Waters Parkerson & CO. LLC Increases Stake in Raytheon Technologies Co. (NYSE:RTX)

Waters Parkerson & CO. LLC grew its position in shares of Raytheon Technologies Co. (NYSE:RTXGet Rating) by 1.4% in the third quarter, Holdings Channel reports. The fund owned 32,545 shares of the company’s stock after buying an additional 459 shares during the quarter. Waters Parkerson & CO. LLC’s holdings in Raytheon Technologies were worth $2,664,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FSC Wealth Advisors LLC bought a new position in shares of Raytheon Technologies during the 3rd quarter valued at approximately $25,000. McClarren Financial Advisors Inc. bought a new position in shares of Raytheon Technologies during the 3rd quarter valued at approximately $25,000. SJS Investment Consulting Inc. bought a new position in shares of Raytheon Technologies during the 3rd quarter valued at approximately $26,000. Private Ocean LLC boosted its position in shares of Raytheon Technologies by 65.3% during the 3rd quarter. Private Ocean LLC now owns 329 shares of the company’s stock valued at $26,000 after acquiring an additional 130 shares during the last quarter. Finally, Coston McIsaac & Partners bought a new position in shares of Raytheon Technologies during the 2nd quarter valued at approximately $31,000. 78.83% of the stock is currently owned by institutional investors.

Raytheon Technologies Stock Performance

NYSE:RTX traded down $1.52 during trading hours on Wednesday, reaching $97.95. The company had a trading volume of 1,089,667 shares, compared to its average volume of 5,159,710. Raytheon Technologies Co. has a 1-year low of $80.27 and a 1-year high of $108.84. The firm has a market cap of $143.99 billion, a PE ratio of 33.00, a price-to-earnings-growth ratio of 1.98 and a beta of 1.03. The business’s 50 day moving average price is $98.58 and its 200-day moving average price is $93.04. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.09 and a quick ratio of 0.82.

Raytheon Technologies (NYSE:RTXGet Rating) last announced its quarterly earnings results on Tuesday, January 24th. The company reported $1.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.03. Raytheon Technologies had a return on equity of 9.36% and a net margin of 6.76%. The company had revenue of $18.09 billion during the quarter, compared to the consensus estimate of $18.16 billion. During the same period in the previous year, the company posted $1.08 earnings per share. Raytheon Technologies’s revenue for the quarter was up 6.2% on a year-over-year basis. Research analysts forecast that Raytheon Technologies Co. will post 4.76 EPS for the current year.

Raytheon Technologies announced that its Board of Directors has approved a stock buyback program on Monday, December 12th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to purchase up to 4.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, CEO Gregory Hayes sold 4,260 shares of the business’s stock in a transaction that occurred on Friday, December 2nd. The stock was sold at an average price of $99.16, for a total value of $422,421.60. Following the completion of the sale, the chief executive officer now directly owns 453,685 shares in the company, valued at $44,987,404.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Shane G. Eddy sold 3,343 shares of the business’s stock in a transaction that occurred on Thursday, November 3rd. The stock was sold at an average price of $95.53, for a total value of $319,356.79. Following the completion of the sale, the insider now directly owns 24,176 shares in the company, valued at $2,309,533.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gregory Hayes sold 4,260 shares of the business’s stock in a transaction that occurred on Friday, December 2nd. The stock was sold at an average price of $99.16, for a total value of $422,421.60. Following the sale, the chief executive officer now owns 453,685 shares of the company’s stock, valued at $44,987,404.60. The disclosure for this sale can be found here. Insiders sold 10,506 shares of company stock worth $1,012,702 over the last three months. 0.11% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

RTX has been the subject of a number of research reports. Wolfe Research started coverage on Raytheon Technologies in a research report on Monday, October 10th. They set a “peer perform” rating for the company. The Goldman Sachs Group downgraded Raytheon Technologies from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $115.00 to $105.00 in a research report on Friday, January 13th. Royal Bank of Canada raised their price target on Raytheon Technologies from $107.00 to $110.00 in a research report on Wednesday. Robert W. Baird lowered their price target on Raytheon Technologies from $117.00 to $106.00 and set an “outperform” rating for the company in a research report on Wednesday, October 26th. Finally, Wells Fargo & Company increased their target price on Raytheon Technologies from $96.00 to $107.00 in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $110.50.

Raytheon Technologies Company Profile

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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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