Connor Clark & Lunn Investment Management Ltd. lifted its position in Raytheon Technologies Co. (NYSE:RTX) by 120.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 245,608 shares of the company’s stock after acquiring an additional 134,112 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Raytheon Technologies were worth $20,953,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in RTX. Lincoln National Corp raised its position in shares of Raytheon Technologies by 1.4% in the 1st quarter. Lincoln National Corp now owns 26,609 shares of the company’s stock valued at $2,056,000 after acquiring an additional 366 shares during the period. Bank Julius Baer & Co. Ltd Zurich raised its position in shares of Raytheon Technologies by 6.4% in the 1st quarter. Bank Julius Baer & Co. Ltd Zurich now owns 80,500 shares of the company’s stock valued at $6,220,000 after acquiring an additional 4,818 shares during the period. GSA Capital Partners LLP raised its position in shares of Raytheon Technologies by 28.9% in the 1st quarter. GSA Capital Partners LLP now owns 5,028 shares of the company’s stock valued at $389,000 after acquiring an additional 1,128 shares during the period. Colonial Trust Advisors raised its position in shares of Raytheon Technologies by 2.6% in the 1st quarter. Colonial Trust Advisors now owns 12,142 shares of the company’s stock valued at $938,000 after acquiring an additional 308 shares during the period. Finally, Quest Capital Management Inc. ADV bought a new stake in Raytheon Technologies during the 1st quarter worth approximately $329,000. Institutional investors and hedge funds own 78.21% of the company’s stock.
In other Raytheon Technologies news, insider Wesley D. Kremer sold 5,512 shares of the firm’s stock in a transaction on Wednesday, August 4th. The stock was sold at an average price of $86.82, for a total transaction of $478,551.84. Following the completion of the sale, the insider now owns 73,519 shares of the company’s stock, valued at approximately $6,382,919.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert Kelly Ortberg sold 60,000 shares of the firm’s stock in a transaction on Thursday, July 15th. The shares were sold at an average price of $85.10, for a total value of $5,106,000.00. Following the sale, the director now directly owns 101,704 shares of the company’s stock, valued at approximately $8,655,010.40. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by company insiders.
Raytheon Technologies (NYSE:RTX) last released its earnings results on Monday, July 26th. The company reported $1.03 earnings per share for the quarter, beating the 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 business had revenue of $15.88 billion during the quarter, compared to analysts’ expectations of $15.83 billion. During the same period last year, the business earned $0.39 earnings per share. The firm’s revenue was up 12.9% on a year-over-year basis. On average, sell-side analysts anticipate that Raytheon Technologies Co. will post 4.04 earnings per share for the current fiscal year.
A number of analysts recently issued reports on the company. Jefferies Financial Group increased their target price on Raytheon Technologies from $95.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday, June 3rd. Benchmark reissued a “hold” rating on shares of Raytheon Technologies in a research note on Wednesday, August 25th. Argus raised Raytheon Technologies from a “hold” rating to a “buy” rating and set a $100.00 target price for the company in a research note on Thursday, July 29th. Morgan Stanley increased 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. Finally, TheStreet raised Raytheon Technologies from a “c+” rating to a “b-” rating in a research note on Tuesday, July 27th. 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 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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