Royal Bank of Canada Increases Raytheon Technologies (NYSE:RTX) Price Target to $110.00

Raytheon Technologies (NYSE:RTXGet Rating) had its price target upped by equities researchers at Royal Bank of Canada from $107.00 to $110.00 in a research report issued on Wednesday, The Fly reports. Royal Bank of Canada’s price objective indicates a potential upside of 11.11% from the stock’s current price.

RTX has been the subject of a number of other reports. Wolfe Research assumed coverage on Raytheon Technologies in a research report on Monday, October 10th. They issued a “peer perform” rating for the company. Credit Suisse Group raised their target price on Raytheon Technologies from $83.00 to $103.00 and gave the company a “neutral” rating in a research report on Thursday, January 12th. Wells Fargo & Company raised their target price on Raytheon Technologies from $96.00 to $107.00 in a research report on Wednesday. Robert W. Baird decreased their target price on Raytheon Technologies from $117.00 to $106.00 and set an “outperform” rating for the company in a research report on Wednesday, October 26th. Finally, StockNews.com raised Raytheon Technologies from a “hold” rating to a “buy” rating in a research report on Thursday, October 20th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $110.50.

Raytheon Technologies Price Performance

Shares of NYSE:RTX opened at $99.00 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 1.09 and a debt-to-equity ratio of 0.43. Raytheon Technologies has a twelve month low of $80.27 and a twelve month high of $108.84. The stock’s 50 day moving average is $98.58 and its 200-day moving average is $93.04. The firm has a market capitalization of $145.54 billion, a price-to-earnings ratio of 33.00, a PEG ratio of 1.98 and a beta of 1.03.

Raytheon Technologies (NYSE:RTXGet Rating) last released its quarterly earnings results on Tuesday, January 24th. The company reported $1.27 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.03. The business had revenue of $18.09 billion during the quarter, compared to analyst estimates of $18.16 billion. Raytheon Technologies had a return on equity of 9.36% and a net margin of 6.76%. Raytheon Technologies’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.08 EPS. Sell-side analysts forecast that Raytheon Technologies will post 4.76 EPS for the current fiscal year.

Raytheon Technologies declared that its Board of Directors has approved a stock repurchase program on Monday, December 12th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to buy up to 4.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Raytheon Technologies news, EVP Dantaya M. Williams sold 1,206 shares of the firm’s stock in a transaction dated Thursday, October 27th. The stock was sold at an average price of $92.01, for a total value of $110,964.06. Following the completion of the transaction, the executive vice president now owns 10,596 shares in the company, valued at approximately $974,937.96. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Raytheon Technologies news, EVP Dantaya M. Williams sold 1,206 shares of the firm’s stock in a transaction dated Thursday, October 27th. The stock was sold at an average price of $92.01, for a total value of $110,964.06. Following the completion of the transaction, the executive vice president now owns 10,596 shares in the company, valued at approximately $974,937.96. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Christopher T. Calio sold 1,697 shares of the firm’s stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $94.26, for a total value of $159,959.22. Following the completion of the transaction, the chief operating officer now owns 44,562 shares of the company’s stock, valued at approximately $4,200,414.12. The disclosure for this sale can be found here. Insiders sold a total of 10,506 shares of company stock worth $1,012,702 in the last quarter. 0.11% of the stock is owned by company insiders.

Institutional Trading of Raytheon Technologies

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Raytheon Technologies by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 123,174,905 shares of the company’s stock valued at $10,083,098,000 after acquiring an additional 760,968 shares during the last quarter. Capital World Investors boosted its position in shares of Raytheon Technologies by 32.8% during the 1st quarter. Capital World Investors now owns 9,130,557 shares of the company’s stock valued at $904,564,000 after acquiring an additional 2,256,475 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of Raytheon Technologies by 0.5% during the 3rd quarter. Alliancebernstein L.P. now owns 9,102,540 shares of the company’s stock valued at $745,134,000 after acquiring an additional 42,111 shares during the last quarter. Fisher Asset Management LLC boosted its position in shares of Raytheon Technologies by 2.0% during the 3rd quarter. Fisher Asset Management LLC now owns 8,575,180 shares of the company’s stock valued at $701,964,000 after acquiring an additional 165,006 shares during the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of Raytheon Technologies by 2.0% during the 2nd quarter. Legal & General Group Plc now owns 8,070,171 shares of the company’s stock valued at $775,626,000 after buying an additional 160,953 shares in the last quarter. Institutional investors own 78.83% of the company’s stock.

About Raytheon Technologies

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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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