Asset Planning Services Inc. LA ADV Raises Holdings in Raytheon Technologies Co. (NYSE:RTX)
Asset Planning Services Inc. LA ADV increased its stake in shares of Raytheon Technologies Co. (NYSE:RTX) by 7.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 55,541 shares of the company’s stock after buying an additional 4,000 shares during the quarter. Raytheon Technologies comprises about 2.5% of Asset Planning Services Inc. LA ADV’s holdings, making the stock its 23rd largest position. Asset Planning Services Inc. LA ADV’s holdings in Raytheon Technologies were worth $3,972,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RTX. Nuveen Asset Management LLC purchased a new position in shares of Raytheon Technologies during the second quarter worth about $893,868,000. FMR LLC purchased a new position in shares of Raytheon Technologies during the second quarter worth about $465,697,000. PNC Financial Services Group Inc. purchased a new position in shares of Raytheon Technologies during the second quarter worth about $215,490,000. Neuberger Berman Group LLC purchased a new position in shares of Raytheon Technologies during the second quarter worth about $150,566,000. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Raytheon Technologies by 9,205.1% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,397,001 shares of the company’s stock worth $137,923,000 after buying an additional 2,371,241 shares during the last quarter. 74.47% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have weighed in on the company. BidaskClub lowered Raytheon Technologies from a “buy” rating to a “hold” rating in a report on Thursday, December 17th. Credit Suisse Group lowered their price objective on Raytheon Technologies from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, October 28th. JPMorgan Chase & Co. lifted their price objective on Raytheon Technologies from $79.00 to $85.00 and gave the company an “overweight” rating in a report on Tuesday, December 15th. ValuEngine upgraded shares of Raytheon Technologies from a “sell” rating to a “hold” rating in a research report on Tuesday, November 3rd. Finally, The Goldman Sachs Group upgraded shares of Raytheon Technologies from a “buy” rating to a “conviction-buy” rating in a research report on Sunday, September 20th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Raytheon Technologies currently has an average rating of “Buy” and a consensus target price of $86.78.
Raytheon Technologies (NYSE:RTX) last issued its quarterly earnings data on Tuesday, October 27th. The company reported $0.58 earnings per share (EPS) 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 firm had revenue of $15.05 billion during the quarter, compared to the consensus estimate of $15.16 billion. During the same period in the previous year, the firm posted $1.27 EPS. The company’s quarterly revenue was up 32.3% compared to the same quarter last year. Analysts predict that Raytheon Technologies Co. will post 2.86 earnings per share for the current year.
Raytheon Technologies announced that its board has approved a stock buyback program on Monday, December 7th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the company to repurchase up to 4.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
In other news, CEO Gregory Hayes bought 55,000 shares of the stock in a transaction on Wednesday, October 28th. The stock was purchased at an average cost of $54.82 per share, with a total value of $3,015,100.00. Following the purchase, the chief executive officer now owns 235,365 shares of the company’s stock, valued at $12,902,709.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Dinesh C. Paliwal bought 9,532 shares of the stock in a transaction on Thursday, October 29th. The stock was purchased at an average cost of $52.41 per share, with a total value of $499,572.12. Following the completion of the purchase, the director now directly owns 7,860 shares in the company, valued at approximately $411,942.60. The disclosure for this purchase can be found here. Insiders acquired a total of 84,591 shares of company stock valued at $4,567,268 over the last ninety days. 0.18% of the stock is owned by corporate insiders.
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.
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