Cadence Capital Management LLC lessened its stake in Raytheon Technologies Co. (NYSE:RTX) by 19.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,874 shares of the company’s stock after selling 5,418 shares during the period. Cadence Capital Management LLC’s holdings in Raytheon Technologies were worth $1,259,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kessler Investment Group LLC purchased a new position in Raytheon Technologies during the 2nd quarter valued at about $26,000. Financial Management Professionals Inc. purchased a new position in Raytheon Technologies during the 2nd quarter valued at about $27,000. Harvest Group Wealth Management LLC increased its holdings in Raytheon Technologies by 77.6% during the 2nd quarter. Harvest Group Wealth Management LLC now owns 460 shares of the company’s stock valued at $28,000 after purchasing an additional 201 shares during the period. Edmond DE Rothschild Holding S.A. purchased a new position in Raytheon Technologies during the 2nd quarter valued at about $31,000. Finally, Kayne Anderson Rudnick Investment Management LLC purchased a new position in Raytheon Technologies during the 2nd quarter valued at about $31,000. 74.47% of the stock is owned by institutional investors.
A number of research analysts recently issued reports on the company. Vertical Research upgraded Raytheon Technologies from a “hold” rating to a “buy” rating and boosted their price target for the company from $52.00 to $77.00 in a report on Friday, July 10th. Royal Bank of Canada reduced their target price on Raytheon Technologies from $69.00 to $66.00 in a report on Friday, July 17th. 140166 upped their target price on Raytheon Technologies from $66.00 to $74.00 in a report on Friday, July 17th. JPMorgan Chase & Co. upped their target price on Raytheon Technologies from $70.00 to $72.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Finally, ValuEngine downgraded Raytheon Technologies from a “hold” rating to a “sell” rating in a report on Monday, October 12th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $93.83.
Shares of Raytheon Technologies stock traded up $1.26 during midday trading on Friday, hitting $61.75. The company had a trading volume of 8,287,997 shares, compared to its average volume of 11,141,345. The stock has a market capitalization of $94.33 billion, a P/E ratio of 7.48, a P/E/G ratio of 1.63 and a beta of 1.22. Raytheon Technologies Co. has a 52-week low of $40.72 and a 52-week high of $93.47. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.91 and a current ratio of 1.20. The company has a 50 day moving average of $60.19 and a 200 day moving average of $65.02.
Raytheon Technologies (NYSE:RTX) last released its quarterly earnings data on Tuesday, July 28th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.30. The business had revenue of $14.06 billion for the quarter, compared to analysts’ expectations of $13.39 billion. Raytheon Technologies had a positive return on equity of 11.59% and a negative net margin of 2.28%. Raytheon Technologies’s revenue for the quarter was up 24.1% compared to the same quarter last year. Equities research analysts forecast that Raytheon Technologies Co. will post 3.1 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Friday, November 13th will be given a $0.475 dividend. The ex-dividend date of this dividend is Thursday, November 12th. This represents a $1.90 annualized dividend and a yield of 3.08%. Raytheon Technologies’s dividend payout ratio (DPR) is presently 23.00%.
Raytheon Technologies Company Profile
Raytheon Technologies Corporation, an aerospace and defense company, provides advanced systems and services for commercial, military, and government customers worldwide. It operates in four businesses: Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense.
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