Ropes Wealth Advisors LLC trimmed its holdings in shares of Raytheon Technologies Co. (NYSE:RTX) by 9.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 70,854 shares of the company’s stock after selling 6,989 shares during the quarter. Raytheon Technologies accounts for about 1.0% of Ropes Wealth Advisors LLC’s portfolio, making the stock its 21st largest position. Ropes Wealth Advisors LLC’s holdings in Raytheon Technologies were worth $5,975,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in RTX. Evolution Wealth Advisors LLC grew its stake in Raytheon Technologies by 88.1% during the 1st quarter. Evolution Wealth Advisors LLC now owns 348 shares of the company’s stock worth $27,000 after buying an additional 163 shares during the last quarter. IronBridge Private Wealth LLC purchased a new position in Raytheon Technologies during the 4th quarter worth $29,000. Disciplined Investments LLC grew its stake in Raytheon Technologies by 136.9% during the 1st quarter. Disciplined Investments LLC now owns 372 shares of the company’s stock worth $29,000 after buying an additional 215 shares during the last quarter. Annapolis Financial Services LLC purchased a new position in Raytheon Technologies during the 4th quarter worth $30,000. Finally, Paradigm Strategies in Wealth Management LLC acquired a new stake in Raytheon Technologies during the 1st quarter worth about $30,000. Hedge funds and other institutional investors own 78.40% of the company’s stock.
In other Raytheon Technologies news, EVP Michael R. Dumais sold 4,552 shares of the business’s stock in a transaction that occurred on Monday, May 24th. The stock was sold at an average price of $86.27, for a total transaction of $392,701.04. Following the completion of the sale, the executive vice president now directly owns 74,374 shares in the company, valued at approximately $6,416,244.98. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Frank R. Jimenez sold 19,713 shares of the business’s stock in a transaction that occurred on Wednesday, April 28th. The stock was sold at an average price of $82.47, for a total value of $1,625,731.11. Following the sale, the executive vice president now owns 62,221 shares of the company’s stock, valued at $5,131,365.87. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,665 shares of company stock valued at $2,138,790. 0.11% of the stock is owned by company insiders.
Raytheon Technologies (NYSE:RTX) last released its quarterly earnings results on Monday, April 26th. The company reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.02. The company had revenue of $15.25 billion during the quarter, compared to analysts’ expectations of $15.27 billion. Raytheon Technologies had a positive return on equity of 5.54% and a negative net margin of 4.44%. Raytheon Technologies’s quarterly revenue was up 34.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.78 EPS. As a group, sell-side analysts expect that Raytheon Technologies Co. will post 3.71 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 17th. Investors of record on Friday, May 21st will be issued a $0.51 dividend. This is a boost from Raytheon Technologies’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Thursday, May 20th. This represents a $2.04 dividend on an annualized basis and a yield of 2.31%. Raytheon Technologies’s dividend payout ratio is presently 74.73%.
RTX has been the subject of a number of research reports. Zacks Investment Research cut Raytheon Technologies from a “buy” rating to a “hold” rating and set a $88.00 price target for the company. in a research report on Friday, April 30th. LADENBURG THALM/SH SH raised Raytheon Technologies from a “neutral” rating to a “buy” rating and set a $100.00 price target for the company in a research report on Monday, May 3rd. Langenberg & Company raised Raytheon Technologies from a “hold” rating to a “buy” rating in a research report on Monday, May 3rd. Redburn Partners initiated coverage on Raytheon Technologies in a research report on Thursday, May 13th. They set a “buy” rating for the company. Finally, Credit Suisse Group lifted their price target on Raytheon Technologies from $94.00 to $95.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 19th. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $90.33.
Raytheon Technologies Profile
Raytheon Technologies Corporation, an aerospace and defense company, provides systems and services for the commercial, military, and government customers worldwide. It operates through four segments: Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense.
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