Raytheon Technologies (NYSE:RTX) Given New $98.00 Price Target at Wells Fargo & Company

Raytheon Technologies (NYSE:RTX – Get Rating) had its price target cut by equities research analysts at Wells Fargo & Company from $106.00 to $98.00 in a research note issued to investors on Wednesday, The Fly reports. The firm currently has a “maintains” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 6.07% from the company’s current price.

A number of other brokerages also recently commented on RTX. Cowen lifted their price objective on Raytheon Technologies from $115.00 to $120.00 in a research report on Wednesday, April 27th. StockNews.com raised Raytheon Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, May 18th. Cowen lifted their price objective on Raytheon Technologies from $115.00 to $120.00 in a research report on Wednesday, April 27th. Royal Bank of Canada lowered their price objective on Raytheon Technologies from $125.00 to $115.00 and set a “maintains” rating for the company in a research report on Wednesday. Finally, Argus lifted their price objective on Raytheon Technologies from $100.00 to $112.00 in a research report on Wednesday, April 27th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Raytheon Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $113.30.

Raytheon Technologies Stock Performance

NYSE RTX opened at $92.39 on Wednesday. Raytheon Technologies has a fifty-two week low of $79.00 and a fifty-two week high of $106.02. The stock has a market cap of $137.40 billion, a price-to-earnings ratio of 33.11, a price-to-earnings-growth ratio of 1.89 and a beta of 1.11. The business has a fifty day moving average of $93.74 and a 200-day moving average of $95.40. The company has a quick ratio of 0.88, a current ratio of 1.16 and a debt-to-equity ratio of 0.42.

Raytheon Technologies (NYSE:RTX – Get Rating) last released its quarterly earnings results on Tuesday, July 26th. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.04. Raytheon Technologies had a return on equity of 9.24% and a net margin of 6.47%. The company had revenue of $16.31 billion during the quarter, compared to analysts’ expectations of $16.61 billion. During the same period in the previous year, the firm posted $1.03 earnings per share. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, analysts predict that Raytheon Technologies will post 4.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Raytheon Technologies

A number of institutional investors have recently added to or reduced their stakes in the company. Garrett Investment Advisors LLC boosted its position in shares of Raytheon Technologies by 6.6% in the first quarter. Garrett Investment Advisors LLC now owns 4,714 shares of the company’s stock worth $467,000 after buying an additional 290 shares during the period. Addison Capital Co boosted its position in shares of Raytheon Technologies by 39.5% in the first quarter. Addison Capital Co now owns 5,180 shares of the company’s stock worth $513,000 after buying an additional 1,467 shares during the period. Smithbridge Asset Management Inc. DE boosted its position in shares of Raytheon Technologies by 2.6% in the first quarter. Smithbridge Asset Management Inc. DE now owns 69,342 shares of the company’s stock worth $6,870,000 after buying an additional 1,790 shares during the period. Pinnacle Associates Ltd. lifted its stake in shares of Raytheon Technologies by 1.5% in the first quarter. Pinnacle Associates Ltd. now owns 242,107 shares of the company’s stock worth $23,986,000 after acquiring an additional 3,475 shares in the last quarter. Finally, Ieq Capital LLC lifted its stake in shares of Raytheon Technologies by 9.3% in the first quarter. Ieq Capital LLC now owns 48,890 shares of the company’s stock worth $4,844,000 after acquiring an additional 4,172 shares in the last quarter. Hedge funds and other institutional investors own 79.56% 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.