ARGA Investment Management LP Grows Stock Holdings in Raytheon Technologies Co. (NYSE:RTX)

ARGA Investment Management LP increased its stake in shares of Raytheon Technologies Co. (NYSE:RTX – Get Rating) by 99.6% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 11,389 shares of the company’s stock after acquiring an additional 5,682 shares during the period. ARGA Investment Management LP’s holdings in Raytheon Technologies were worth $932,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Capital World Investors boosted its stake in shares of Raytheon Technologies by 32.8% during the 1st quarter. Capital World Investors now owns 9,130,557 shares of the company’s stock worth $904,564,000 after acquiring an additional 2,256,475 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Raytheon Technologies by 2.0% during the 2nd quarter. Legal & General Group Plc now owns 8,070,171 shares of the company’s stock worth $775,626,000 after acquiring an additional 160,953 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of Raytheon Technologies by 4.7% during the 1st quarter. Royal Bank of Canada now owns 6,575,791 shares of the company’s stock worth $651,464,000 after acquiring an additional 294,366 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Raytheon Technologies by 9.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 5,431,147 shares of the company’s stock worth $521,988,000 after purchasing an additional 479,207 shares during the last quarter. Finally, CIBC Private Wealth Group LLC raised its position in shares of Raytheon Technologies by 1.1% during the 2nd quarter. CIBC Private Wealth Group LLC now owns 4,664,836 shares of the company’s stock worth $448,337,000 after purchasing an additional 50,550 shares during the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Analyst Ratings Changes

RTX has been the subject of several research reports. Morgan Stanley cut their price objective on Raytheon Technologies from $119.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, January 19th. Citigroup boosted their price target on Raytheon Technologies from $104.00 to $106.00 and gave the company a “neutral” rating in a report on Thursday, January 26th. The Goldman Sachs Group downgraded Raytheon Technologies from a “buy” rating to a “neutral” rating and cut their price target for the company from $115.00 to $105.00 in a report on Friday, January 13th. Royal Bank of Canada upped their price objective on Raytheon Technologies from $107.00 to $110.00 in a report on Wednesday, January 25th. Finally, 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 report on Monday, December 12th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $110.86.

Raytheon Technologies Stock Down 1.3 %

Raytheon Technologies stock traded down $1.26 during trading on Wednesday, reaching $98.59. 534,247 shares of the company’s stock were exchanged, compared to its average volume of 4,968,688. The company’s 50-day moving average is $99.01 and its two-hundred day moving average is $93.29. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.81 and a current ratio of 1.09. Raytheon Technologies Co. has a 52-week low of $80.27 and a 52-week high of $108.84. The firm has a market cap of $144.93 billion, a price-to-earnings ratio of 28.53, a PEG ratio of 2.37 and a beta of 1.03.

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

Raytheon Technologies announced that its Board of Directors has initiated a share repurchase plan on Monday, December 12th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 4.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Raytheon Technologies

In other Raytheon Technologies news, insider Shane G. Eddy sold 3,343 shares of the company’s stock in a transaction dated Thursday, November 3rd. The shares were sold at an average price of $95.53, for a total value of $319,356.79. Following the completion of the transaction, the insider now directly owns 24,176 shares of the company’s stock, valued at approximately $2,309,533.28. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Raytheon Technologies news, insider Shane G. Eddy sold 3,343 shares of the company’s stock in a transaction dated Thursday, November 3rd. The shares were sold at an average price of $95.53, for a total value of $319,356.79. Following the completion of the transaction, the insider now directly owns 24,176 shares of the company’s stock, valued at approximately $2,309,533.28. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Gregory Hayes sold 4,260 shares of the company’s stock in a transaction dated Friday, December 2nd. The shares were sold at an average price of $99.16, for a total transaction of $422,421.60. Following the completion of the transaction, the chief executive officer now directly owns 453,685 shares of the company’s stock, valued at $44,987,404.60. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by corporate insiders.

Raytheon Technologies 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, Pratt and Whitney, Raytheon Intelligence and Space, and Raytheon Missiles and Defense.