Tamar Securities LLC raised its holdings in Raytheon Technologies Co. (NYSE:RTX – Get Rating) by 13.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 93,966 shares of the company’s stock after acquiring an additional 11,449 shares during the quarter. Raytheon Technologies accounts for about 2.5% of Tamar Securities LLC’s portfolio, making the stock its 17th biggest holding. Tamar Securities LLC’s holdings in Raytheon Technologies were worth $7,692,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the business. Capital World Investors lifted its holdings in shares of 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 in the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Raytheon Technologies in the third quarter valued at $103,133,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Raytheon Technologies by 137.2% during the 1st 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 period. Retirement Systems of Alabama bought a new position in Raytheon Technologies during the second quarter worth about $106,553,000. Finally, Great West Life Assurance Co. Can bought a new position in shares of Raytheon Technologies during the 3rd quarter worth approximately $55,322,000. 78.83% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In other news, COO Christopher T. Calio sold 1,697 shares of the stock in a transaction on Monday, October 31st. The stock was sold at an average price of $94.26, for a total value of $159,959.22. Following the sale, the chief operating officer now directly owns 44,562 shares of the company’s stock, valued at $4,200,414.12. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Gregory Hayes sold 4,260 shares of Raytheon Technologies stock in a transaction that occurred on Friday, December 2nd. The stock was sold at an average price of $99.16, for a total transaction of $422,421.60. Following the sale, the chief executive officer now owns 453,685 shares of the company’s stock, valued at approximately $44,987,404.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Christopher T. Calio sold 1,697 shares of the business’s stock in a transaction on Monday, October 31st. The stock was sold at an average price of $94.26, for a total transaction of $159,959.22. Following the completion of the sale, the chief operating officer now owns 44,562 shares in the company, valued at approximately $4,200,414.12. The disclosure for this sale can be found here. Insiders sold 10,506 shares of company stock valued at $1,012,702 over the last quarter. 0.11% of the stock is owned by company insiders.
Raytheon Technologies Stock Performance
Raytheon Technologies (NYSE:RTX – Get Rating) last issued its quarterly earnings results on Tuesday, January 24th. The company reported $1.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.03. The firm had revenue of $18.09 billion during the quarter, compared to the consensus estimate of $18.16 billion. Raytheon Technologies had a return on equity of 9.36% and a net margin of 6.76%. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter last year, the company posted $1.08 EPS. As a group, equities analysts anticipate that Raytheon Technologies Co. will post 4.76 EPS for the current year.
Raytheon Technologies declared that its Board of Directors has approved a stock repurchase plan on Monday, December 12th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 4.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
Analysts Set New Price Targets
Several research analysts have recently commented on RTX shares. Citigroup began coverage on Raytheon Technologies in a report on Thursday, December 8th. They issued a “neutral” rating and a $104.00 target price on the stock. Robert W. Baird reduced their target price on Raytheon Technologies from $117.00 to $106.00 and set an “outperform” rating on the stock in a report on Wednesday, October 26th. Wells Fargo & Company raised their price objective on Raytheon Technologies from $96.00 to $107.00 in a research note on Wednesday. Wolfe Research assumed coverage on shares of Raytheon Technologies in a research note on Monday, October 10th. They issued a “peer perform” rating on the stock. Finally, 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 research report on Monday, December 12th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $110.50.
Raytheon Technologies Company Profile
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.
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