Optimal Asset Management Inc. Invests $675,000 in Raytheon Technologies Co. (NYSE:RTX)

Optimal Asset Management Inc. acquired a new position in Raytheon Technologies Co. (NYSE:RTX) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 8,737 shares of the company’s stock, valued at approximately $675,000.

A number of other large investors also recently added to or reduced their stakes in the business. Renasant Bank purchased a new stake in Raytheon Technologies during the 1st quarter worth approximately $214,000. IHT Wealth Management LLC grew its position in Raytheon Technologies by 86.3% during the 1st quarter. IHT Wealth Management LLC now owns 20,221 shares of the company’s stock worth $1,563,000 after purchasing an additional 9,369 shares during the last quarter. Twinbeech Capital LP purchased a new stake in Raytheon Technologies during the 1st quarter worth approximately $4,802,000. Glenmede Trust Co. NA grew its position in Raytheon Technologies by 11.5% during the 1st quarter. Glenmede Trust Co. NA now owns 1,468,215 shares of the company’s stock worth $113,447,000 after purchasing an additional 151,185 shares during the last quarter. Finally, 44 Wealth Management LLC grew its position in Raytheon Technologies by 277.1% during the 1st quarter. 44 Wealth Management LLC now owns 10,826 shares of the company’s stock worth $837,000 after purchasing an additional 7,955 shares during the last quarter. 78.23% of the stock is currently owned by institutional investors.

In other news, EVP Michael R. Dumais sold 4,552 shares of the company’s stock in a transaction on Monday, May 24th. The shares were sold at an average price of $86.27, for a total transaction of $392,701.04. Following the completion of the sale, the executive vice president now owns 74,374 shares of the company’s stock, valued at $6,416,244.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Frank R. Jimenez sold 1,400 shares of the company’s stock in a transaction on Friday, May 21st. The stock was sold at an average price of $85.97, for a total transaction of $120,358.00. Following the sale, the executive vice president now directly owns 74,374 shares of the company’s stock, valued at approximately $6,393,932.78. The disclosure for this sale can be found here. Insiders have sold 85,665 shares of company stock valued at $7,244,790 over the last 90 days. 0.11% of the stock is currently owned by company insiders.

RTX has been the topic of several recent research reports. Credit Suisse Group upped their price objective on shares of Raytheon Technologies from $94.00 to $95.00 and gave the company an “outperform” rating in a report on Wednesday, May 19th. Redburn Partners initiated coverage on shares of Raytheon Technologies in a report on Thursday, May 13th. They issued a “buy” rating on the stock. Morgan Stanley upped their price objective on shares of Raytheon Technologies from $89.00 to $97.00 and gave the company an “overweight” rating in a report on Wednesday, April 28th. Wells Fargo & Company initiated coverage on shares of Raytheon Technologies in a report on Tuesday, May 18th. They issued an “equal weight” rating and a $87.00 price objective on the stock. Finally, Jefferies Financial Group upped their price objective on shares of Raytheon Technologies from $95.00 to $105.00 and gave the company a “buy” rating in a report on Thursday, June 3rd. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Raytheon Technologies presently has a consensus rating of “Buy” and an average price target of $95.17.

RTX opened at $86.58 on Thursday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.91 and a current ratio of 1.17. The company has a fifty day moving average price of $86.66. Raytheon Technologies Co. has a 1 year low of $51.92 and a 1 year high of $89.98. The firm has a market cap of $131.18 billion, a PE ratio of 32.37, a P/E/G ratio of 1.72 and a beta of 1.46.

Raytheon Technologies (NYSE:RTX) last posted its quarterly earnings data on Monday, April 26th. The company reported $0.90 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.02. The company had revenue of $15.25 billion during the quarter, compared to analysts’ expectations of $15.27 billion. Raytheon Technologies had a negative net margin of 4.44% and a positive return on equity of 5.54%. The firm’s revenue for the quarter was up 34.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.78 earnings per share. Analysts forecast that Raytheon Technologies Co. will post 3.74 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 9th. Shareholders of record on Friday, August 20th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date is Thursday, August 19th. Raytheon Technologies’s dividend payout ratio is presently 74.73%.

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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