Raytheon Technologies (NYSE:RTX) Cut to Hold at Argus

Argus downgraded shares of Raytheon Technologies (NYSE:RTX) from a buy rating to a hold rating in a research note issued to investors on Wednesday, Briefing.com Automated Import reports.

A number of other research analysts also recently commented on the company. Bank of America reiterated a buy rating and issued a $95.00 price objective on shares of Raytheon Technologies in a report on Thursday, April 9th. ValuEngine upgraded shares of Raytheon Technologies from a sell rating to a hold rating in a research report on Thursday, July 2nd. Sanford C. Bernstein assumed coverage on shares of Raytheon Technologies in a research report on Tuesday, April 7th. They issued a market perform rating and a $62.00 price target for the company. Barclays reiterated a buy rating and set a $70.00 target price on shares of Raytheon Technologies in a research report on Thursday, April 9th. Finally, Susquehanna Bancshares raised their price target on Raytheon Technologies from $66.00 to $74.00 in a research note on Friday, July 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company. The company has an average rating of Buy and a consensus price target of $94.47.

Raytheon Technologies stock traded down $0.78 during trading on Wednesday, reaching $56.68. The stock 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. Raytheon Technologies has a 52-week low of $40.72 and a 52-week high of $93.47. The stock has a market cap of $49.09 billion, a PE ratio of 9.08, a P/E/G ratio of 1.54 and a beta of 0.85. The business has a 50 day moving average price of $62.31 and a 200 day moving average price of $110.62.

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

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.475 per share. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 3.35%. Raytheon Technologies’s dividend payout ratio (DPR) is presently 23.00%.

Several institutional investors and hedge funds have recently made changes to their positions in the company. TFG Advisers LLC purchased a new stake in Raytheon Technologies during the fourth quarter worth about $25,000. Kessler Investment Group LLC purchased a new position in Raytheon Technologies in the second quarter valued at about $26,000. Financial Management Professionals Inc. acquired a new stake in shares of Raytheon Technologies during the 2nd quarter valued at approximately $27,000. Harvest Group Wealth Management LLC boosted its stake in shares of Raytheon Technologies by 77.6% during the 2nd quarter. Harvest Group Wealth Management LLC now owns 460 shares of the company’s stock worth $28,000 after acquiring an additional 201 shares in the last quarter. Finally, Larson Financial Group LLC grew its holdings in shares of Raytheon Technologies by 159.3% in the 1st quarter. Larson Financial Group LLC now owns 280 shares of the company’s stock worth $37,000 after acquiring an additional 172 shares during the period. Institutional investors and hedge funds own 78.95% of the company’s stock.

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.

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Analyst Recommendations for Raytheon Technologies (NYSE:RTX)

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