Pillar Pacific Capital Management LLC Decreases Position in Raytheon Technologies Co. (NYSE:RTX)


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Pillar Pacific Capital Management LLC lowered its stake in shares of Raytheon Technologies Co. (NYSE:RTX) by 4.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 177,668 shares of the company’s stock after selling 7,429 shares during the period. Raytheon Technologies accounts for 1.1% of Pillar Pacific Capital Management LLC’s investment portfolio, making the stock its 25th biggest holding. Pillar Pacific Capital Management LLC’s holdings in Raytheon Technologies were worth $12,705,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Stanley Laman Group Ltd. increased its stake in shares of Raytheon Technologies by 35.7% during the 4th quarter. Stanley Laman Group Ltd. now owns 35,504 shares of the company’s stock worth $2,539,000 after purchasing an additional 9,336 shares during the last quarter. Cobblestone Capital Advisors LLC NY increased its stake in shares of Raytheon Technologies by 21.5% during the 4th quarter. Cobblestone Capital Advisors LLC NY now owns 8,985 shares of the company’s stock worth $643,000 after purchasing an additional 1,588 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in shares of Raytheon Technologies by 184.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 351,319 shares of the company’s stock worth $25,123,000 after purchasing an additional 227,600 shares during the last quarter. Princeton Global Asset Management LLC increased its stake in shares of Raytheon Technologies by 5.4% during the 4th quarter. Princeton Global Asset Management LLC now owns 27,058 shares of the company’s stock worth $1,935,000 after purchasing an additional 1,389 shares during the last quarter. Finally, Wellington Shields & Co. LLC increased its stake in shares of Raytheon Technologies by 14.8% during the 4th quarter. Wellington Shields & Co. LLC now owns 7,765 shares of the company’s stock worth $555,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors own 75.09% of the company’s stock.

Several research firms recently commented on RTX. Credit Suisse Group cut their price objective on shares of Raytheon Technologies from $75.00 to $70.00 and set an “outperform” rating for the company in a report on Wednesday, October 28th. JPMorgan Chase & Co. raised their price objective on shares of Raytheon Technologies from $79.00 to $85.00 and gave the stock an “overweight” rating in a report on Tuesday, December 15th. DZ Bank raised shares of Raytheon Technologies from a “hold” rating to a “buy” rating and set a $86.00 price objective for the company in a report on Thursday, December 17th. Finally, Zacks Investment Research raised shares of Raytheon Technologies from a “sell” rating to a “hold” rating and set a $72.00 price objective for the company in a report on Friday, January 29th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $77.22.

NYSE:RTX traded down $0.31 during trading hours on Tuesday, reaching $72.69. The company’s stock had a trading volume of 122,228 shares, compared to its average volume of 7,410,491. The firm has a market capitalization of $110.45 billion, a price-to-earnings ratio of -62.93, a PEG ratio of 1.67 and a beta of 1.39. The firm has a 50-day simple moving average of $70.25 and a 200-day simple moving average of $65.71. Raytheon Technologies Co. has a 1 year low of $40.72 and a 1 year high of $87.41. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.95 and a current ratio of 1.22.

Raytheon Technologies (NYSE:RTX) last issued its earnings results on Monday, January 25th. The company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.05. The company had revenue of $16.42 billion for the quarter, compared to analysts’ expectations of $16.07 billion. Raytheon Technologies had a negative net margin of 3.77% and a positive return on equity of 8.35%. The firm’s revenue was down 1.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.16 EPS. Equities analysts anticipate that Raytheon Technologies Co. will post 3.01 earnings per share for the current fiscal year.

Raytheon Technologies declared that its board has initiated a share repurchase plan on Monday, December 7th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 4.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 25th. Shareholders of record on Friday, February 26th will be given a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date is Thursday, February 25th. Raytheon Technologies’s payout ratio is 23.00%.

About Raytheon Technologies

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.

Further Reading: Quantitative Easing

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

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