Raytheon Technologies (NYSE:RTX) Hits New 52-Week High at $92.45

Shares of Raytheon Technologies Co. (NYSE:RTX) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $92.45 and last traded at $91.86, with a volume of 79428 shares trading hands. The stock had previously closed at $91.07.

Separately, Wells Fargo & Company upped their target price on Raytheon Technologies from $91.00 to $97.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 27th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Raytheon Technologies has an average rating of “Buy” and a consensus target price of $100.91.

The company has a market cap of $138.20 billion, a P/E ratio of 41.97, a P/E/G ratio of 1.41 and a beta of 1.39. The firm’s fifty day moving average price is $86.38 and its 200-day moving average price is $86.56. The company has a current ratio of 1.23, a quick ratio of 0.95 and a debt-to-equity ratio of 0.42.

Raytheon Technologies (NYSE:RTX) last posted its earnings results on Monday, October 25th. The company reported $1.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.18. The business had revenue of $16.20 billion for the quarter, compared to analysts’ expectations of $16.36 billion. Raytheon Technologies had a net margin of 5.20% and a return on equity of 8.13%. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.58 earnings per share. As a group, research analysts forecast that Raytheon Technologies Co. will post 4.19 earnings per share for the current fiscal year.

Raytheon Technologies announced that its board has authorized a share buyback plan on Tuesday, December 7th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 4.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

In other Raytheon Technologies news, EVP Michael R. Dumais sold 3,000 shares of the business’s stock in a transaction dated Friday, November 5th. The shares were sold at an average price of $90.54, for a total value of $271,620.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.11% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in RTX. Fortis Advisors LLC acquired a new position in shares of Raytheon Technologies during the third quarter worth approximately $32,000. Benjamin Edwards Inc. acquired a new position in Raytheon Technologies in the third quarter valued at approximately $35,000. Bellwether Advisors LLC lifted its holdings in Raytheon Technologies by 72.0% in the third quarter. Bellwether Advisors LLC now owns 466 shares of the company’s stock valued at $40,000 after buying an additional 195 shares during the period. RPg Family Wealth Advisory LLC acquired a new position in Raytheon Technologies in the second quarter valued at approximately $43,000. Finally, Bell Investment Advisors Inc acquired a new position in Raytheon Technologies in the third quarter valued at approximately $43,000. Institutional investors own 78.55% of the company’s stock.

Raytheon Technologies Company Profile (NYSE:RTX)

Raytheon Technologies Corp. is an aerospace and defense company, which engages in the provision of aerospace and defense systems and services for commercial, military, and government customers. It operates through the following segments: Collins Aerospace Systems, Pratt and Whitney, Raytheon Intelligence and Space, and Raytheon Missiles and Defense.

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