Raytheon Technologies Co. to Issue Quarterly Dividend of $0.55 (NYSE:RTX)

Raytheon Technologies Co. (NYSE:RTXGet Rating) declared a quarterly dividend on Monday, June 6th, RTT News reports. Investors of record on Friday, August 19th will be given a dividend of 0.55 per share on Thursday, September 8th. This represents a $2.20 annualized dividend and a dividend yield of 2.26%.

Raytheon Technologies has a payout ratio of 37.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Raytheon Technologies to earn $5.75 per share next year, which means the company should continue to be able to cover its $2.20 annual dividend with an expected future payout ratio of 38.3%.

Shares of NYSE RTX traded up $0.88 during trading hours on Monday, hitting $97.21. 3,079,999 shares of the stock were exchanged, compared to its average volume of 6,121,331. The company has a quick ratio of 0.88, a current ratio of 1.16 and a debt-to-equity ratio of 0.42. The company has a market cap of $144.57 billion, a PE ratio of 34.87, a PEG ratio of 1.92 and a beta of 1.18. The firm has a fifty day moving average price of $97.41 and a 200-day moving average price of $93.25. Raytheon Technologies has a 12 month low of $79.00 and a 12 month high of $106.02.

Raytheon Technologies (NYSE:RTXGet Rating) last issued its quarterly earnings results on Tuesday, April 26th. The company reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.14. Raytheon Technologies had a net margin of 6.47% and a return on equity of 9.24%. The business had revenue of $15.72 billion for the quarter, compared to analyst estimates of $15.83 billion. During the same quarter in the prior year, the business posted $0.90 EPS. Raytheon Technologies’s revenue for the quarter was up 3.0% compared to the same quarter last year. As a group, equities analysts anticipate that Raytheon Technologies will post 4.77 earnings per share for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the stock. Morgan Stanley boosted its stake in Raytheon Technologies by 4.6% during the second quarter. Morgan Stanley now owns 23,861,231 shares of the company’s stock worth $2,035,603,000 after buying an additional 1,050,028 shares during the period. Heritage Wealth Advisors boosted its stake in shares of Raytheon Technologies by 8.9% in the fourth quarter. Heritage Wealth Advisors now owns 243,582 shares of the company’s stock valued at $20,963,000 after purchasing an additional 19,878 shares during the period. EverSource Wealth Advisors LLC purchased a new position in shares of Raytheon Technologies in the fourth quarter valued at approximately $421,000. Flagship Harbor Advisors LLC boosted its stake in shares of Raytheon Technologies by 25.9% in the fourth quarter. Flagship Harbor Advisors LLC now owns 19,692 shares of the company’s stock valued at $1,695,000 after purchasing an additional 4,051 shares during the period. Finally, Zacks Investment Management purchased a new position in shares of Raytheon Technologies in the fourth quarter valued at approximately $231,000. Hedge funds and other institutional investors own 79.56% of the company’s stock.

A number of research analysts have issued reports on the stock. Cowen upped their price target on shares of Raytheon Technologies from $115.00 to $120.00 in a research note on Wednesday, April 27th. Cowen increased their price target on shares of Raytheon Technologies from $115.00 to $120.00 in a report on Wednesday, April 27th. Argus increased their price target on shares of Raytheon Technologies from $100.00 to $112.00 in a report on Wednesday, April 27th. Wolfe Research upped their price objective on shares of Raytheon Technologies from $110.00 to $111.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 16th. Finally, Barclays upped their price objective on shares of Raytheon Technologies from $100.00 to $107.00 and gave the stock an “overweight” rating in a research report on Thursday, March 10th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $111.91.

About Raytheon Technologies (Get Rating)

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.

Further Reading

Dividend History for Raytheon Technologies (NYSE:RTX)

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