Chemung Canal Trust Co. trimmed its position in shares of Raytheon Technologies Co. (NYSE:RTX) by 48.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,640 shares of the company’s stock after selling 12,042 shares during the period. Chemung Canal Trust Co.’s holdings in Raytheon Technologies were worth $904,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Mizuho Securities Co. Ltd. bought a new position in Raytheon Technologies during the third quarter valued at about $29,000. Northwest Investment Counselors LLC bought a new stake in shares of Raytheon Technologies in the 3rd quarter valued at approximately $30,000. Price Wealth LLC grew its stake in shares of Raytheon Technologies by 68.2% in the 3rd quarter. Price Wealth LLC now owns 550 shares of the company’s stock valued at $32,000 after purchasing an additional 223 shares during the period. RMR Wealth Builders bought a new stake in shares of Raytheon Technologies in the 2nd quarter valued at approximately $33,000. Finally, Stephens Investment Management Group LLC bought a new stake in shares of Raytheon Technologies in the 2nd quarter valued at approximately $48,000. Hedge funds and other institutional investors own 74.47% of the company’s stock.
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 price of $54.82 per share, for a total transaction of $3,015,100.00. Following the acquisition, the chief executive officer now owns 235,365 shares in the company, valued at $12,902,709.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Dinesh C. Paliwal bought 9,532 shares of the stock in a transaction on Thursday, October 29th. The shares were purchased at an average price of $52.41 per share, with a total value of $499,572.12. Following the acquisition, the director now owns 7,860 shares in the company, valued at approximately $411,942.60. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 84,591 shares of company stock valued at $4,567,268. 0.18% of the stock is owned by corporate insiders.
Raytheon Technologies (NYSE:RTX) last released its quarterly earnings data on Tuesday, October 27th. The company reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.08. Raytheon Technologies had a negative net margin of 2.28% and a positive return on equity of 11.59%. The business had revenue of $15.05 billion during the quarter, compared to analysts’ expectations of $15.16 billion. During the same quarter in the prior year, the company earned $1.27 EPS. The firm’s quarterly revenue was up 32.3% on a year-over-year basis. As a group, equities analysts expect that Raytheon Technologies Co. will post 2.86 earnings per share for the current year.
Raytheon Technologies declared that its board has approved a share buyback program on Monday, December 7th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the company to repurchase up to 4.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
RTX has been the topic of several analyst reports. BidaskClub lowered Raytheon Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, December 17th. Credit Suisse Group reduced their target price on Raytheon Technologies from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, October 28th. ValuEngine raised Raytheon Technologies from a “sell” rating to a “hold” rating in a report on Tuesday, November 3rd. DZ Bank raised Raytheon Technologies from a “hold” rating to a “buy” rating and set a $86.00 target price on the stock in a report on Thursday, December 17th. Finally, JPMorgan Chase & Co. boosted their target price on Raytheon Technologies from $79.00 to $85.00 and gave the stock an “overweight” rating in a report on Tuesday, December 15th. One equities research 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’s stock. The company has a consensus rating of “Buy” and a consensus price target of $86.78.
About Raytheon Technologies
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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