Zuckerman Investment Group LLC Makes New Investment in Raytheon Technologies Co. (NYSE:RTX)

Zuckerman Investment Group LLC purchased a new position in Raytheon Technologies Co. (NYSE:RTX – Get Rating) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 8,068 shares of the company’s stock, valued at approximately $660,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Corundum Group Inc. purchased a new stake in Raytheon Technologies during the 3rd quarter valued at about $250,000. Cetera Advisor Networks LLC boosted its position in Raytheon Technologies by 19.9% in the second quarter. Cetera Advisor Networks LLC now owns 117,595 shares of the company’s stock valued at $11,302,000 after buying an additional 19,549 shares during the last quarter. Bogart Wealth LLC increased its holdings in Raytheon Technologies by 12.3% in the 2nd quarter. Bogart Wealth LLC now owns 1,303 shares of the company’s stock worth $125,000 after buying an additional 143 shares during the period. ARGI Investment Services LLC raised its position in Raytheon Technologies by 23.7% during the 2nd quarter. ARGI Investment Services LLC now owns 14,548 shares of the company’s stock worth $1,398,000 after buying an additional 2,786 shares during the last quarter. Finally, Sanford Advisory Services LLC raised its position in Raytheon Technologies by 40.1% during the 2nd quarter. Sanford Advisory Services LLC now owns 3,167 shares of the company’s stock worth $304,000 after buying an additional 906 shares during the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on RTX shares. Robert W. Baird cut their price objective on shares of Raytheon Technologies from $117.00 to $106.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 26th. Royal Bank of Canada increased their price target on Raytheon Technologies from $107.00 to $110.00 in a research report on Wednesday. StockNews.com raised Raytheon Technologies from a “hold” rating to a “buy” rating in a report on Thursday, October 20th. Citigroup assumed coverage on Raytheon Technologies in a report on Thursday, December 8th. They set a “neutral” rating and a $104.00 target price on the stock. Finally, Wells Fargo & Company boosted their price target on Raytheon Technologies from $96.00 to $107.00 in a report on Wednesday. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $110.50.

Insider Transactions at Raytheon Technologies

In related news, CEO Gregory Hayes sold 4,260 shares of Raytheon Technologies stock in a transaction dated Friday, December 2nd. The stock was sold at an average price of $99.16, for a total value of $422,421.60. Following the sale, the chief executive officer now directly owns 453,685 shares in the company, valued at approximately $44,987,404.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Raytheon Technologies news, CEO Gregory Hayes sold 4,260 shares of the stock in a transaction that occurred on Friday, December 2nd. The stock was sold at an average price of $99.16, for a total transaction of $422,421.60. Following the completion of the transaction, the chief executive officer now owns 453,685 shares of the company’s stock, valued at $44,987,404.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Shane G. Eddy sold 3,343 shares of Raytheon Technologies stock in a transaction that occurred on Thursday, November 3rd. The stock was sold at an average price of $95.53, for a total value of $319,356.79. Following the completion of the sale, the insider now directly owns 24,176 shares in the company, valued at $2,309,533.28. The disclosure for this sale can be found here. Insiders sold 10,506 shares of company stock valued at $1,012,702 over the last 90 days. Corporate insiders own 0.11% of the company’s stock.

Raytheon Technologies Price Performance

Shares of Raytheon Technologies stock traded down $0.27 on Wednesday, reaching $99.20. The company’s stock had a trading volume of 635,421 shares, compared to its average volume of 5,131,320. Raytheon Technologies Co. has a 52-week low of $80.27 and a 52-week high of $108.84. The company has a market capitalization of $145.83 billion, a P/E ratio of 33.00, a PEG ratio of 1.98 and a beta of 1.03. The company has a quick ratio of 0.82, a current ratio of 1.09 and a debt-to-equity ratio of 0.43. The stock has a 50-day moving average price of $98.58 and a 200-day moving average price of $93.04.

Raytheon Technologies (NYSE:RTX – Get Rating) last issued its quarterly earnings results on Tuesday, January 24th. The company reported $1.27 EPS for the quarter, topping the consensus estimate of $1.24 by $0.03. The company had revenue of $18.09 billion during the quarter, compared to analyst estimates of $18.16 billion. Raytheon Technologies had a net margin of 6.76% and a return on equity of 9.36%. The firm’s revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.08 EPS. Analysts expect that Raytheon Technologies Co. will post 4.76 EPS for the current year.

Raytheon Technologies declared that its board has authorized a stock buyback program on Monday, December 12th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 4.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Raytheon Technologies Company Profile

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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.