Raytheon Technologies Corp. is an aerospace and defense company that provides systems and services for commercial, military, and government customers. Several equities research analysts have issued reports on Raytheon Technologies, with the average rating for the stock being “Moderate Buy” and an average price target of $111.17. Five of the 11 analysts have given a hold rating, while six have assigned a buy rating. The Goldman Sachs Group reduced its rating on Raytheon Technologies, while Credit Suisse Group, JPMorgan Chase & Co., Wells Fargo & Company, and Citigroup raised their price targets on the stock. MarketBeat offers a free daily email newsletter that provides a concise summary of the latest news and analysts’ ratings for Raytheon Technologies and related companies.
Brookstone Capital Management Reduces Stock Holdings in Raytheon Technologies Co.
Brookstone Capital Management has reduced its stock holdings in Raytheon Technologies Co. (NYSE: RTX – Get Rating) by 5.4% in the fourth quarter, according to the company’s most recent 13F filing. The decrease in holdings is in line with several other hedge funds who have also made changes to their positions in the business.
Recent Changes to Hedge Fund Positions
Cantor Fitzgerald Investment Advisor L.P increased its position in shares of Raytheon Technologies by 94.5% during the first quarter, owning 322,180 shares of the company’s stock worth $31,918,000 after purchasing an additional 156,550 shares in the last quarter. Meanwhile, Parkside Financial Bank & Trust increased its position by 9.2% during the same period, owning 11,011 shares worth $1,091,000 after purchasing an additional 931 shares in the last quarter. Ironwood Wealth Management LLC. and AMI Investment Management Inc. also increased their positions by 1.2% and 53.1%, respectively. LSV Asset Management increased its position by 1.4%, and institutional investors and hedge funds now own 78.83% of the company’s stock.
Raytheon Technologies Stock Figures
As of Friday, Raytheon Technologies stock opened at $95.75, with a 50-day simple moving average of $98.62 and a 200-day simple moving average of $94.54. The stock’s market capitalization is $140.10 billion, with a price-to-earnings ratio of 27.36, a PEG ratio of 2.36, and a beta of 1.00. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.09, and a quick ratio of 0.81. Its fifty-two week low is $80.27, and its fifty-two week high is $108.84.
Raytheon Technologies Reports Strong Earnings, Revenue Growth
Raytheon Technologies (NYSE:RTX – Get Rating) reported strong quarterly earnings data on January 24th. The company exceeded analysts’ expectations by posting earnings per share (EPS) of $1.27 for the quarter, $0.03 higher than the consensus estimate of $1.24. The company’s net margin was 7.75%, and it had a return on equity of 9.73%. The business generated $18.09 billion in revenue for the quarter, slightly lower than analysts’ estimates of $18.16 billion. In the same quarter last year, Raytheon Technologies earned EPS of $1.08, making this year’s performance a 6.2% increase in quarterly revenue.
Share Repurchase Plan and Dividend Announcement
Raytheon Technologies also announced a $6 billion share buyback plan in December 2020. The buyback allows the company to repurchase up to 4.1% of its outstanding shares through open market purchases, which typically indicates the company’s leadership believes its shares are undervalued. The business also recently declared a quarterly dividend of $0.55 per share. Shareholders of record as of February 24th will be paid the dividend on March 23rd, representing an annualized dividend of $2.20 per share and a yield of 2.30%. The ex-dividend date is February 23rd, and the company’s payout ratio is currently 62.86%.
Insider Selling and Analyst Price Targets
In other news, VP Amy L. Johnson sold 3,622 shares of Raytheon Technologies stock on February 28th for an average price of $98.55 per share. Following the sale, Johnson now holds 4,061 shares of the company’s stock valued at $400,211.55. This sale was disclosed in a legal filing with the SEC, accessible through this link. Insiders own 0.11% of the company’s stock. Additionally, several sell-side analysts have set new price targets for Raytheon Technologies, with the current consensus estimate being $99.05.
Equities Research Analysts Issue Reports on Raytheon Technologies
Several equities research analysts have recently issued reports on Raytheon Technologies (NYSE:RTX). According to a report by MarketBeat, the average rating for the stock is “Moderate Buy” with an average price target of $111.17. Of the 11 analysts covering the company, five have given a hold rating, and six have assigned a buy rating.
The Goldman Sachs Group reduced its rating on Raytheon Technologies from “buy” to “neutral” and dropped the target price from $115.00 to $105.00 in a research report on Friday, January 13th. Credit Suisse Group raised its price objective to $106.00 and gave the company a “neutral” rating in a research report on Wednesday, January 25th. JPMorgan Chase & Co. raised its target price from $102.00 to $107.00 and gave the company an “overweight” rating in a research note on Monday, December 12th. Wells Fargo & Company also raised its target price on Raytheon Technologies to $107.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 25th. Finally, Citigroup raised its target price to $106.00 and gave the company a “neutral” rating in a research note on Thursday, January 26th.
About Raytheon Technologies
Raytheon Technologies Corp. is an aerospace and defense company providing systems and services for commercial, military, and government customers. The company 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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