Herold Advisors Inc. Grows Position in Raytheon Technologies Co. (NYSE:RTX)

Herold Advisors Inc. grew its stake in Raytheon Technologies Co. (NYSE:RTX – Get Rating) by 70.3% during the 3rd quarter, Holdings Channel reports. The fund owned 12,796 shares of the company’s stock after acquiring an additional 5,283 shares during the period. Herold Advisors Inc.’s holdings in Raytheon Technologies were worth $1,047,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Capital World Investors increased its stake in Raytheon Technologies by 32.8% in the first quarter. Capital World Investors now owns 9,130,557 shares of the company’s stock valued at $904,564,000 after purchasing an additional 2,256,475 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of Raytheon Technologies during the 3rd quarter worth about $103,133,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Raytheon Technologies by 137.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,110,424 shares of the company’s stock worth $209,080,000 after acquiring an additional 1,220,826 shares during the last quarter. Retirement Systems of Alabama acquired a new position in Raytheon Technologies during the second quarter worth approximately $106,553,000. Finally, Great West Life Assurance Co. Can purchased a new position in Raytheon Technologies during the third quarter worth approximately $55,322,000. Institutional investors and hedge funds own 78.83% of the company’s stock.

Insider Buying and Selling at Raytheon Technologies

In other news, CEO Gregory Hayes sold 4,260 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 453,685 shares of the company’s stock, valued at $44,987,404.60. The transaction was disclosed in a 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 Stock Down 1.1 %

NYSE:RTX traded down $1.12 during trading hours on Thursday, hitting $97.30. The stock had a trading volume of 1,456,462 shares, compared to its average volume of 5,019,076. The company has a current ratio of 1.09, a quick ratio of 0.81 and a debt-to-equity ratio of 0.41. Raytheon Technologies Co. has a 1-year low of $80.27 and a 1-year high of $108.84. The business has a 50 day simple moving average of $99.03 and a two-hundred day simple moving average of $93.33. The company has a market cap of $143.04 billion, a PE ratio of 28.12, a price-to-earnings-growth ratio of 2.40 and a beta of 1.00.

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

Raytheon Technologies announced that its board has authorized a share repurchase program on Monday, December 12th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the company to buy up to 4.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. 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. Wells Fargo & Company upped their price target on Raytheon Technologies from $96.00 to $107.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 25th. The Goldman Sachs Group lowered Raytheon Technologies from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $115.00 to $105.00 in a research note on Friday, January 13th. Wolfe Research initiated coverage on shares of Raytheon Technologies in a research report on Monday, October 10th. They set a “peer perform” rating for the company. Finally, StockNews.com raised shares of Raytheon Technologies from a “hold” rating to a “buy” rating in a research report on Thursday, October 20th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Raytheon Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $110.86.

About Raytheon Technologies

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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.