German American Bancorp Inc. Increases Holdings in Raytheon Technologies Co. (NYSE:RTX)

German American Bancorp Inc. boosted its stake in Raytheon Technologies Co. (NYSE:RTX) by 2.5% during the third quarter, Holdings reports. The firm owned 26,406 shares of the company’s stock after buying an additional 644 shares during the period. German American Bancorp Inc.’s holdings in Raytheon Technologies were worth $2,270,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Assenagon Asset Management S.A. boosted its position in shares of Raytheon Technologies by 394.2% during the third quarter. Assenagon Asset Management S.A. now owns 1,013,209 shares of the company’s stock valued at $87,095,000 after purchasing an additional 808,192 shares in the last quarter. Liberty Wealth Management LLC boosted its stake in shares of Raytheon Technologies by 7,987.6% in the second quarter. Liberty Wealth Management LLC now owns 193,779 shares of the company’s stock worth $2,271,000 after acquiring an additional 191,383 shares during the period. Private Advisor Group LLC lifted its stake in shares of Raytheon Technologies by 6.4% in the 2nd quarter. Private Advisor Group LLC now owns 185,715 shares of the company’s stock valued at $15,844,000 after purchasing an additional 11,156 shares during the last quarter. Westpac Banking Corp purchased a new position in Raytheon Technologies during the 2nd quarter worth $22,056,000. Finally, Tredje AP fonden boosted its position in Raytheon Technologies by 28.0% during the 3rd quarter. Tredje AP fonden now owns 137,209 shares of the company’s stock valued at $11,794,000 after acquiring an additional 30,000 shares in the last quarter. 78.55% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Raytheon Technologies stock traded down $0.46 during trading on Friday, reaching $91.10. The company’s stock had a trading volume of 53,971 shares, compared to its average volume of 5,277,239. The business’s 50-day moving average price is $86.35 and its 200-day moving average price is $86.51. The firm has a market cap of $136.36 billion, a PE ratio of 41.62, a P/E/G ratio of 1.40 and a beta of 1.39. Raytheon Technologies Co. has a 52 week low of $65.02 and a 52 week high of $92.46. The company has a quick ratio of 0.95, a current ratio of 1.23 and a debt-to-equity ratio of 0.42.

Raytheon Technologies (NYSE:RTX) last announced its earnings results on Monday, October 25th. The company reported $1.26 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.18. The business had revenue of $16.20 billion for the quarter, compared to analysts’ expectations of $16.36 billion. Raytheon Technologies had a return on equity of 8.13% and a net margin of 5.20%. The firm’s revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.58 earnings per share. Equities analysts predict that Raytheon Technologies Co. will post 4.19 earnings per share for the current year.

Raytheon Technologies declared that its Board of Directors has initiated a share repurchase plan on Tuesday, December 7th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 4.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Separately, Wells Fargo & Company lifted their price target on Raytheon Technologies from $91.00 to $97.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 27th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $100.91.

In other news, EVP Michael R. Dumais sold 3,000 shares of Raytheon Technologies stock in a transaction dated Friday, November 5th. The stock was sold at an average price of $90.54, for a total transaction of $271,620.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.11% of the stock is owned by company insiders.

About Raytheon Technologies

Raytheon Technologies Corp. is an aerospace and defense company, which engages in the provision of aerospace and defense systems and services for commercial, military, and government customers. It operates through the following segments: Collins Aerospace Systems, Pratt and Whitney, Raytheon Intelligence and Space, and Raytheon Missiles and Defense.

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Institutional Ownership by Quarter for Raytheon Technologies (NYSE:RTX)

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