Coastal Investment Advisors Inc. Lowers Position in Raytheon Technologies Co. (NYSE:RTX)


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Coastal Investment Advisors Inc. decreased its position in Raytheon Technologies Co. (NYSE:RTX) by 7.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,253 shares of the company’s stock after selling 1,070 shares during the period. Coastal Investment Advisors Inc.’s holdings in Raytheon Technologies were worth $1,019,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the company. Center for Financial Planning Inc. grew its position in Raytheon Technologies by 6.0% during the third quarter. Center for Financial Planning Inc. now owns 3,002 shares of the company’s stock valued at $173,000 after purchasing an additional 170 shares in the last quarter. Tealwood Asset Management Inc. raised its position in shares of Raytheon Technologies by 1.0% in the 3rd quarter. Tealwood Asset Management Inc. now owns 17,387 shares of the company’s stock valued at $1,000,000 after acquiring an additional 173 shares during the period. Webster Bank N. A. raised its position in shares of Raytheon Technologies by 0.3% in the 4th quarter. Webster Bank N. A. now owns 51,332 shares of the company’s stock valued at $3,671,000 after acquiring an additional 173 shares during the period. Marble Harbor Investment Counsel LLC raised its position in shares of Raytheon Technologies by 0.6% in the 3rd quarter. Marble Harbor Investment Counsel LLC now owns 30,743 shares of the company’s stock valued at $1,769,000 after acquiring an additional 188 shares during the period. Finally, Pacific Wealth Strategies Group Inc. raised its position in shares of Raytheon Technologies by 2.6% in the 3rd quarter. Pacific Wealth Strategies Group Inc. now owns 7,478 shares of the company’s stock valued at $430,000 after acquiring an additional 190 shares during the period. 74.47% of the stock is currently owned by institutional investors and hedge funds.

RTX has been the topic of a number of analyst reports. DZ Bank upgraded shares of Raytheon Technologies from a “hold” rating to a “buy” rating and set a $86.00 price target on the stock in a research report on Thursday, December 17th. The Goldman Sachs Group raised Raytheon Technologies from a “buy” rating to a “conviction-buy” rating in a research note on Sunday, September 20th. ValuEngine raised Raytheon Technologies from a “sell” rating to a “hold” rating in a research note on Tuesday, November 3rd. BidaskClub cut Raytheon Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, December 17th. Finally, JPMorgan Chase & Co. increased their target price on Raytheon Technologies from $79.00 to $85.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 15th. One analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Raytheon Technologies currently has a consensus rating of “Buy” and a consensus price target of $86.78.

Shares of NYSE:RTX traded down $1.02 during midday trading on Wednesday, hitting $70.50. 7,031,200 shares of the stock were exchanged, compared to its average volume of 6,717,125. The stock has a market capitalization of $107.07 billion, a price-to-earnings ratio of 8.66, a P/E/G ratio of 1.79 and a beta of 1.23. 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 business’s 50-day moving average price is $71.52 and its 200 day moving average price is $63.72. Raytheon Technologies Co. has a 12 month low of $40.72 and a 12 month high of $93.47.

Raytheon Technologies (NYSE:RTX) last released its quarterly earnings results on Tuesday, October 27th. The company reported $0.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.08. Raytheon Technologies had a positive return on equity of 11.59% and a negative net margin of 2.28%. The company had revenue of $15.05 billion for the quarter, compared to analysts’ expectations of $15.16 billion. During the same period in the previous year, the business posted $1.27 earnings per share. The business’s quarterly revenue was up 32.3% compared to the same quarter last year. As a group, sell-side analysts expect that Raytheon Technologies Co. will post 2.86 EPS for the current year.

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

In other news, CEO Gregory Hayes acquired 55,000 shares of the firm’s stock in a transaction dated Wednesday, October 28th. The stock was purchased at an average price of $54.82 per share, for a total transaction of $3,015,100.00. Following the completion of the acquisition, the chief executive officer now directly owns 235,365 shares in the company, valued at approximately $12,902,709.30. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Frank R. Jimenez acquired 1,000 shares of the firm’s stock in a transaction dated Thursday, October 29th. The shares were purchased at an average price of $52.57 per share, with a total value of $52,570.00. Following the acquisition, the executive vice president now owns 61,113 shares of the company’s stock, valued at $3,212,710.41. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 84,591 shares of company stock valued at $4,567,268. Corporate insiders own 0.18% of the company’s stock.

Raytheon Technologies 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.

Read More: What is Net Asset Value (NAV)?

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

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