Raytheon Technologies announced a share buyback plan that authorizes the company to repurchase $6 billion in outstanding shares. The aerospace and defense company operates through four segments and is currently viewed as undervalued by the board of directors. The move towards stock buybacks is often seen as an indication that the board believes its stock is undervalued. For investors looking to stay up to date with the latest news and insider trades for Raytheon Technologies, they can visit HoldingsChannel.com. Additionally, they can subscribe to MarketBeat.com’s free daily email newsletter to receive daily news and analyst ratings for Raytheon Technologies and related companies.
Procyon Advisors LLC Increases Holdings in Raytheon Technologies Co. by 67.9% in Q4 2021
Procyon Advisors LLC has disclosed in its latest Form 13F filing with the Securities and Exchange Commission (SEC) that it has raised its position in Raytheon Technologies Co. (NYSE:RTX – Get Rating) by 67.9% during the fourth quarter of 2021, bringing its total investment to $1.03 million.
Other institutional investors and hedge funds have also modified their holdings of RTX in recent months. Corundum Group Inc. added a new position valued at around $250,000 in the third quarter of 2021, while Wiley BROS. Aintree Capital LLC added a new position valued at approximately $238,000 in the fourth quarter of 2021. Meanwhile, High Note Wealth LLC and Apollon Wealth Management LLC increased their positions in RTX by 6.3% and 5.0%, respectively, during the third quarter of 2021. FNY Investment Advisers LLC also acquired a new position in RTX valued at approximately $163,000 in the same quarter. As of now, institutional investors and hedge funds own 78.83% of the company’s stock.
Raytheon Technologies Co. has received various research reports from financial analysts recently. Credit Suisse Group increased the company’s price target from $103.00 to $106.00, and gave it a “neutral” rating in a research report on January 25th. In another research report on March 16th, StockNews.com gave the company a “buy” rating. Wells Fargo & Company also raised the company’s price objective from $96.00 to $107.00 and gave it an “equal weight” rating in a research report on January 25th. JPMorgan Chase & Co. raised the company’s price objective from $102.00 to $107.00 and gave it an “overweight” rating in a research report on December 12th, while Royal Bank of Canada raised the company’s price objective from $107.00 to $110.00 in a research report on January 25th. According to MarketBeat.com, the company’s stock has an average rating of “Moderate Buy” and an average price target of $111.17.
In conclusion, the recent increase in institutional investment in RTX suggests that the company is poised for growth. The research reports from various financial analysts indicate a positive outlook for the company, which is backed by insiders who have placed their bets on its success.
Raytheon Technologies’ VP, Amy L. Johnson, sold 3,622 shares of the company’s stock on February 28th, 2022. The shares were sold at an average price of $98.55, making the transaction worth $356,948.10. Following the sale, Johnson now owns 4,061 shares in the company, worth around $400,211.55. This transaction was disclosed in a filing with the Securities and Exchange Commission (SEC) and can be accessed through this hyperlink. As of now, corporate insiders own 0.11% of the company’s stock.
Raytheon Technologies’ Share Price and Performance
On Monday, shares of NYSE RTX opened at $96.44. The company has a market capitalization of $141.11 billion, a P/E ratio of 27.55, a price-to-earnings-growth ratio of 2.30, and a beta of 1.00. Raytheon Technologies has a current ratio of 1.09, a quick ratio of 0.81, and a debt-to-equity ratio of 0.41. The firm has a 1-year low of $80.27 and a 1-year high of $108.84. Raytheon Technologies’ 50-day moving average is $98.35, and its 200-day moving average is $94.85.
Raytheon Technologies’ Latest Earnings Results
Raytheon Technologies announced its earnings results on Tuesday, January 24th, 2022. The company reported earnings per share of $1.27 for the quarter, surpassing analysts’ consensus estimates of $1.24 by $0.03. Raytheon Technologies had a return on equity of 9.73% and a net margin of 7.75%. The company’s revenue for the quarter was $18.09 billion, slightly lower than analysts’ estimates of $18.16 billion. However, this figure was up 6.2% compared to the same quarter last year when the company earned $1.08 earnings per share. Equities research analysts predict that Raytheon Technologies Co. will post 5.03 earnings per share for the current year.
Raytheon Technologies’ Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 23rd, 2022. Shareholders of record on Friday, February 24th received a dividend of $0.55 per share. The ex-dividend date was Thursday, February 23rd. This represents a $2.20 dividend on an annualized basis and a yield of 2.28%. Raytheon Technologies’ dividend payout ratio (DPR) is currently 62.86%.
Raytheon Technologies’ Board of Directors authorized a share buyback plan on December 12th, 2022, allowing the company to repurchase up to $6 billion in outstanding shares. This plan permits the company to buy back up to 4.1% of its shares through open market purchases. The move indicates that the company’s board believes that its stock is undervalued.
About Raytheon Technologies
Raytheon Technologies Corp. provides aerospace and defense systems and services to commercial, military, and government customers. The company operates through four segments: Collins Aerospace Systems, Pratt and Whitney, Raytheon Intelligence and Space, and Raytheon Missiles and Defense.
Further Reading
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