Raytheon Technologies (NYSE:RTX) Hits New 1-Year High at $92.45

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

Separately, Wells Fargo & Company lifted their price target on shares of Raytheon Technologies from $91.00 to $97.00 and gave the company an “equal weight” rating in a report on Wednesday, October 27th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Raytheon Technologies currently has an average rating of “Buy” and an average target price of $100.91.

The firm has a market capitalization of $138.20 billion, a price-to-earnings ratio of 41.97, a P/E/G ratio of 1.41 and a beta of 1.39. The company has a current ratio of 1.23, a quick ratio of 0.95 and a debt-to-equity ratio of 0.42. The firm’s 50-day moving average is $86.38 and its 200 day moving average is $86.56.

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

Raytheon Technologies declared that its Board of Directors has initiated a share buyback program on Tuesday, December 7th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 4.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

In other news, EVP Michael R. Dumais sold 3,000 shares of Raytheon Technologies stock in a transaction on 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 Securities & Exchange Commission, which is available at this link. Insiders own 0.11% of the company’s stock.

Several large investors have recently added to or reduced their stakes in RTX. Fortis Advisors LLC bought a new stake in Raytheon Technologies during the 3rd quarter valued at $32,000. Benjamin Edwards Inc. bought a new stake in Raytheon Technologies during the 3rd quarter valued at $35,000. Bellwether Advisors LLC increased its stake in Raytheon Technologies by 72.0% during the 3rd quarter. Bellwether Advisors LLC now owns 466 shares of the company’s stock valued at $40,000 after purchasing an additional 195 shares in the last quarter. RPg Family Wealth Advisory LLC bought a new stake in Raytheon Technologies during the 2nd quarter valued at $43,000. Finally, Bell Investment Advisors Inc bought a new stake in Raytheon Technologies during the 3rd quarter valued at $43,000. Institutional investors own 78.55% of the company’s stock.

About Raytheon Technologies (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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