RNC Capital Management LLC Has $1.15 Million Holdings in Raytheon Technologies Co. (NYSE:RTX)

RNC Capital Management LLC cut its stake in shares of Raytheon Technologies Co. (NYSE:RTX – Get Rating) by 12.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,377 shares of the company’s stock after selling 1,642 shares during the period. RNC Capital Management LLC’s holdings in Raytheon Technologies were worth $1,148,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Corundum Group Inc. bought a new position in shares of Raytheon Technologies during the third quarter worth approximately $250,000. Cetera Advisor Networks LLC increased its holdings in shares of Raytheon Technologies by 19.9% during the second quarter. Cetera Advisor Networks LLC now owns 117,595 shares of the company’s stock worth $11,302,000 after purchasing an additional 19,549 shares during the period. High Note Wealth LLC increased its holdings in shares of Raytheon Technologies by 6.3% during the third quarter. High Note Wealth LLC now owns 10,041 shares of the company’s stock worth $922,000 after purchasing an additional 598 shares during the period. Apollon Wealth Management LLC increased its holdings in shares of Raytheon Technologies by 5.0% during the third quarter. Apollon Wealth Management LLC now owns 36,088 shares of the company’s stock worth $2,954,000 after purchasing an additional 1,730 shares during the period. Finally, FNY Investment Advisers LLC bought a new position in shares of Raytheon Technologies during the third quarter worth approximately $163,000. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Amy L. Johnson sold 3,622 shares of the stock in a transaction dated Tuesday, February 28th. The stock was sold at an average price of $98.55, for a total value of $356,948.10. Following the completion of the sale, the vice president now owns 4,061 shares of the company’s stock, valued at $400,211.55. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on RTX shares. Royal Bank of Canada raised their target price on shares of Raytheon Technologies from $107.00 to $110.00 in a report on Wednesday, January 25th. Wells Fargo & Company lifted their price target on Raytheon Technologies from $96.00 to $107.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 25th. Citigroup upped their price objective on Raytheon Technologies from $104.00 to $106.00 and gave the stock a “neutral” rating in a research report on Thursday, January 26th. JPMorgan Chase & Co. upped their price objective on Raytheon Technologies from $102.00 to $107.00 and gave the stock an “overweight” rating in a research report on Monday, December 12th. Finally, StockNews.com started coverage on Raytheon Technologies in a research report on Thursday. They set a “buy” rating for the company. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $111.17.

Raytheon Technologies Price Performance

Raytheon Technologies stock opened at $95.75 on Friday. The company has a current ratio of 1.09, a quick ratio of 0.81 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $140.10 billion, a PE ratio of 27.36, a P/E/G ratio of 2.36 and a beta of 1.00. Raytheon Technologies Co. has a 12 month low of $80.27 and a 12 month high of $108.84. The stock has a 50-day moving average price of $98.62 and a two-hundred day moving average price of $94.54.

Raytheon Technologies (NYSE:RTX – Get Rating) last posted its earnings results on Tuesday, January 24th. The company reported $1.27 EPS for the quarter, beating the consensus estimate of $1.24 by $0.03. The firm had revenue of $18.09 billion during the quarter, compared to the consensus estimate of $18.16 billion. Raytheon Technologies had a return on equity of 9.73% and a net margin of 7.75%. The business’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period last year, the company earned $1.08 earnings per share. Analysts expect that Raytheon Technologies Co. will post 5 EPS for the current year.

Raytheon Technologies announced that its Board of Directors has authorized a stock repurchase plan on Monday, December 12th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to buy up to 4.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Raytheon Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 23rd. Stockholders of record on Friday, February 24th will be paid a $0.55 dividend. The ex-dividend date is Thursday, February 23rd. This represents a $2.20 annualized dividend and a dividend yield of 2.30%. Raytheon Technologies’s payout ratio is 62.86%.

Raytheon Technologies Company Profile

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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).