On the flip side, factors like tough competition, budget deficits and political uncertainty continue to be major headwinds for Raytheon. Also the company underperformed the broader industry over a year.”

A number of other equities analysts also recently commented on RTN. Vetr downgraded shares of Raytheon from a buy rating to a hold rating and set a $170.66 price objective for the company. in a report on Wednesday, July 5th. BidaskClub raised shares of Raytheon from a buy rating to a strong-buy rating in a report on Wednesday, July 12th. Sanford C. Bernstein reaffirmed an outperform rating and issued a $183.00 price objective (up previously from $180.00) on shares of Raytheon in a report on Sunday, July 30th. Stifel Nicolaus reiterated a buy rating and issued a $185.00 target price (up from $175.00) on shares of Raytheon in a research note on Sunday, July 30th. Finally, Bank of America Corporation reiterated a buy rating and issued a $200.00 target price (up from $185.00) on shares of Raytheon in a research note on Tuesday, August 1st. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Raytheon has a consensus rating of Buy and an average target price of $199.24.

Raytheon (NYSE:RTN) last released its quarterly earnings results on Thursday, October 26th. The aerospace company reported $1.97 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.07. Raytheon had a net margin of 8.77% and a return on equity of 20.98%. The business had revenue of $6.28 billion during the quarter, compared to the consensus estimate of $6.33 billion. During the same quarter last year, the company earned $1.79 earnings per share. The business’s quarterly revenue was up 4.5% compared to the same quarter last year.

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The business also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Thursday, October 12th will be paid a $0.7975 dividend. The ex-dividend date of this dividend is Wednesday, October 11th. This represents a $3.19 dividend on an annualized basis and a yield of 1.77%. Raytheon’s dividend payout ratio is currently 42.88%.

In other Raytheon news, VP Frank R. Jimenez sold 650 shares of Raytheon stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $187.27, for a total transaction of $121,725.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Vernon E. Clark sold 829 shares of Raytheon stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $180.19, for a total value of $149,377.51. Following the transaction, the director now directly owns 7,588 shares in the company, valued at approximately $1,367,281.72. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,770 shares of company stock worth $1,052,376. Company insiders own 0.19% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in RTN. Guardian Life Insurance Co. of America lifted its holdings in shares of Raytheon by 0.6% during the 1st quarter. Guardian Life Insurance Co. of America now owns 1,132 shares of the aerospace company’s stock valued at $173,000 after buying an additional 7 shares during the last quarter. HM Capital Management LLC lifted its holdings in shares of Raytheon by 0.5% during the 2nd quarter. HM Capital Management LLC now owns 2,025 shares of the aerospace company’s stock valued at $327,000 after buying an additional 10 shares during the last quarter. Ironwood Investment Management LLC lifted its holdings in shares of Raytheon by 0.7% during the 2nd quarter. Ironwood Investment Management LLC now owns 2,475 shares of the aerospace company’s stock valued at $400,000 after buying an additional 16 shares during the last quarter. Pineno Levin & Ford Asset Management Inc. lifted its holdings in shares of Raytheon by 0.8% during the 2nd quarter. Pineno Levin & Ford Asset Management Inc. now owns 1,903 shares of the aerospace company’s stock valued at $307,000 after buying an additional 16 shares during the last quarter. Finally, TCI Wealth Advisors Inc. lifted its holdings in shares of Raytheon by 0.8% during the 2nd quarter. TCI Wealth Advisors Inc. now owns 2,048 shares of the aerospace company’s stock valued at $331,000 after buying an additional 17 shares during the last quarter. 73.80% of the stock is currently owned by institutional investors.

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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