World Asset Management Inc Lowers Stock Position in Raytheon Technologies Co. (NYSE:RTX)

World Asset Management Inc cut its holdings in shares of Raytheon Technologies Co. (NYSE:RTX) by 7.3% during the second quarter, HoldingsChannel.com reports. The fund owned 43,030 shares of the company’s stock after selling 3,401 shares during the quarter. World Asset Management Inc’s holdings in Raytheon Technologies were worth $3,671,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Morgan Stanley lifted its holdings in shares of Raytheon Technologies by 2.7% during the first quarter. Morgan Stanley now owns 22,811,203 shares of the company’s stock worth $1,762,622,000 after purchasing an additional 597,151 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Raytheon Technologies by 3.0% during the first quarter. Geode Capital Management LLC now owns 22,445,787 shares of the company’s stock worth $1,729,169,000 after purchasing an additional 660,152 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of Raytheon Technologies by 53.4% during the first quarter. Ameriprise Financial Inc. now owns 14,886,660 shares of the company’s stock worth $1,150,450,000 after purchasing an additional 5,180,099 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Raytheon Technologies by 3.6% during the first quarter. Bank of New York Mellon Corp now owns 14,015,322 shares of the company’s stock worth $1,082,963,000 after purchasing an additional 488,828 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Raytheon Technologies by 1.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 10,139,653 shares of the company’s stock worth $783,492,000 after purchasing an additional 111,807 shares during the period. 78.21% of the stock is owned by hedge funds and other institutional investors.

Several equities research analysts recently weighed in on RTX shares. Credit Suisse Group increased their price target on Raytheon Technologies from $94.00 to $95.00 and gave the stock an “outperform” rating in a report on Wednesday, May 19th. Susquehanna Bancshares raised their target price on Raytheon Technologies from $97.00 to $105.00 and gave the company a “positive” rating in a report on Wednesday, July 28th. Jefferies Financial Group raised their target price on Raytheon Technologies from $95.00 to $105.00 and gave the company a “buy” rating in a report on Thursday, June 3rd. Morgan Stanley raised their target price on Raytheon Technologies from $97.00 to $110.00 and gave the company an “overweight” rating in a report on Wednesday, August 11th. Finally, Benchmark reissued a “hold” rating on shares of Raytheon Technologies in a report on Wednesday, August 25th. Three equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $97.77.

In other Raytheon Technologies news, insider Wesley D. Kremer sold 5,512 shares of Raytheon Technologies stock in a transaction dated Wednesday, August 4th. The stock was sold at an average price of $86.82, for a total value of $478,551.84. Following the completion of the sale, the insider now owns 73,519 shares in the company, valued at approximately $6,382,919.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert Kelly Ortberg sold 60,000 shares of Raytheon Technologies stock in a transaction dated Thursday, July 15th. The shares were sold at an average price of $85.10, for a total value of $5,106,000.00. Following the completion of the sale, the director now owns 101,704 shares of the company’s stock, valued at approximately $8,655,010.40. The disclosure for this sale can be found here. 0.11% of the stock is owned by insiders.

Raytheon Technologies stock traded up $1.62 during midday trading on Wednesday, reaching $84.36. 44,440 shares of the company were exchanged, compared to its average volume of 6,119,611. The company has a market capitalization of $127.20 billion, a price-to-earnings ratio of 57.46, a P/E/G ratio of 1.56 and a beta of 1.45. The firm’s 50-day simple moving average is $85.47 and its 200-day simple moving average is $83.47. Raytheon Technologies Co. has a 1 year low of $51.92 and a 1 year high of $89.98. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.90 and a current ratio of 1.17.

Raytheon Technologies (NYSE:RTX) last posted its quarterly earnings data on Monday, July 26th. The company reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.10. The firm had revenue of $15.88 billion during the quarter, compared to analysts’ expectations of $15.83 billion. Raytheon Technologies had a return on equity of 6.80% and a net margin of 3.51%. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.39 EPS. On average, analysts forecast that Raytheon Technologies Co. will post 4.04 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 9th. Shareholders of record on Friday, August 20th were issued a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend was Thursday, August 19th. Raytheon Technologies’s dividend payout ratio (DPR) is 74.73%.

About Raytheon Technologies

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.

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Institutional Ownership by Quarter for Raytheon Technologies (NYSE:RTX)

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