Avitas Wealth Management LLC purchased a new position in Raytheon Technologies Co. (NYSE:RTX – Get Rating) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 15,110 shares of the company’s stock, valued at approximately $1,525,000.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in RTX. Capital World Investors grew its position in Raytheon Technologies by 32.8% in the first quarter. Capital World Investors now owns 9,130,557 shares of the company’s stock worth $904,564,000 after acquiring an additional 2,256,475 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of Raytheon Technologies during the third quarter valued at approximately $103,133,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Raytheon Technologies by 137.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,110,424 shares of the company’s stock valued at $209,080,000 after acquiring an additional 1,220,826 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Raytheon Technologies by 0.6% during the third quarter. Vanguard Group Inc. now owns 123,174,905 shares of the company’s stock valued at $10,083,098,000 after acquiring an additional 760,968 shares in the last quarter. Finally, Great West Life Assurance Co. Can bought a new stake in shares of Raytheon Technologies during the third quarter valued at approximately $55,322,000. Hedge funds and other institutional investors own 78.83% of the company’s stock.
Insider Buying and Selling at Raytheon Technologies
In other Raytheon Technologies news, VP Amy L. Johnson sold 3,622 shares of the stock in a transaction dated Tuesday, February 28th. The shares were sold at an average price of $98.55, for a total value of $356,948.10. Following the completion of the sale, the vice president now owns 4,061 shares in the company, valued at approximately $400,211.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.11% of the stock is owned by insiders.
Raytheon Technologies Stock Down 2.4 %
Raytheon Technologies (NYSE:RTX – Get Rating) last released its quarterly earnings results on Tuesday, January 24th. The company reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.03. Raytheon Technologies had a net margin of 7.75% and a return on equity of 9.73%. The firm had revenue of $18.09 billion during the quarter, compared to the consensus estimate of $18.16 billion. During the same quarter in the prior year, the firm earned $1.08 EPS. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. Sell-side analysts expect that Raytheon Technologies Co. will post 5 earnings per share for the current fiscal year.
Raytheon Technologies announced that its board has authorized a stock repurchase plan on Monday, December 12th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to reacquire up to 4.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
Raytheon Technologies Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 23rd. Shareholders of record on Friday, February 24th will be issued a $0.55 dividend. The ex-dividend date of this dividend is Thursday, February 23rd. This represents a $2.20 dividend on an annualized basis and a yield of 2.30%. Raytheon Technologies’s payout ratio is 62.86%.
Wall Street Analysts Forecast Growth
Several analysts have recently weighed in on RTX shares. Credit Suisse Group lifted their price target on shares of Raytheon Technologies from $103.00 to $106.00 and gave the company a “neutral” rating in a research note on Wednesday, January 25th. Wells Fargo & Company boosted their price objective on shares of Raytheon Technologies from $96.00 to $107.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 25th. The Goldman Sachs Group downgraded shares of Raytheon Technologies from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $115.00 to $105.00 in a research note on Friday, January 13th. JPMorgan Chase & Co. lifted their price target on shares of Raytheon Technologies from $102.00 to $107.00 and gave the stock an “overweight” rating in a report on Monday, December 12th. Finally, Morgan Stanley cut their price target on shares of Raytheon Technologies from $119.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, January 19th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Raytheon Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $111.17.
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 (Collins), Pratt and Whitney, Raytheon Intelligence and Space (RIS), and Raytheon Missiles and Defense (RMD).
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