Perkins Coie Trust Co grew its holdings in shares of Raytheon Technologies Co. (NYSE:RTX) by 10.0% in the 4th quarter, HoldingsChannel reports. The firm owned 19,696 shares of the company’s stock after acquiring an additional 1,798 shares during the quarter. Perkins Coie Trust Co’s holdings in Raytheon Technologies were worth $1,409,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Mizuho Securities Co. Ltd. bought a new position in Raytheon Technologies during the third quarter valued at about $29,000. Northwest Investment Counselors LLC purchased a new position in Raytheon Technologies in the third quarter valued at about $30,000. Price Wealth LLC grew its position in shares of Raytheon Technologies by 68.2% during the 3rd quarter. Price Wealth LLC now owns 550 shares of the company’s stock valued at $32,000 after acquiring an additional 223 shares during the period. RMR Wealth Builders purchased a new stake in shares of Raytheon Technologies during the 2nd quarter worth approximately $33,000. Finally, Stephens Investment Management Group LLC bought a new stake in shares of Raytheon Technologies in the 2nd quarter worth approximately $48,000. Institutional investors own 74.47% of the company’s stock.
A number of analysts have issued reports on RTX shares. Credit Suisse Group decreased their target price on Raytheon Technologies from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, October 28th. ValuEngine raised Raytheon Technologies from a “sell” rating to a “hold” rating in a report on Tuesday, November 3rd. JPMorgan Chase & Co. upped their price objective on shares of Raytheon Technologies from $79.00 to $85.00 and gave the company an “overweight” rating in a report on Tuesday, December 15th. The Goldman Sachs Group upgraded shares of Raytheon Technologies from a “buy” rating to a “conviction-buy” rating in a research note on Sunday, September 20th. Finally, BidaskClub cut shares of Raytheon Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, December 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $86.78.
NYSE RTX traded up $1.72 during trading on Tuesday, reaching $71.52. The company’s stock had a trading volume of 5,352,862 shares, compared to its average volume of 6,671,780. The firm has a fifty day moving average of $71.58 and a 200 day moving average of $63.65. Raytheon Technologies Co. has a one year low of $40.72 and a one year high of $93.47. The stock has a market capitalization of $108.62 billion, a PE ratio of 8.45, a P/E/G ratio of 1.79 and a beta of 1.23. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.20 and a quick ratio of 0.91.
Raytheon Technologies (NYSE:RTX) last posted its quarterly earnings data on Tuesday, October 27th. The company reported $0.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.08. Raytheon Technologies had a negative net margin of 2.28% and a positive return on equity of 11.59%. The company had revenue of $15.05 billion for the quarter, compared to analysts’ expectations of $15.16 billion. During the same period in the prior year, the business earned $1.27 earnings per share. Raytheon Technologies’s revenue for the quarter was up 32.3% compared to the same quarter last year. Research analysts expect that Raytheon Technologies Co. will post 2.86 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 17th. Stockholders of record on Friday, November 13th were given a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend was Thursday, November 12th. Raytheon Technologies’s dividend payout ratio (DPR) is currently 23.00%.
Raytheon Technologies declared that its board has approved a stock buyback program on Monday, December 7th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 4.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
In other Raytheon Technologies news, Chairman Thomas A. Kennedy bought 19,059 shares of the firm’s stock in a transaction that occurred on Thursday, October 29th. The shares were bought at an average price of $52.47 per share, for a total transaction of $1,000,025.73. Following the transaction, the chairman now directly owns 362,541 shares in the company, valued at $19,022,526.27. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gregory Hayes purchased 55,000 shares of the stock in a transaction on Wednesday, October 28th. The stock was acquired at an average cost of $54.82 per share, with a total value of $3,015,100.00. Following the completion of the purchase, the chief executive officer now directly owns 235,365 shares of the company’s stock, valued at $12,902,709.30. The disclosure for this purchase can be found here. Insiders have bought a total of 84,591 shares of company stock valued at $4,567,268 over the last ninety days. 0.18% of the stock is currently owned by insiders.
About Raytheon Technologies
Raytheon Technologies Corporation, an aerospace and defense company, provides advanced systems and services for commercial, military, and government customers worldwide. It operates in four businesses: Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense.
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