Eastern Bank reduced its stake in shares of Raytheon Technologies Co. (NYSE:RTX – Get Rating) by 17.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 234,873 shares of the company's stock after selling 50,782 shares during the period. Eastern Bank's holdings in Raytheon Technologies were worth $22,574,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Successful Portfolios LLC boosted its position in Raytheon Technologies by 1.9% during the first quarter. Successful Portfolios LLC now owns 5,075 shares of the company's stock valued at $503,000 after purchasing an additional 97 shares during the last quarter. Prosperity Consulting Group LLC lifted its holdings in shares of Raytheon Technologies by 0.9% in the first quarter. Prosperity Consulting Group LLC now owns 11,290 shares of the company's stock valued at $1,118,000 after purchasing an additional 103 shares in the last quarter. Beaird Harris Wealth Management LLC increased its holdings in Raytheon Technologies by 7.1% during the first quarter. Beaird Harris Wealth Management LLC now owns 1,655 shares of the company's stock worth $164,000 after buying an additional 109 shares during the last quarter. Naples Global Advisors LLC boosted its holdings in shares of Raytheon Technologies by 0.3% during the first quarter. Naples Global Advisors LLC now owns 36,950 shares of the company's stock worth $3,661,000 after acquiring an additional 111 shares during the period. Finally, NCM Capital Management LLC lifted its position in Raytheon Technologies by 1.5% during the first quarter. NCM Capital Management LLC now owns 7,514 shares of the company's stock worth $744,000 after purchasing an additional 112 shares during the period. 79.89% of the stock is owned by hedge funds and other institutional investors.
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Analysts Set New Price Targets
A number of equities research analysts have commented on the stock. Vertical Research decreased their price target on shares of Raytheon Technologies to $120.00 and set an "outperform" rating for the company in a research note on Wednesday, July 27th. StockNews.com upgraded shares of Raytheon Technologies from a "hold" rating to a "buy" rating in a report on Thursday, August 4th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Raytheon Technologies presently has a consensus rating of "Moderate Buy" and a consensus target price of $114.10.
Raytheon Technologies Price Performance
Raytheon Technologies stock opened at $83.30 on Thursday. The company has a quick ratio of 0.83, a current ratio of 1.10 and a debt-to-equity ratio of 0.43. The stock has a market cap of $122.60 billion, a price-to-earnings ratio of 27.86, a P/E/G ratio of 1.67 and a beta of 1.04. The business's 50-day simple moving average is $90.05 and its 200 day simple moving average is $94.14. Raytheon Technologies Co. has a 12-month low of $79.00 and a 12-month high of $106.02.
Raytheon Technologies (NYSE:RTX – Get Rating) last released its earnings results on Tuesday, July 26th. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.12 by $0.04. The business had revenue of $16.31 billion during the quarter, compared to analysts' expectations of $16.61 billion. Raytheon Technologies had a return on equity of 9.48% and a net margin of 6.84%. The firm's revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.03 earnings per share. As a group, research analysts anticipate that Raytheon Technologies Co. will post 4.66 earnings per share for the current year.
About Raytheon Technologies
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Raytheon Technologies Corporation, an aerospace and defense company, provides systems and services for the commercial, military, and government customers worldwide. It operates through four segments: Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense.
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