Cim Investment Management Inc. reduced its holdings in Raytheon Technologies Co. (NYSE:RTX) by 1.4% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 18,582 shares of the company’s stock after selling 260 shares during the period. Raytheon Technologies accounts for approximately 0.5% of Cim Investment Management Inc.’s portfolio, making the stock its 25th largest position. Cim Investment Management Inc.’s holdings in Raytheon Technologies were worth $1,585,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of RTX. Hillsdale Investment Management Inc. bought a new stake in shares of Raytheon Technologies during the second quarter valued at approximately $26,000. Moisand Fitzgerald Tamayo LLC increased its position in shares of Raytheon Technologies by 448.3% during the second quarter. Moisand Fitzgerald Tamayo LLC now owns 318 shares of the company’s stock valued at $27,000 after purchasing an additional 260 shares during the period. Harbour Investments Inc. bought a new stake in shares of Raytheon Technologies during the first quarter valued at approximately $28,000. Bradley & Co. Private Wealth Management LLC bought a new stake in shares of Raytheon Technologies during the first quarter valued at approximately $33,000. Finally, Kayne Anderson Rudnick Investment Management LLC increased its position in shares of Raytheon Technologies by 34.1% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 496 shares of the company’s stock valued at $38,000 after purchasing an additional 126 shares during the period. 78.21% of the stock is currently owned by institutional investors.
In other news, insider Wesley D. Kremer sold 5,512 shares of the company’s stock in a transaction dated Wednesday, August 4th. The stock was sold at an average price of $86.82, for a total transaction of $478,551.84. Following the completion of the transaction, the insider now directly owns 73,519 shares of the company’s stock, valued at $6,382,919.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.11% of the stock is owned by corporate insiders.
Raytheon Technologies (NYSE:RTX) last posted its quarterly earnings data on Monday, July 26th. The company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.10. The company had revenue of $15.88 billion during the quarter, compared to analysts’ expectations of $15.83 billion. Raytheon Technologies had a return on equity of 6.80% and a net margin of 3.51%. Raytheon Technologies’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.39 earnings per share. As a group, analysts forecast that Raytheon Technologies Co. will post 4.04 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 16th. Stockholders of record on Friday, November 19th will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.28%. Raytheon Technologies’s dividend payout ratio is currently 74.73%.
A number of analysts have recently issued reports on RTX shares. TheStreet upgraded Raytheon Technologies from a “c+” rating to a “b-” rating in a research report on Tuesday, July 27th. Benchmark reissued a “hold” rating on shares of Raytheon Technologies in a research note on Wednesday, August 25th. Susquehanna boosted their price objective on Raytheon Technologies from $97.00 to $105.00 and gave the stock a “positive” rating in a research note on Wednesday, July 28th. Argus raised Raytheon Technologies from a “hold” rating to a “buy” rating and set a $100.00 price objective on the stock in a research note on Thursday, July 29th. Finally, Susquehanna Bancshares upped their price target on Raytheon Technologies from $97.00 to $105.00 and gave the company a “positive” rating in a research note on Wednesday, July 28th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $97.77.
Raytheon Technologies Profile
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, Pratt and Whitney, Raytheon Intelligence and Space, and Raytheon Missiles and Defense.
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