Centre Asset Management LLC trimmed its stake in Raytheon (NYSE:RTN) by 46.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,780 shares of the aerospace company’s stock after selling 13,680 shares during the quarter. Centre Asset Management LLC’s holdings in Raytheon were worth $3,048,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Nomura Asset Management Co. Ltd. grew its holdings in shares of Raytheon by 16.3% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 270,557 shares of the aerospace company’s stock worth $52,267,000 after acquiring an additional 38,008 shares during the last quarter. Cypress Capital Management LLC grew its holdings in shares of Raytheon by 0.7% in the 2nd quarter. Cypress Capital Management LLC now owns 60,591 shares of the aerospace company’s stock worth $11,705,000 after acquiring an additional 400 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its holdings in shares of Raytheon by 10.3% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 461,112 shares of the aerospace company’s stock worth $89,078,000 after acquiring an additional 42,975 shares during the last quarter. Gamble Jones Investment Counsel grew its holdings in shares of Raytheon by 37.6% in the 2nd quarter. Gamble Jones Investment Counsel now owns 14,650 shares of the aerospace company’s stock worth $2,830,000 after acquiring an additional 4,004 shares during the last quarter. Finally, Tirschwell & Loewy Inc. grew its holdings in shares of Raytheon by 0.6% in the 2nd quarter. Tirschwell & Loewy Inc. now owns 134,139 shares of the aerospace company’s stock worth $25,913,000 after acquiring an additional 817 shares during the last quarter. Institutional investors and hedge funds own 72.85% of the company’s stock.

A number of equities analysts recently issued reports on the company. Cowen restated a “buy” rating and issued a $235.00 target price on shares of Raytheon in a report on Tuesday, April 17th. Zacks Investment Research cut Raytheon from a “buy” rating to a “hold” rating in a research report on Thursday, April 12th. Morgan Stanley decreased their target price on Raytheon from $245.00 to $238.00 and set an “overweight” rating for the company in a research report on Thursday, April 12th. Credit Suisse Group reaffirmed a “neutral” rating and issued a $219.00 target price (down previously from $250.00) on shares of Raytheon in a research report on Tuesday, May 22nd. Finally, Wolfe Research raised Raytheon from a “market perform” rating to an “outperform” rating in a research report on Tuesday, May 8th. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $220.59.

In related news, CAO Michael J. Wood sold 621 shares of Raytheon stock in a transaction on Monday, June 4th. The stock was sold at an average price of $212.13, for a total transaction of $131,732.73. Following the completion of the sale, the chief accounting officer now owns 14,462 shares of the company’s stock, valued at $3,067,824.06. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Taylor W. Lawrence sold 1,241 shares of Raytheon stock in a transaction on Monday, June 4th. The shares were sold at an average price of $212.14, for a total value of $263,265.74. Following the sale, the vice president now directly owns 46,999 shares of the company’s stock, valued at approximately $9,970,367.86. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,862 shares of company stock valued at $816,748. Insiders own 0.19% of the company’s stock.

Shares of Raytheon opened at $196.10 on Friday, MarketBeat.com reports. The firm has a market capitalization of $56.31 billion, a PE ratio of 22.82, a price-to-earnings-growth ratio of 1.51 and a beta of 0.64. The company has a quick ratio of 1.51, a current ratio of 1.61 and a debt-to-equity ratio of 0.45. Raytheon has a 12 month low of $175.26 and a 12 month high of $229.75.

Raytheon (NYSE:RTN) last issued its earnings results on Thursday, July 26th. The aerospace company reported $2.78 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.32 by $0.46. The business had revenue of $6.63 billion during the quarter, compared to analysts’ expectations of $6.51 billion. Raytheon had a return on equity of 24.01% and a net margin of 9.24%. Raytheon’s revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.98 earnings per share. analysts predict that Raytheon will post 9.91 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 2nd. Investors of record on Wednesday, July 11th were given a dividend of $0.8675 per share. The ex-dividend date of this dividend was Tuesday, July 10th. This represents a $3.47 dividend on an annualized basis and a yield of 1.77%. Raytheon’s payout ratio is 45.54%.

About Raytheon

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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Institutional Ownership by Quarter for Raytheon (NYSE:RTN)

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