Fruth Investment Management lowered its position in shares of Raytheon Technologies Co. (NYSE:RTX) by 2.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 7,636 shares of the company’s stock after selling 200 shares during the period. Fruth Investment Management’s holdings in Raytheon Technologies were worth $546,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. FMR LLC bought a new position in shares of Raytheon Technologies in the 2nd quarter worth about $465,697,000. Neuberger Berman Group LLC purchased a new stake in Raytheon Technologies in the second quarter worth about $150,566,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Raytheon Technologies by 9,205.1% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,397,001 shares of the company’s stock valued at $137,923,000 after purchasing an additional 2,371,241 shares in the last quarter. Principal Financial Group Inc. bought a new position in shares of Raytheon Technologies during the second quarter valued at approximately $130,436,000. Finally, Morgan Stanley lifted its holdings in shares of Raytheon Technologies by 9.5% during the third quarter. Morgan Stanley now owns 20,959,745 shares of the company’s stock valued at $1,206,025,000 after purchasing an additional 1,819,900 shares during the last quarter. Hedge funds and other institutional investors own 74.47% of the company’s stock.

A number of research analysts have issued reports on RTX shares. JPMorgan Chase & Co. lifted their price objective on Raytheon Technologies from $79.00 to $85.00 and gave the company an “overweight” rating in a research note on Tuesday, December 15th. BidaskClub cut shares of Raytheon Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, December 17th. The Goldman Sachs Group raised shares of Raytheon Technologies from a “buy” rating to a “conviction-buy” rating in a research report on Sunday, September 20th. ValuEngine raised shares of Raytheon Technologies from a “sell” rating to a “hold” rating in a report on Tuesday, November 3rd. Finally, Credit Suisse Group cut their price target on shares of Raytheon Technologies from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, October 28th. One analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $86.78.

In related news, CEO Gregory Hayes purchased 55,000 shares of the business’s stock in a transaction on Wednesday, October 28th. The stock was acquired at an average price of $54.82 per share, with a total value of $3,015,100.00. Following the completion of the acquisition, the chief executive officer now owns 235,365 shares of the company’s stock, valued at approximately $12,902,709.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Frank R. Jimenez purchased 1,000 shares of Raytheon Technologies stock in a transaction on Thursday, October 29th. The stock was bought at an average price of $52.57 per share, with a total value of $52,570.00. Following the transaction, the executive vice president now owns 61,113 shares of the company’s stock, valued at $3,212,710.41. The disclosure for this purchase can be found here. Insiders bought a total of 84,591 shares of company stock valued at $4,567,268 over the last 90 days. 0.18% of the stock is currently owned by company insiders.

Raytheon Technologies stock opened at $70.50 on Thursday. Raytheon Technologies Co. has a one year low of $40.72 and a one year high of $93.47. The stock has a fifty day moving average of $71.46 and a 200 day moving average of $63.77. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.91 and a current ratio of 1.20. The stock has a market cap of $107.07 billion, a PE ratio of 8.54, a price-to-earnings-growth ratio of 1.79 and a beta of 1.23.

Raytheon Technologies (NYSE:RTX) last released its quarterly earnings results on Tuesday, October 27th. The company reported $0.58 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.08. The firm had revenue of $15.05 billion during the quarter, compared to analyst estimates of $15.16 billion. Raytheon Technologies had a negative net margin of 2.28% and a positive return on equity of 11.59%. The business’s revenue for the quarter was up 32.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.27 EPS. As a group, sell-side analysts predict that Raytheon Technologies Co. will post 2.86 EPS for the current fiscal year.

Raytheon Technologies declared that its board has authorized a share buyback program on Monday, December 7th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the company to repurchase up to 4.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Raytheon Technologies Profile

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

Further Reading: What is the price-to-earnings growth (PEG) ratio?

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

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