Raytheon Company (NYSE:RTN)’s share price reached a new 52-week high during trading on Friday following a better than expected earnings announcement. The company traded as high as $170.90 and last traded at $171.03, with a volume of 606,860 shares. The stock had previously closed at $169.53.
The aerospace company reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.15. Raytheon had a return on equity of 20.45% and a net margin of 9.41%. The business had revenue of $6.28 billion during the quarter, compared to analysts’ expectations of $6.24 billion. During the same period in the prior year, the business earned $2.38 EPS. Raytheon’s revenue for the quarter was up 4.2% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 3rd. Investors of record on Wednesday, July 5th will be paid a dividend of $0.7975 per share. The ex-dividend date is Friday, June 30th. This represents a $3.19 dividend on an annualized basis and a yield of 1.85%. Raytheon’s payout ratio is 41.16%.
A number of equities analysts have weighed in on RTN shares. Zacks Investment Research downgraded Raytheon from a “buy” rating to a “hold” rating in a research report on Friday, May 19th. Vetr downgraded Raytheon from a “buy” rating to a “hold” rating and set a $166.27 price target for the company. in a research report on Tuesday, May 9th. Deutsche Bank AG upped their price target on Raytheon from $156.00 to $160.00 and gave the stock a “hold” rating in a research report on Friday, April 28th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $181.00 price target on shares of Raytheon in a research report on Friday, June 2nd. Finally, Stifel Nicolaus upped their price target on Raytheon from $160.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, April 28th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $168.45.
In other news, Chairman Thomas A. Kennedy sold 10,703 shares of the stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $162.05, for a total value of $1,734,421.15. Following the completion of the sale, the chairman now owns 61,671 shares of the company’s stock, valued at approximately $9,993,785.55. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Wesley D. Kremer sold 1,010 shares of the stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $163.10, for a total value of $164,731.00. Following the completion of the sale, the vice president now directly owns 23,136 shares of the company’s stock, valued at approximately $3,773,481.60. The disclosure for this sale can be found here. In the last three months, insiders sold 15,911 shares of company stock valued at $2,580,752. 0.19% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. Crestwood Advisors Group LLC bought a new stake in Raytheon during the first quarter valued at approximately $110,000. Oakworth Capital Inc. increased its stake in Raytheon by 156.1% in the first quarter. Oakworth Capital Inc. now owns 730 shares of the aerospace company’s stock valued at $111,000 after buying an additional 445 shares during the last quarter. Signature Estate & Investment Advisors LLC bought a new stake in Raytheon during the first quarter valued at approximately $111,000. St. Johns Investment Management Company LLC bought a new stake in Raytheon during the second quarter valued at approximately $113,000. Finally, Jacobi Capital Management LLC increased its stake in Raytheon by 271.1% in the first quarter. Jacobi Capital Management LLC now owns 757 shares of the aerospace company’s stock valued at $114,000 after buying an additional 553 shares during the last quarter. 74.84% of the stock is owned by institutional investors.
The company has a market capitalization of $50.07 billion, a P/E ratio of 22.16 and a beta of 0.58. The company’s 50 day moving average is $164.98 and its 200-day moving average is $156.53.
ILLEGAL ACTIVITY NOTICE: This story was first published by StockNewsTimes and is owned by of StockNewsTimes. If you are reading this story on another website, it was stolen and reposted in violation of US and international copyright and trademark legislation. The legal version of this story can be read at https://stocknewstimes.com/2017/07/29/raytheon-company-nysertn-hits-new-52-week-high-after-earnings-beat.html.
Raytheon Company Profile
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.
Receive News & Ratings for Raytheon Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Raytheon Company and related companies with MarketBeat.com's FREE daily email newsletter.
