Analysts Set Raytheon Technologies Co. (NYSE:RTX) Price Target at $96.92

Shares of Raytheon Technologies Co. (NYSE:RTX) have been assigned an average recommendation of “Buy” from the sixteen brokerages that are covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $96.92.

RTX has been the subject of a number of research reports. Susquehanna upped their target price on shares of Raytheon Technologies from $97.00 to $105.00 and gave the company a “positive” rating in a report on Wednesday, July 28th. Argus upgraded shares of Raytheon Technologies from a “hold” rating to a “buy” rating and set a $100.00 price target on the stock in a research note on Thursday, July 29th. Benchmark reiterated a “hold” rating on shares of Raytheon Technologies in a research note on Wednesday, August 25th. Jefferies Financial Group boosted their price target on shares of Raytheon Technologies from $95.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday, June 3rd. Finally, TheStreet upgraded shares of Raytheon Technologies from a “c+” rating to a “b-” rating in a research note on Tuesday, July 27th.

Shares of NYSE:RTX traded up $0.58 on Wednesday, reaching $87.74. The company’s stock had a trading volume of 137,488 shares, compared to its average volume of 6,210,277. The stock’s 50-day moving average is $85.38 and its two-hundred day moving average is $84.01. Raytheon Technologies has a 52-week low of $51.92 and a 52-week high of $89.98. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.17 and a quick ratio of 0.90. The stock has a market capitalization of $132.30 billion, a P/E ratio of 60.53, a PEG ratio of 1.56 and a beta of 1.45.

Raytheon Technologies (NYSE:RTX) last announced its earnings results on Monday, July 26th. The company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates 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 in the prior year, the company earned $0.39 earnings per share. The business’s revenue was up 12.9% compared to the same quarter last year. Equities analysts forecast that Raytheon Technologies will post 4.04 earnings per share for the current fiscal year.

In related news, insider Wesley D. Kremer sold 5,512 shares of the company’s stock in a transaction that occurred on Wednesday, August 4th. The shares were sold at an average price of $86.82, for a total transaction of $478,551.84. Following the transaction, the insider now owns 73,519 shares of the company’s stock, valued at $6,382,919.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert Kelly Ortberg sold 60,000 shares of the company’s stock in a transaction that occurred on Thursday, July 15th. The shares were sold at an average price of $85.10, for a total transaction of $5,106,000.00. Following the transaction, the director now directly owns 101,704 shares in the company, valued at approximately $8,655,010.40. The disclosure for this sale can be found here. Corporate insiders own 0.11% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in RTX. Sowell Financial Services LLC raised its stake in Raytheon Technologies by 5.3% during the first quarter. Sowell Financial Services LLC now owns 23,518 shares of the company’s stock worth $1,992,000 after purchasing an additional 1,184 shares during the period. Gerber Kawasaki Wealth & Investment Management purchased a new position in Raytheon Technologies during the first quarter worth approximately $202,000. 1ST Source Bank raised its stake in Raytheon Technologies by 2.3% during the first quarter. 1ST Source Bank now owns 23,736 shares of the company’s stock worth $1,834,000 after purchasing an additional 526 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in Raytheon Technologies by 8.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 228,805 shares of the company’s stock worth $17,680,000 after purchasing an additional 18,028 shares during the period. Finally, Advisors Asset Management Inc. raised its stake in Raytheon Technologies by 4.5% during the first quarter. Advisors Asset Management Inc. now owns 178,310 shares of the company’s stock worth $13,778,000 after purchasing an additional 7,668 shares during the period. 78.21% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Raytheon Technologies (NYSE:RTX)

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