Orion Portfolio Solutions LLC Purchases New Position in Raytheon Technologies Co. (NYSE:RTX)

Orion Portfolio Solutions LLC purchased a new stake in Raytheon Technologies Co. (NYSE:RTX) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 10,206 shares of the company’s stock, valued at approximately $877,000.

Other large investors have also made changes to their positions in the company. Invesco Ltd. lifted its stake in Raytheon Technologies by 63.2% in the second quarter. Invesco Ltd. now owns 15,639,055 shares of the company’s stock worth $1,334,169,000 after purchasing an additional 6,058,343 shares during the last quarter. Capital International Investors raised its stake in shares of Raytheon Technologies by 15.9% during the second quarter. Capital International Investors now owns 32,200,638 shares of the company’s stock valued at $2,746,888,000 after acquiring an additional 4,421,724 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Raytheon Technologies by 31.8% during the second quarter. Nuveen Asset Management LLC now owns 11,908,944 shares of the company’s stock valued at $1,015,951,000 after acquiring an additional 2,873,575 shares in the last quarter. Hotchkis & Wiley Capital Management LLC purchased a new position in Raytheon Technologies during the second quarter valued at approximately $165,254,000. Finally, Epoch Investment Partners Inc. increased its holdings in Raytheon Technologies by 137.9% during the second quarter. Epoch Investment Partners Inc. now owns 2,461,796 shares of the company’s stock valued at $210,016,000 after buying an additional 1,427,022 shares during the period. 78.55% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE RTX opened at $92.33 on Friday. Raytheon Technologies Co. has a 12-month low of $65.02 and a 12-month high of $92.48. The stock has a market cap of $138.20 billion, a PE ratio of 41.97, a P/E/G ratio of 1.41 and a beta of 1.39. The company has a current ratio of 1.23, a quick ratio of 0.95 and a debt-to-equity ratio of 0.42. The company has a 50-day moving average of $86.38 and a 200 day moving average of $86.56.

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

Raytheon Technologies declared that its Board of Directors has approved a stock repurchase program on Tuesday, December 7th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 4.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

In other news, EVP Michael R. Dumais sold 3,000 shares of the stock in a transaction that occurred on Friday, November 5th. The shares were sold at an average price of $90.54, for a total value of $271,620.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.11% of the company’s stock.

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

Raytheon Technologies Company Profile

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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