CreativeOne Wealth LLC Lowers Stake in Raytheon Technologies Co. (NYSE:RTX)

CreativeOne Wealth LLC cut its stake in Raytheon Technologies Co. (NYSE:RTX – Get Rating) by 3.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,253 shares of the company’s stock after selling 378 shares during the period. CreativeOne Wealth LLC’s holdings in Raytheon Technologies were worth $1,003,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Drive Wealth Management LLC bought a new position in shares of Raytheon Technologies during the 3rd quarter valued at about $576,000. Enlightenment Research LLC bought a new position in Raytheon Technologies during the third quarter valued at approximately $229,000. Fayez Sarofim & Co raised its stake in shares of Raytheon Technologies by 1.0% during the third quarter. Fayez Sarofim & Co now owns 1,629,668 shares of the company’s stock worth $133,403,000 after acquiring an additional 16,733 shares in the last quarter. Fred Alger Management LLC lifted its holdings in shares of Raytheon Technologies by 14.6% in the 3rd quarter. Fred Alger Management LLC now owns 18,681 shares of the company’s stock worth $1,529,000 after acquiring an additional 2,376 shares during the last quarter. Finally, Gerber Kawasaki Wealth & Investment Management grew its holdings in shares of Raytheon Technologies by 24.4% during the 3rd quarter. Gerber Kawasaki Wealth & Investment Management now owns 5,266 shares of the company’s stock valued at $442,000 after purchasing an additional 1,033 shares during the last quarter. Institutional investors own 78.83% of the company’s stock.

Insider Buying and Selling at Raytheon Technologies

In other news, VP Amy L. Johnson sold 3,622 shares of the business’s stock in a transaction that occurred on Tuesday, February 28th. The stock was sold at an average price of $98.55, for a total value of $356,948.10. Following the sale, the vice president now directly owns 4,061 shares of the company’s stock, valued at approximately $400,211.55. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.11% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Royal Bank of Canada boosted their price target on shares of Raytheon Technologies from $107.00 to $110.00 in a research note on Wednesday, January 25th. Morgan Stanley reduced their price target on Raytheon Technologies from $119.00 to $115.00 and set an “overweight” rating on the stock in a research report on Thursday, January 19th. Citigroup increased their price objective on Raytheon Technologies from $104.00 to $106.00 and gave the company a “neutral” rating in a research note on Thursday, January 26th. Wells Fargo & Company lifted their target price on shares of Raytheon Technologies from $96.00 to $107.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 25th. Finally, JPMorgan Chase & Co. increased their price target on shares of Raytheon Technologies from $102.00 to $107.00 and gave the company an “overweight” rating in a research report on Monday, December 12th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Raytheon Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $111.17.

Raytheon Technologies Stock Up 0.9 %

RTX stock opened at $98.32 on Wednesday. The company has a market capitalization of $144.03 billion, a price-to-earnings ratio of 27.94, a price-to-earnings-growth ratio of 2.31 and a beta of 1.00. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.81 and a current ratio of 1.09. The business’s 50 day moving average price is $98.96 and its two-hundred day moving average price is $94.42. Raytheon Technologies Co. has a fifty-two week low of $80.27 and a fifty-two week high of $108.84.

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

Raytheon Technologies declared that its Board of Directors has initiated a share buyback program on Monday, December 12th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 4.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Raytheon Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 23rd. Investors of record on Friday, February 24th will be paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 2.24%. The ex-dividend date is Thursday, February 23rd. Raytheon Technologies’s payout ratio is currently 62.86%.

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