Cullinan Associates Inc. Acquires 3,175 Shares of Raytheon Technologies Co. (NYSE:RTX)

Cullinan Associates Inc. increased its holdings in shares of Raytheon Technologies Co. (NYSE:RTX – Get Rating) by 2.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 138,640 shares of the company’s stock after buying an additional 3,175 shares during the quarter. Raytheon Technologies makes up approximately 0.8% of Cullinan Associates Inc.’s investment portfolio, making the stock its 27th largest position. Cullinan Associates Inc.’s holdings in Raytheon Technologies were worth $13,992,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of RTX. FSC Wealth Advisors LLC bought a new stake in shares of Raytheon Technologies during the 3rd quarter worth $25,000. McClarren Financial Advisors Inc. bought a new stake in Raytheon Technologies in the third quarter worth about $25,000. SJS Investment Consulting Inc. purchased a new position in Raytheon Technologies in the third quarter valued at about $26,000. Private Ocean LLC grew its position in shares of Raytheon Technologies by 65.3% during the 3rd quarter. Private Ocean LLC now owns 329 shares of the company’s stock valued at $26,000 after acquiring an additional 130 shares during the period. Finally, GoalVest Advisory LLC increased its stake in shares of Raytheon Technologies by 219.8% during the 4th quarter. GoalVest Advisory LLC now owns 291 shares of the company’s stock worth $29,000 after purchasing an additional 200 shares during the last quarter. 78.83% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

RTX has been the topic of several research analyst reports. Royal Bank of Canada upped their price objective on Raytheon Technologies from $107.00 to $110.00 in a research note on Wednesday, January 25th. Citigroup increased their price target on Raytheon Technologies from $104.00 to $106.00 and gave the stock a “neutral” rating in a research note on Thursday, January 26th. StockNews.com started coverage on Raytheon Technologies in a research note on Thursday. They issued a “buy” rating on the stock. Morgan Stanley cut their target price on shares of Raytheon Technologies from $119.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, January 19th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Raytheon Technologies from $102.00 to $107.00 and gave the stock an “overweight” rating in a report on Monday, December 12th. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $111.17.

Raytheon Technologies Stock Performance

NYSE RTX opened at $95.75 on Friday. The company’s 50 day simple moving average is $98.62 and its two-hundred day simple moving average is $94.54. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.09 and a quick ratio of 0.81. Raytheon Technologies Co. has a 1 year low of $80.27 and a 1 year high of $108.84. The stock has a market capitalization of $140.10 billion, a PE ratio of 27.36, a P/E/G ratio of 2.36 and a beta of 1.00.

Raytheon Technologies (NYSE:RTX – Get Rating) last issued its quarterly earnings data on Tuesday, January 24th. The company reported $1.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.03. The company had revenue of $18.09 billion for the quarter, compared to the consensus estimate of $18.16 billion. Raytheon Technologies had a return on equity of 9.73% and a net margin of 7.75%. The firm’s revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.08 earnings per share. Analysts predict that Raytheon Technologies Co. will post 5 earnings per share for the current fiscal year.

Raytheon Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 23rd. Investors of record on Friday, February 24th will be given a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend is Thursday, February 23rd. Raytheon Technologies’s dividend payout ratio (DPR) is 62.86%.

Raytheon Technologies declared that its board has initiated a share repurchase program on Monday, December 12th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to repurchase up to 4.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Insider Activity at Raytheon Technologies

In other news, VP Amy L. Johnson sold 3,622 shares of Raytheon Technologies stock in a transaction on Tuesday, February 28th. The shares were sold at an average price of $98.55, for a total transaction of $356,948.10. Following the completion of the sale, the vice president now directly owns 4,061 shares of the company’s stock, valued at approximately $400,211.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.11% of the stock is currently owned by insiders.

Raytheon Technologies Profile

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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 (Collins), Pratt and Whitney, Raytheon Intelligence and Space (RIS), and Raytheon Missiles and Defense (RMD).