Colonial River Wealth Management LLC Buys Shares of 2,531 Raytheon Technologies Co. (NYSE:RTX)

Colonial River Wealth Management LLC purchased a new position in shares of Raytheon Technologies Co. (NYSE:RTX) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 2,531 shares of the company’s stock, valued at approximately $216,000.

Several other institutional investors have also bought and sold shares of the business. Virginia Retirement Systems ET AL lifted its holdings in shares of Raytheon Technologies by 201.9% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 31,100 shares of the company’s stock worth $2,653,000 after purchasing an additional 20,800 shares in the last quarter. Covington Capital Management lifted its stake in Raytheon Technologies by 4.1% during the 2nd quarter. Covington Capital Management now owns 170,797 shares of the company’s stock valued at $14,571,000 after acquiring an additional 6,712 shares in the last quarter. Parisi Gray Wealth Management purchased a new stake in shares of Raytheon Technologies during the 2nd quarter valued at $93,000. Toroso Investments LLC purchased a new stake in shares of Raytheon Technologies during the 2nd quarter valued at $1,014,000. Finally, Kore Private Wealth LLC increased its position in shares of Raytheon Technologies by 12.7% during the 2nd quarter. Kore Private Wealth LLC now owns 18,167 shares of the company’s stock valued at $1,550,000 after purchasing an additional 2,045 shares during the last quarter. Hedge funds and other institutional investors own 78.21% of the company’s stock.

RTX stock traded up $0.02 during midday trading on Thursday, hitting $89.70. The stock had a trading volume of 40,435 shares, compared to its average volume of 6,085,712. The firm has a market cap of $135.26 billion, a price-to-earnings ratio of 62.28, a price-to-earnings-growth ratio of 1.56 and a beta of 1.45. The business has a 50-day moving average of $85.97 and a two-hundred day moving average of $84.95. Raytheon Technologies Co. has a 52-week low of $51.92 and a 52-week high of $91.38. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.17 and a quick ratio of 0.90.

Raytheon Technologies (NYSE:RTX) last issued its quarterly earnings results on Monday, July 26th. The company reported $1.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.10. The company had revenue of $15.88 billion for the quarter, compared to analysts’ expectations of $15.83 billion. Raytheon Technologies had a return on equity of 6.80% and a net margin of 3.51%. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.39 earnings per share. Research analysts predict that Raytheon Technologies Co. will post 4.04 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 16th. Investors of record on Friday, November 19th will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.27%. Raytheon Technologies’s payout ratio is 74.73%.

In other Raytheon Technologies news, insider Wesley D. Kremer sold 5,512 shares of the business’s stock in a transaction on Wednesday, August 4th. The stock was sold at an average price of $86.82, for a total value of $478,551.84. Following the sale, the insider now directly owns 73,519 shares of the company’s stock, valued at $6,382,919.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.11% of the stock is owned by corporate insiders.

RTX has been the subject of several recent research reports. Benchmark reissued a “hold” rating on shares of Raytheon Technologies in a report on Wednesday, August 25th. Argus raised Raytheon Technologies from a “hold” rating to a “buy” rating and set a $100.00 price objective for the company in a report on Thursday, July 29th. Susquehanna Bancshares lifted their price objective on Raytheon Technologies from $97.00 to $105.00 and gave the stock a “positive” rating in a report on Wednesday, July 28th. TheStreet upgraded Raytheon Technologies from a “c+” rating to a “b-” rating in a research note on Tuesday, July 27th. Finally, Morgan Stanley raised their target price on Raytheon Technologies from $97.00 to $110.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 11th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $97.77.

About Raytheon Technologies

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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Institutional Ownership by Quarter for Raytheon Technologies (NYSE:RTX)

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