Weatherly Asset Management L. P. cut its position in Raytheon Technologies Co. (NYSE:RTX – Get Rating) by 4.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,289 shares of the company’s stock after selling 1,048 shares during the period. Weatherly Asset Management L. P.’s holdings in Raytheon Technologies were worth $2,350,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also recently made changes to their positions in the company. Leisure Capital Management raised its stake in Raytheon Technologies by 2.9% during the 3rd quarter. Leisure Capital Management now owns 3,757 shares of the company’s stock valued at $308,000 after acquiring an additional 105 shares during the last quarter. Oliver Lagore Vanvalin Investment Group raised its stake in Raytheon Technologies by 6.6% during the 3rd quarter. Oliver Lagore Vanvalin Investment Group now owns 1,723 shares of the company’s stock valued at $141,000 after acquiring an additional 107 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its stake in Raytheon Technologies by 0.6% during the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 19,580 shares of the company’s stock valued at $1,603,000 after acquiring an additional 112 shares during the last quarter. Northern Oak Wealth Management Inc. raised its stake in Raytheon Technologies by 4.1% during the 3rd quarter. Northern Oak Wealth Management Inc. now owns 2,871 shares of the company’s stock valued at $235,000 after acquiring an additional 112 shares during the last quarter. Finally, Pure Financial Advisors LLC raised its stake in Raytheon Technologies by 1.0% during the 4th quarter. Pure Financial Advisors LLC now owns 11,313 shares of the company’s stock valued at $1,142,000 after acquiring an additional 112 shares during the last quarter. 78.83% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research firms have commented on RTX. Morgan Stanley reduced their price objective on Raytheon Technologies from $119.00 to $115.00 and set an “overweight” rating for the company in a research note on Thursday, January 19th. Credit Suisse Group increased their target price on Raytheon Technologies from $103.00 to $106.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 25th. StockNews.com assumed coverage on Raytheon Technologies in a research note on Thursday. They set a “buy” rating for the company. Royal Bank of Canada increased their target price on Raytheon Technologies from $107.00 to $110.00 in a research note on Wednesday, January 25th. Finally, JPMorgan Chase & Co. increased their target price on Raytheon Technologies from $102.00 to $107.00 and gave the stock an “overweight” rating in a research note on Monday, December 12th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $111.17.
Raytheon Technologies Price Performance
Raytheon Technologies (NYSE:RTX – Get Rating) last released its quarterly earnings data on Tuesday, January 24th. The company reported $1.27 earnings per share for the quarter, beating the consensus estimate of $1.24 by $0.03. Raytheon Technologies had a return on equity of 9.73% and a net margin of 7.75%. The firm had revenue of $18.09 billion during the quarter, compared to the consensus estimate of $18.16 billion. During the same period last year, the business posted $1.08 EPS. Raytheon Technologies’s quarterly revenue was up 6.2% on a year-over-year basis. Equities analysts forecast that Raytheon Technologies Co. will post 5 EPS for the current fiscal year.
Raytheon Technologies Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 23rd. Shareholders of record on Friday, February 24th will be issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend is Thursday, February 23rd. Raytheon Technologies’s dividend payout ratio (DPR) is presently 62.86%.
Raytheon Technologies announced that its Board of Directors has approved a share repurchase plan on Monday, December 12th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 4.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
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 on Tuesday, February 28th. The stock was sold at an average price of $98.55, for a total transaction of $356,948.10. Following the sale, the vice president now owns 4,061 shares in the company, valued at approximately $400,211.55. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.11% of the stock is owned by insiders.
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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