Formidable Asset Management LLC Boosts Stock Position in Raytheon Technologies Co. (NYSE:RTX)

Formidable Asset Management LLC boosted its position in Raytheon Technologies Co. (NYSE:RTX) by 2,236.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,501 shares of the company’s stock after purchasing an additional 7,180 shares during the quarter. Formidable Asset Management LLC’s holdings in Raytheon Technologies were worth $645,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of Raytheon Technologies by 12.8% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 281,279 shares of the company’s stock valued at $23,996,000 after purchasing an additional 31,941 shares in the last quarter. Ethic Inc. bought a new stake in Raytheon Technologies during the 2nd quarter worth approximately $216,000. Edgestream Partners L.P. grew its holdings in Raytheon Technologies by 23.8% during the 2nd quarter. Edgestream Partners L.P. now owns 3,471 shares of the company’s stock valued at $296,000 after buying an additional 668 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Raytheon Technologies by 0.4% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 229,793 shares of the company’s stock valued at $19,604,000 after purchasing an additional 988 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Raytheon Technologies by 1.5% in the second quarter. Principal Financial Group Inc. now owns 1,808,317 shares of the company’s stock valued at $154,268,000 after purchasing an additional 27,258 shares in the last quarter. Hedge funds and other institutional investors own 78.55% of the company’s stock.

Shares of Raytheon Technologies stock traded down $0.19 on Friday, hitting $91.37. 41,165 shares of the company’s stock traded hands, compared to its average volume of 5,277,239. The stock has a market cap of $136.76 billion, a P/E ratio of 41.62, a PEG ratio of 1.40 and a beta of 1.39. The company has a quick ratio of 0.95, a current ratio of 1.23 and a debt-to-equity ratio of 0.42. The firm’s 50-day moving average is $86.35 and its 200 day moving average is $86.51. Raytheon Technologies Co. has a 52-week low of $65.02 and a 52-week high of $92.46.

Raytheon Technologies (NYSE:RTX) last posted its quarterly earnings data on Monday, October 25th. The company reported $1.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.18. The company had revenue of $16.20 billion during the quarter, compared to analyst estimates of $16.36 billion. Raytheon Technologies had a net margin of 5.20% and a return on equity of 8.13%. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.58 EPS. Equities research analysts forecast that Raytheon Technologies Co. will post 4.19 EPS for the current year.

Raytheon Technologies declared that its Board of Directors has authorized a share buyback program on Tuesday, December 7th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 4.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

In related news, EVP Michael R. Dumais sold 3,000 shares of Raytheon Technologies stock in a transaction dated Friday, November 5th. The stock was sold at an average price of $90.54, for a total transaction of $271,620.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.11% of the stock is owned by company insiders.

Separately, Wells Fargo & Company lifted their price objective on Raytheon Technologies from $91.00 to $97.00 and gave the company an “equal weight” rating in a report on Wednesday, October 27th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Raytheon Technologies presently has a consensus rating of “Buy” and an average price target of $100.91.

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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