Edge Wealth Management LLC Raises Position in Raytheon Technologies Co. (NYSE:RTX)

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Edge Wealth Management LLC increased its stake in Raytheon Technologies Co. (NYSE:RTX) by 81.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,690 shares of the company’s stock after acquiring an additional 22,370 shares during the period. Edge Wealth Management LLC’s holdings in Raytheon Technologies were worth $3,840,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. Fort Pitt Capital Group LLC purchased a new stake in Raytheon Technologies during the 4th quarter worth about $21,733,000. IronBridge Private Wealth LLC acquired a new position in shares of Raytheon Technologies during the fourth quarter worth about $29,000. Annapolis Financial Services LLC purchased a new stake in shares of Raytheon Technologies during the fourth quarter worth approximately $30,000. JJJ Advisors Inc. increased its stake in shares of Raytheon Technologies by 52.5% during the fourth quarter. JJJ Advisors Inc. now owns 453 shares of the company’s stock worth $32,000 after buying an additional 156 shares during the period. Finally, SOA Wealth Advisors LLC. acquired a new stake in Raytheon Technologies in the fourth quarter valued at approximately $33,000. Hedge funds and other institutional investors own 75.09% of the company’s stock.

Raytheon Technologies stock traded up $0.81 during midday trading on Friday, hitting $78.29. 5,423,405 shares of the company’s stock were exchanged, compared to its average volume of 7,391,860. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.95 and a current ratio of 1.22. The stock has a market cap of $118.96 billion, a price-to-earnings ratio of -67.49, a price-to-earnings-growth ratio of 1.67 and a beta of 1.39. Raytheon Technologies Co. has a 12-month low of $51.13 and a 12-month high of $80.06. The firm’s 50 day simple moving average is $76.32 and its 200 day simple moving average is $69.14.

Raytheon Technologies (NYSE:RTX) last announced its earnings results on Monday, January 25th. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.05. The business had revenue of $16.42 billion during the quarter, compared to the consensus estimate of $16.07 billion. Raytheon Technologies had a negative net margin of 3.77% and a positive return on equity of 8.35%. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.16 earnings per share. On average, equities research analysts forecast that Raytheon Technologies Co. will post 3.01 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, March 25th. Shareholders of record on Friday, February 26th were paid a $0.475 dividend. The ex-dividend date was Thursday, February 25th. This represents a $1.90 annualized dividend and a dividend yield of 2.43%. Raytheon Technologies’s dividend payout ratio (DPR) is currently 23.00%.

A number of brokerages have recently weighed in on RTX. JPMorgan Chase & Co. raised 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. DZ Bank raised Raytheon Technologies from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a report on Thursday, December 17th. Zacks Investment Research upgraded Raytheon Technologies from a “sell” rating to a “hold” rating and set a $72.00 price objective on the stock in a report on Friday, January 29th. Finally, Wolfe Research began coverage on Raytheon Technologies in a research note on Friday. They set an “outperform” rating and a $97.00 target price for the company. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $78.60.

Raytheon Technologies Profile

Raytheon Technologies Corporation, an aerospace and defense company, provides systems and services for the commercial, military, and government customers worldwide. It operates through four segments: Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense.

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Institutional Ownership by Quarter for Raytheon Technologies (NYSE:RTX)

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