Wells Fargo & Company MN cut its stake in shares of Raytheon (NYSE:RTN) by 14.9% in the 1st quarter, HoldingsChannel reports. The fund owned 2,090,620 shares of the aerospace company’s stock after selling 367,300 shares during the quarter. Wells Fargo & Company MN’s holdings in Raytheon were worth $380,660,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RTN. Oregon Public Employees Retirement Fund raised its holdings in shares of Raytheon by 8,792.1% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,674,238 shares of the aerospace company’s stock worth $63,000 after acquiring an additional 9,565,442 shares in the last quarter. Norges Bank purchased a new stake in shares of Raytheon during the fourth quarter worth $439,572,000. LSV Asset Management raised its holdings in shares of Raytheon by 829.0% during the first quarter. LSV Asset Management now owns 2,129,350 shares of the aerospace company’s stock worth $387,712,000 after acquiring an additional 1,900,150 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Raytheon by 237.8% during the fourth quarter. Millennium Management LLC now owns 1,004,199 shares of the aerospace company’s stock worth $153,994,000 after acquiring an additional 706,918 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Raytheon by 107.6% during the fourth quarter. American Century Companies Inc. now owns 1,248,332 shares of the aerospace company’s stock worth $191,432,000 after acquiring an additional 646,923 shares in the last quarter. 74.37% of the stock is owned by institutional investors and hedge funds.

RTN has been the topic of several recent research reports. Zacks Investment Research upgraded Raytheon from a “hold” rating to a “buy” rating and set a $205.00 target price on the stock in a report on Wednesday, April 17th. UBS Group lowered Raytheon from a “buy” rating to a “neutral” rating and cut their target price for the company from $220.00 to $200.00 in a report on Wednesday, April 3rd. Wolfe Research set a $205.00 target price on Raytheon and gave the company a “buy” rating in a report on Friday, April 26th. Jefferies Financial Group raised their target price on Raytheon from $202.00 to $216.00 and gave the company a “buy” rating in a report on Monday, May 6th. Finally, Alembic Global Advisors upgraded Raytheon from a “neutral” rating to an “overweight” rating and set a $214.00 target price on the stock in a report on Tuesday, February 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $209.69.

In other news, VP Anthony F. O’brien sold 9,656 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $181.06, for a total value of $1,748,315.36. Following the sale, the vice president now directly owns 34,057 shares of the company’s stock, valued at $6,166,360.42. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Frank R. Jimenez sold 1,417 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $180.10, for a total value of $255,201.70. Following the completion of the sale, the vice president now directly owns 30,748 shares in the company, valued at $5,537,714.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,062 shares of company stock worth $2,544,079. 0.18% of the stock is currently owned by company insiders.

Shares of NYSE:RTN traded up $2.27 during midday trading on Monday, hitting $176.77. The company’s stock had a trading volume of 52,812 shares, compared to its average volume of 1,733,489. The company has a market cap of $48.84 billion, a P/E ratio of 16.72, a P/E/G ratio of 1.33 and a beta of 0.91. Raytheon has a fifty-two week low of $144.27 and a fifty-two week high of $214.76. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.31 and a current ratio of 1.43.

Raytheon (NYSE:RTN) last issued its quarterly earnings results on Thursday, April 25th. The aerospace company reported $2.77 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.45 by $0.32. The company had revenue of $6.73 billion for the quarter, compared to the consensus estimate of $6.58 billion. Raytheon had a return on equity of 26.27% and a net margin of 11.11%. The firm’s revenue was up 7.4% compared to the same quarter last year. During the same period last year, the business posted $2.20 earnings per share. As a group, equities analysts predict that Raytheon will post 11.61 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be given a $0.9425 dividend. This represents a $3.77 annualized dividend and a dividend yield of 2.13%. The ex-dividend date is Tuesday, July 9th. Raytheon’s dividend payout ratio is currently 35.53%.

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About Raytheon

Raytheon Company develops integrated products, services, and solutions for the 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.

Further Reading: Economic Reports

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Institutional Ownership by Quarter for Raytheon (NYSE:RTN)

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