First Community Trust NA Boosts Stock Position in Raytheon Technologies Co. (NYSE:RTX)

Posted by Terry King on Mar 19th, 2023

First Community Trust NA increased its stake in shares of Raytheon Technologies Co. (NYSE:RTX – Get Rating) by 15.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,378 shares of the company’s stock after purchasing an additional 587 shares during the quarter. First Community Trust NA’s holdings in Raytheon Technologies were worth $442,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RTX. Cantor Fitzgerald Investment Advisor L.P increased its position in Raytheon Technologies by 94.5% during the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 322,180 shares of the company’s stock worth $31,918,000 after purchasing an additional 156,550 shares in the last quarter. Parkside Financial Bank & Trust lifted its holdings in shares of Raytheon Technologies by 9.2% during the 1st quarter. Parkside Financial Bank & Trust now owns 11,011 shares of the company’s stock worth $1,091,000 after acquiring an additional 931 shares during the period. Ironwood Wealth Management LLC. boosted its position in shares of Raytheon Technologies by 1.2% in the first quarter. Ironwood Wealth Management LLC. now owns 10,761 shares of the company’s stock worth $1,066,000 after acquiring an additional 128 shares during the last quarter. AMI Investment Management Inc. grew its holdings in Raytheon Technologies by 53.1% in the first quarter. AMI Investment Management Inc. now owns 35,502 shares of the company’s stock valued at $3,517,000 after purchasing an additional 12,316 shares during the period. Finally, LSV Asset Management increased its position in Raytheon Technologies by 1.4% during the first quarter. LSV Asset Management now owns 141,700 shares of the company’s stock worth $14,038,000 after purchasing an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Raytheon Technologies Trading Down 2.4 %

Shares of NYSE:RTX opened at $95.75 on Friday. The company has a market cap of $140.10 billion, a PE ratio of 27.36, a P/E/G ratio of 2.36 and a beta of 1.00. The company has a quick ratio of 0.81, a current ratio of 1.09 and a debt-to-equity ratio of 0.41. The company’s 50-day moving average price is $98.62 and its 200 day moving average price is $94.52. Raytheon Technologies Co. has a fifty-two week low of $80.27 and a fifty-two week high of $108.84.

Raytheon Technologies (NYSE:RTX – Get Rating) last announced its quarterly earnings data on Tuesday, January 24th. The company reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.03. The company had revenue of $18.09 billion for the quarter, compared to analysts’ expectations of $18.16 billion. Raytheon Technologies had a net margin of 7.75% and a return on equity of 9.73%. The business’s revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.08 EPS. Sell-side analysts anticipate that Raytheon Technologies Co. will post 5 earnings per share for the current year.

Raytheon Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 23rd. Stockholders of record on Friday, February 24th will be paid a $0.55 dividend. The ex-dividend date is Thursday, February 23rd. This represents a $2.20 annualized dividend and a dividend yield of 2.30%. Raytheon Technologies’s dividend payout ratio is currently 62.86%.

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

Wall Street Analysts Forecast Growth

RTX has been the subject of several research reports. Royal Bank of Canada boosted their price objective on shares of Raytheon Technologies from $107.00 to $110.00 in a research note on Wednesday, January 25th. StockNews.com started coverage on shares of Raytheon Technologies in a research note on Thursday. They set a “buy” rating for the company. The Goldman Sachs Group downgraded shares of Raytheon Technologies from a “buy” rating to a “neutral” rating and cut their target price for the company from $115.00 to $105.00 in a research note on Friday, January 13th. Citigroup boosted their target price on shares of Raytheon Technologies from $104.00 to $106.00 and gave the stock a “neutral” rating in a research report on Thursday, January 26th. Finally, Wells Fargo & Company upped their target price on shares of Raytheon Technologies from $96.00 to $107.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 25th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Raytheon Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $111.17.

Insider Transactions at Raytheon Technologies

In other news, VP Amy L. Johnson sold 3,622 shares of Raytheon Technologies stock in a transaction that occurred on Tuesday, February 28th. The shares were sold at an average price of $98.55, for a total value of $356,948.10. Following the transaction, the vice president now owns 4,061 shares of the company’s stock, valued at approximately $400,211.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.11% of the company’s stock.

Raytheon Technologies Profile

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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 (Collins), Pratt and Whitney, Raytheon Intelligence and Space (RIS), and Raytheon Missiles and Defense (RMD).