Summit Asset Management LLC acquired a new position in shares of Raytheon Technologies Co. (NYSE:RTX) in the fourth quarter, Holdings Channel reports. The fund acquired 2,908 shares of the company’s stock, valued at approximately $208,000.
Other large investors have also added to or reduced their stakes in the company. Nippon Life Global Investors Americas Inc. bought a new position in shares of Raytheon Technologies during the 4th quarter worth about $22,904,000. Coho Partners Ltd. bought a new position in Raytheon Technologies during the 4th quarter valued at about $213,000. Kestra Private Wealth Services LLC lifted its holdings in Raytheon Technologies by 4.5% during the 4th quarter. Kestra Private Wealth Services LLC now owns 24,413 shares of the company’s stock valued at $1,742,000 after purchasing an additional 1,054 shares during the last quarter. K.J. Harrison & Partners Inc lifted its holdings in Raytheon Technologies by 243.1% during the 4th quarter. K.J. Harrison & Partners Inc now owns 18,391 shares of the company’s stock valued at $1,315,000 after purchasing an additional 13,030 shares during the last quarter. Finally, Wealth Management Partners LLC bought a new position in Raytheon Technologies during the 4th quarter valued at about $344,000. 75.09% of the stock is owned by institutional investors.
Several brokerages recently issued reports on RTX. Zacks Investment Research raised shares of Raytheon Technologies from a “sell” rating to a “hold” rating and set a $72.00 price target for the company in a report on Friday, January 29th. JPMorgan Chase & Co. boosted their target price on shares of Raytheon Technologies from $79.00 to $85.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 15th. Credit Suisse Group dropped their target price on shares of Raytheon Technologies from $75.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, October 28th. Finally, DZ Bank raised shares of Raytheon Technologies from a “hold” rating to a “buy” rating and set a $86.00 target price for the company in a research note on Thursday, December 17th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Raytheon Technologies presently has an average rating of “Buy” and an average target price of $77.22.
Raytheon Technologies (NYSE:RTX) last issued its quarterly earnings results on Monday, January 25th. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.69 by $0.05. The company had revenue of $16.42 billion during the quarter, compared to analysts’ expectations of $16.07 billion. Raytheon Technologies had a negative net margin of 3.77% and a positive return on equity of 8.35%. Raytheon Technologies’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.16 EPS. Equities research analysts anticipate that Raytheon Technologies Co. will post 3.01 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 25th. Investors of record on Friday, February 26th will be issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend is Thursday, February 25th. Raytheon Technologies’s dividend payout ratio is currently 23.00%.
Raytheon Technologies declared that its Board of Directors has initiated a share buyback plan on Monday, December 7th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the company to reacquire up to 4.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
Raytheon Technologies Profile
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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