Forbes J M & Co. LLP Cuts Holdings in Raytheon Technologies Co. (NYSE:RTX)

Forbes J M & Co. LLP cut its stake in Raytheon Technologies Co. (NYSE:RTXGet Rating) by 5.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,868 shares of the company’s stock after selling 455 shares during the quarter. Forbes J M & Co. LLP’s holdings in Raytheon Technologies were worth $779,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Opal Wealth Advisors LLC raised its position in Raytheon Technologies by 7.6% in the first quarter. Opal Wealth Advisors LLC now owns 3,055 shares of the company’s stock valued at $303,000 after purchasing an additional 217 shares during the period. Lake Street Financial LLC raised its position in Raytheon Technologies by 11.3% in the first quarter. Lake Street Financial LLC now owns 33,534 shares of the company’s stock valued at $3,322,000 after purchasing an additional 3,396 shares during the period. Banco Santander S.A. purchased a new position in Raytheon Technologies in the first quarter valued at about $14,186,000. MONECO Advisors LLC raised its position in Raytheon Technologies by 1.8% in the first quarter. MONECO Advisors LLC now owns 6,550 shares of the company’s stock valued at $649,000 after purchasing an additional 117 shares during the period. Finally, Lincoln National Corp raised its position in Raytheon Technologies by 5.6% in the first quarter. Lincoln National Corp now owns 33,878 shares of the company’s stock valued at $3,356,000 after purchasing an additional 1,798 shares during the period. 79.56% of the stock is owned by hedge funds and other institutional investors.

Raytheon Technologies Stock Up 0.3 %

NYSE:RTX opened at $93.03 on Friday. The company has a market capitalization of $137.36 billion, a price-to-earnings ratio of 31.11, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04. Raytheon Technologies Co. has a one year low of $79.00 and a one year high of $106.02. The stock has a 50-day simple moving average of $93.78 and a 200 day simple moving average of $95.50. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.83 and a current ratio of 1.10.

Raytheon Technologies (NYSE:RTXGet Rating) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.04. Raytheon Technologies had a return on equity of 9.48% and a net margin of 6.84%. The business had revenue of $16.31 billion during the quarter, compared to the consensus estimate of $16.61 billion. During the same period last year, the firm earned $1.03 earnings per share. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. Sell-side analysts predict that Raytheon Technologies Co. will post 4.68 EPS for the current fiscal year.

Raytheon Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 8th. Shareholders of record on Friday, August 19th will be issued a $0.55 dividend. The ex-dividend date is Thursday, August 18th. This represents a $2.20 dividend on an annualized basis and a yield of 2.36%. Raytheon Technologies’s dividend payout ratio is currently 73.58%.

Analysts Set New Price Targets

Several analysts have recently weighed in on RTX shares. Cowen raised their target price on Raytheon Technologies from $115.00 to $120.00 in a research note on Wednesday, April 27th. Cowen raised their target price on Raytheon Technologies from $115.00 to $120.00 in a research note on Wednesday, April 27th. Argus raised their target price on Raytheon Technologies from $100.00 to $112.00 in a research note on Wednesday, April 27th. Royal Bank of Canada started coverage on Raytheon Technologies in a research note on Friday, April 8th. They set an “outperform” rating and a $125.00 target price for the company. Finally, StockNews.com upgraded Raytheon Technologies from a “hold” rating to a “buy” rating in a research note on Thursday. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $114.10.

About Raytheon Technologies

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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.

See Also

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Institutional Ownership by Quarter for Raytheon Technologies (NYSE:RTX)

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