Raytheon Technologies Co. (NYSE:RTX – Get Rating) was the target of a significant drop in short interest in the month of March. As of March 15th, there was short interest totalling 11,600,000 shares, a drop of 17.2% from the February 28th total of 14,010,000 shares. Approximately 0.8% of the company’s stock are sold short. Based on an average daily volume of 6,530,000 shares, the days-to-cover ratio is presently 1.8 days.
Raytheon Technologies stock opened at $100.17 on Friday. The stock’s fifty day moving average price is $96.41 and its two-hundred day moving average price is $90.51. The firm has a market cap of $149.28 billion, a PE ratio of 38.98, a price-to-earnings-growth ratio of 2.08 and a beta of 1.25. Raytheon Technologies has a one year low of $76.07 and a one year high of $104.34. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.19 and a quick ratio of 0.93.
Raytheon Technologies (NYSE:RTX – Get Rating) last released its quarterly earnings data on Tuesday, January 25th. The company reported $1.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.07. The company had revenue of $17.04 billion for the quarter, compared to the consensus estimate of $17.28 billion. Raytheon Technologies had a return on equity of 8.78% and a net margin of 6.00%. Raytheon Technologies’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the business posted $0.74 EPS. Sell-side analysts expect that Raytheon Technologies will post 4.79 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 24th. Stockholders of record on Friday, February 25th were given a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.04%. The ex-dividend date was Thursday, February 24th. Raytheon Technologies’s dividend payout ratio (DPR) is presently 79.38%.
Raytheon Technologies announced that its Board of Directors has approved a share repurchase plan on Tuesday, December 7th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to repurchase up to 4.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
In other Raytheon Technologies news, insider Wesley D. Kremer sold 15,083 shares of the firm’s stock in a transaction that occurred on Thursday, February 17th. The shares were sold at an average price of $93.92, for a total transaction of $1,416,595.36. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Tracy A. Atkinson sold 5,340 shares of Raytheon Technologies stock in a transaction on Friday, February 18th. The shares were sold at an average price of $93.63, for a total transaction of $499,984.20. The disclosure for this sale can be found here. In the last three months, insiders sold 34,749 shares of company stock valued at $3,344,416. Insiders own 0.11% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the business. Shore Point Advisors LLC bought a new stake in Raytheon Technologies during the 4th quarter valued at $25,000. Fortis Advisors LLC purchased a new stake in Raytheon Technologies during the third quarter valued at about $32,000. Benjamin Edwards Inc. purchased a new stake in Raytheon Technologies during the third quarter valued at about $35,000. Arcadia Investment Management Corp MI purchased a new stake in Raytheon Technologies during the fourth quarter valued at about $37,000. Finally, Bellwether Advisors LLC boosted its position in Raytheon Technologies by 72.0% during the third quarter. Bellwether Advisors LLC now owns 466 shares of the company’s stock valued at $40,000 after buying an additional 195 shares during the period. Institutional investors and hedge funds own 78.57% of the company’s stock.
A number of research firms have recently commented on RTX. Wells Fargo & Company dropped their price objective on shares of Raytheon Technologies from $97.00 to $96.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 26th. StockNews.com began coverage on Raytheon Technologies in a research report on Thursday. They issued a “buy” rating on the stock. Robert W. Baird lifted their target price on Raytheon Technologies from $100.00 to $106.00 in a report on Wednesday, January 26th. Barclays raised their price objective on Raytheon Technologies from $100.00 to $107.00 and gave the stock an “overweight” rating in a research report on Thursday, March 10th. Finally, Wolfe Research lifted their price target on Raytheon Technologies from $110.00 to $111.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 16th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Raytheon Technologies has an average rating of “Buy” and a consensus price target of $103.85.
About Raytheon Technologies (Get Rating)
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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