StockNews.com Initiates Coverage on Raytheon Technologies (NYSE:RTX)

StockNews.com started coverage on shares of Raytheon Technologies (NYSE:RTX – Get Rating) in a research report sent to investors on Thursday. The brokerage issued a buy rating on the stock.

Several other analysts have also recently commented on RTX. JPMorgan Chase & Co. lifted their price objective on shares of Raytheon Technologies from $102.00 to $107.00 and gave the company an overweight rating in a research note on Monday, December 12th. Morgan Stanley reduced their price objective on shares of Raytheon Technologies from $119.00 to $115.00 and set an overweight rating for the company in a research report on Thursday, January 19th. Credit Suisse Group upped their price objective on shares of Raytheon Technologies from $103.00 to $106.00 and gave the stock a neutral rating in a research report on Wednesday, January 25th. The Goldman Sachs Group lowered shares of Raytheon Technologies from a buy rating to a neutral rating and dropped their target price for the stock from $115.00 to $105.00 in a report on Friday, January 13th. Finally, Royal Bank of Canada upped their target price on shares of Raytheon Technologies from $107.00 to $110.00 in a report on Wednesday, January 25th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $111.17.

Raytheon Technologies Stock Down 2.4 %

NYSE:RTX opened at $95.75 on Thursday. The company has a market cap of $140.10 billion, a PE ratio of 27.36, a P/E/G ratio of 2.36 and a beta of 1.00. Raytheon Technologies has a twelve month low of $80.27 and a twelve month high of $108.84. The company has a current ratio of 1.09, a quick ratio of 0.81 and a debt-to-equity ratio of 0.41. The company’s 50 day moving average is $98.62 and its two-hundred day moving average is $94.54.

Raytheon Technologies (NYSE:RTX – Get Rating) last released its earnings results on Tuesday, January 24th. The company reported $1.27 earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $18.16 billion. During the same quarter in the previous year, the firm earned $1.08 EPS. Raytheon Technologies’s revenue was up 6.2% compared to the same quarter last year. Analysts anticipate that Raytheon Technologies will post 5 EPS for the current year.

Raytheon Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 23rd. Shareholders of record on Friday, February 24th will be given a $0.55 dividend. The ex-dividend date is Thursday, February 23rd. This represents a $2.20 dividend on an annualized basis and a yield of 2.30%. Raytheon Technologies’s payout ratio is currently 62.86%.

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

Insider Transactions at Raytheon Technologies

In related news, VP Amy L. Johnson sold 3,622 shares of the firm’s stock in a transaction that occurred on Tuesday, February 28th. The shares were sold at an average price of $98.55, for a total value of $356,948.10. Following the sale, the vice president now owns 4,061 shares of the company’s stock, valued at $400,211.55. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.11% of the company’s stock.

Institutional Trading of Raytheon Technologies

Several hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Raytheon Technologies in the fourth quarter valued at approximately $1,580,608,000. Moneta Group Investment Advisors LLC increased its stake in Raytheon Technologies by 87,932.7% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 13,614,259 shares of the company’s stock valued at $1,373,951,000 after purchasing an additional 13,598,794 shares during the last quarter. Morgan Stanley increased its stake in Raytheon Technologies by 11.3% in the fourth quarter. Morgan Stanley now owns 30,509,436 shares of the company’s stock valued at $3,079,013,000 after purchasing an additional 3,104,282 shares during the last quarter. 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. Finally, Edmp Inc. increased its stake in Raytheon Technologies by 9,799.1% in the fourth quarter. Edmp Inc. now owns 1,378,938 shares of the company’s stock valued at $13,664,000 after purchasing an additional 1,365,008 shares during the last quarter. Institutional investors and hedge funds own 78.83% of the company’s stock.

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 (Collins), Pratt and Whitney, Raytheon Intelligence and Space (RIS), and Raytheon Missiles and Defense (RMD).