Kovitz Investment Group Partners LLC increased its holdings in Raytheon Technologies Co. (NYSE:RTX) by 9.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,922 shares of the company’s stock after buying an additional 1,141 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in Raytheon Technologies were worth $744,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of RTX. Vanguard Group Inc. bought a new position in Raytheon Technologies in the 2nd quarter worth approximately $7,929,593,000. Bank of New York Mellon Corp bought a new position in Raytheon Technologies in the 2nd quarter worth approximately $975,282,000. Nuveen Asset Management LLC bought a new position in Raytheon Technologies in the 2nd quarter worth approximately $893,868,000. Charles Schwab Investment Management Inc. bought a new position in Raytheon Technologies in the 2nd quarter worth approximately $826,942,000. Finally, Davis Selected Advisers bought a new position in Raytheon Technologies during the 2nd quarter valued at $694,253,000. 74.47% of the stock is owned by institutional investors and hedge funds.
In related news, Chairman Thomas A. Kennedy purchased 19,059 shares of the company’s stock in a transaction dated Thursday, October 29th. The shares were acquired at an average cost of $52.47 per share, with a total value of $1,000,025.73. Following the completion of the purchase, the chairman now owns 362,541 shares of the company’s stock, valued at approximately $19,022,526.27. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gregory Hayes purchased 55,000 shares of the company’s stock in a transaction dated Wednesday, October 28th. The stock was bought at an average cost of $54.82 per share, for a total transaction of $3,015,100.00. Following the completion of the purchase, the chief executive officer now directly owns 235,365 shares of the company’s stock, valued at approximately $12,902,709.30. The disclosure for this purchase can be found here. Insiders bought 84,591 shares of company stock worth $4,567,268 over the last ninety days. 0.18% of the stock is currently owned by company insiders.
Raytheon Technologies (NYSE:RTX) last released its earnings results on Tuesday, October 27th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.08. Raytheon Technologies had a positive return on equity of 11.59% and a negative net margin of 2.28%. The company had revenue of $15.05 billion during the quarter, compared to analyst estimates of $15.16 billion. During the same quarter in the prior year, the company earned $1.27 earnings per share. The company’s revenue for the quarter was up 32.3% on a year-over-year basis. On average, analysts expect that Raytheon Technologies Co. will post 2.86 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Friday, November 13th will be paid a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date is Thursday, November 12th. Raytheon Technologies’s dividend payout ratio (DPR) is presently 23.00%.
A number of brokerages have issued reports on RTX. Morgan Stanley began coverage on Raytheon Technologies in a research note on Tuesday, September 8th. They set an “overweight” rating and a $89.00 price target for the company. Credit Suisse Group decreased their price target on Raytheon Technologies from $75.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, October 28th. Argus downgraded Raytheon Technologies from a “buy” rating to a “hold” rating in a research report on Wednesday, July 29th. ValuEngine upgraded Raytheon Technologies from a “sell” rating to a “hold” rating in a research report on Tuesday, November 3rd. Finally, JPMorgan Chase & Co. upgraded Raytheon Technologies from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $66.00 to $79.00 in a research report on Tuesday, November 10th. One analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $86.47.
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.
Featured Story: What is Put Option Volume?
Want to see what other hedge funds are holding RTX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Raytheon Technologies Co. (NYSE:RTX).
Receive News & Ratings for Raytheon Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Raytheon Technologies and related companies with MarketBeat.com's FREE daily email newsletter.