Cim Investment Management Inc. decreased its position in shares of Raytheon Technologies Co. (NYSE:RTX) by 1.4% during the 2nd quarter, HoldingsChannel reports. The fund owned 18,582 shares of the company’s stock after selling 260 shares during the period. Raytheon Technologies comprises approximately 0.5% of Cim Investment Management Inc.’s portfolio, making the stock its 25th largest holding. Cim Investment Management Inc.’s holdings in Raytheon Technologies were worth $1,585,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RTX. Ameriprise Financial Inc. boosted its holdings in shares of Raytheon Technologies by 53.4% during the 1st quarter. Ameriprise Financial Inc. now owns 14,886,660 shares of the company’s stock valued at $1,150,450,000 after acquiring an additional 5,180,099 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in Raytheon Technologies by 104.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,176,423 shares of the company’s stock worth $245,442,000 after purchasing an additional 1,625,879 shares during the last quarter. Royal Bank of Canada raised its position in Raytheon Technologies by 37.3% during the 1st quarter. Royal Bank of Canada now owns 5,558,194 shares of the company’s stock worth $429,482,000 after purchasing an additional 1,510,309 shares during the last quarter. Epoch Investment Partners Inc. raised its position in Raytheon Technologies by 137.9% during the 2nd quarter. Epoch Investment Partners Inc. now owns 2,461,796 shares of the company’s stock worth $210,016,000 after purchasing an additional 1,427,022 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in Raytheon Technologies during the 1st quarter worth $100,006,000. 78.21% of the stock is currently owned by institutional investors.
Several research analysts have recently weighed in on RTX shares. Susquehanna Bancshares lifted their price objective on Raytheon Technologies from $97.00 to $105.00 and gave the stock a “positive” rating in a research report on Wednesday, July 28th. Morgan Stanley lifted their price target on Raytheon Technologies from $97.00 to $110.00 and gave the company an “overweight” rating in a research note on Wednesday, August 11th. Argus upgraded Raytheon Technologies from a “hold” rating to a “buy” rating and set a $100.00 target price on the stock in a research note on Thursday, July 29th. Susquehanna boosted their target price on Raytheon Technologies from $97.00 to $105.00 and gave the stock a “positive” rating in a research note on Wednesday, July 28th. Finally, TheStreet upgraded Raytheon Technologies from a “c+” rating to a “b-” rating in a research note on Tuesday, July 27th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, Raytheon Technologies has a consensus rating of “Buy” and an average target price of $97.77.
RTX stock traded down $0.17 on Thursday, hitting $89.51. The company had a trading volume of 91,957 shares, compared to its average volume of 6,085,712. Raytheon Technologies Co. has a 12-month low of $51.92 and a 12-month high of $91.38. The company has a current ratio of 1.17, a quick ratio of 0.90 and a debt-to-equity ratio of 0.41. The stock’s 50-day simple moving average is $85.97 and its 200 day simple moving average is $84.95. The stock has a market cap of $134.97 billion, a price-to-earnings ratio of 62.28, a P/E/G ratio of 1.56 and a beta of 1.45.
Raytheon Technologies (NYSE:RTX) last issued its earnings results on Monday, July 26th. The company reported $1.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.10. Raytheon Technologies had a net margin of 3.51% and a return on equity of 6.80%. The company had revenue of $15.88 billion for the quarter, compared to analysts’ expectations of $15.83 billion. During the same quarter last year, the company posted $0.39 earnings per share. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. Research analysts forecast that Raytheon Technologies Co. will post 4.04 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 16th. Investors of record on Friday, November 19th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.28%. Raytheon Technologies’s dividend payout ratio is currently 74.73%.
Raytheon Technologies Profile
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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