StrongBox Wealth LLC Makes New $1.04 Million Investment in Raytheon Technologies Corp (NYSE:RTX)

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StrongBox Wealth LLC purchased a new position in Raytheon Technologies Corp (NYSE:RTX) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 16,856 shares of the company’s stock, valued at approximately $1,039,000.

A number of other institutional investors also recently made changes to their positions in RTX. Dalton Greiner Hartman Maher & Co. purchased a new position in shares of Raytheon Technologies during the second quarter valued at approximately $1,773,000. Hexavest Inc. purchased a new position in shares of Raytheon Technologies during the second quarter valued at approximately $2,709,000. Envestnet Asset Management Inc. purchased a new position in shares of Raytheon Technologies during the second quarter valued at approximately $100,841,000. Old Port Advisors purchased a new position in shares of Raytheon Technologies during the second quarter valued at approximately $274,000. Finally, North Star Investment Management Corp. purchased a new position in shares of Raytheon Technologies during the first quarter valued at approximately $323,000. 78.95% of the stock is currently owned by institutional investors and hedge funds.

RTX traded down $0.78 during midday trading on Friday, reaching $56.68. The company had a trading volume of 11,445,378 shares, compared to its average volume of 8,218,439. The company has a quick ratio of 0.87, a current ratio of 1.20 and a debt-to-equity ratio of 0.48. The business has a 50-day moving average of $62.31 and a two-hundred day moving average of $110.62. The company has a market cap of $49.09 billion, a P/E ratio of 9.08, a P/E/G ratio of 1.54 and a beta of 0.85. Raytheon Technologies Corp has a 1 year low of $40.72 and a 1 year high of $93.47.

Raytheon Technologies (NYSE:RTX) last released its earnings results on Tuesday, July 28th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.30. Raytheon Technologies had a positive return on equity of 11.59% and a negative net margin of 2.28%. The firm had revenue of $14.06 billion during the quarter, compared to analysts’ expectations of $13.39 billion. The business’s quarterly revenue was up 24.1% compared to the same quarter last year. On average, equities research analysts predict that Raytheon Technologies Corp will post 3.12 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Friday, August 14th will be given a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a dividend yield of 3.35%. The ex-dividend date is Thursday, August 13th. Raytheon Technologies’s dividend payout ratio is currently 23.00%.

Several equities analysts have recently issued reports on RTX shares. JPMorgan Chase & Co. boosted their target price on Raytheon Technologies from $70.00 to $72.00 and gave the company a “neutral” rating in a research note on Wednesday. Credit Suisse Group restated a “buy” rating and set a $81.00 price target on shares of Raytheon Technologies in a research report on Wednesday. Cowen lifted their price target on Raytheon Technologies from $65.00 to $71.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. Vertical Research upgraded Raytheon Technologies from a “hold” rating to a “buy” rating and lifted their price target for the company from $52.00 to $77.00 in a research report on Friday, July 10th. Finally, TheStreet lowered Raytheon Technologies from a “b” rating to a “c” rating in a research report on Wednesday, May 13th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $94.47.

About Raytheon Technologies

Raytheon Technologies Corporation, an aerospace and defense company, provides advanced systems and services for commercial, military, and government customers worldwide. It operates through four segments: Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense.

Further Reading: Capital Gains Distribution

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

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