Raytheon Technologies Sees Unusually High Options Volume (NYSE:RTX)

Technology News

Raytheon Technologies Co. (NYSE:RTX – Get Rating) was the target of unusually large options trading activity on Monday. Traders acquired 26,590 call options on the company. This is an increase of 89% compared to the typical daily volume of 14,099 call options.

Raytheon Technologies Stock Performance

Shares of Raytheon Technologies stock opened at $96.25 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.09 and a quick ratio of 0.82. The firm has a market cap of $141.49 billion, a P/E ratio of 32.08, a P/E/G ratio of 1.94 and a beta of 1.03. The firm has a 50 day simple moving average of $98.51 and a 200 day simple moving average of $93.00. Raytheon Technologies has a fifty-two week low of $80.27 and a fifty-two week high of $106.02.

Raytheon Technologies (NYSE:RTX – Get Rating) last issued its quarterly earnings results on Tuesday, October 25th. The company reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.10. Raytheon Technologies had a net margin of 6.76% and a return on equity of 9.36%. The business had revenue of $16.95 billion during the quarter, compared to analyst estimates of $17.25 billion. During the same quarter last year, the business posted $1.26 earnings per share. Raytheon Technologies’ revenue for the quarter was up 4.6% compared to the same quarter last year. Sell-side analysts predict that Raytheon Technologies will post 4.76 earnings per share for the current fiscal year.

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Raytheon Technologies declared that its Board of Directors has initiated a share repurchase plan on Monday, December 12th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 4.1% of its shares through open market purchases. Share repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Raytheon Technologies

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

Hedge Funds Weigh In On Raytheon Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in RTX. Sanders Morris Harris LLC boosted its stake in Raytheon Technologies by 1.0% in the 4th quarter. Sanders Morris Harris LLC now owns 9,720 shares of the company’s stock worth $981,000 after purchasing an additional 100 shares in the last quarter. Leisure Capital Management grew its holdings in Raytheon Technologies by 2.9% during the 3rd quarter. Leisure Capital Management now owns 3,757 shares of the company’s stock valued at $308,000 after buying an additional 105 shares in the last quarter. Oliver Lagore Vanvalin Investment Group grew its holdings in Raytheon Technologies by 6.6% during the 3rd quarter. Oliver Lagore Vanvalin Investment Group now owns 1,723 shares of the company’s stock valued at $141,000 after buying an additional 107 shares in the last quarter. KRS Capital Management LLC boosted its position in shares of Raytheon Technologies by 3.0% during the 4th quarter. KRS Capital Management LLC now owns 3,701 shares of the company’s stock valued at $374,000 after acquiring an additional 107 shares during the last quarter. Finally, Town & Country Bank & Trust CO dba First Bankers Trust CO boosted its position in shares of Raytheon Technologies by 1.6% during the 4th quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 6,821 shares of the company’s stock valued at $688,000 after acquiring an additional 109 shares during the last quarter. 78.83% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equity research analysts have issued reports on the stock. Citigroup assumed coverage on shares of Raytheon Technologies in a report on Thursday, December 8th. They set a “neutral” rating and a $104.00 price target for the company. Robert W. Baird decreased their price target on shares of Raytheon Technologies from $117.00 to $106.00 and set an “outperform” rating for the company in a report on Wednesday, October 26th. Wolfe Research assumed coverage on shares of Raytheon Technologies in a research note on Monday, October 10th. They issued a “peer perform” rating for the company. The Goldman Sachs Group cut shares of Raytheon Technologies from a “buy” rating to a “neutral” rating and reduced their target price for the company from $115.00 to $105.00 in a research note on Friday, January 13th. Finally, JPMorgan Chase & Co. increased their target price on shares of Raytheon Technologies from $102.00 to $107.00 and gave the company an “overweight” rating in a research note on Monday, December 12th. Five research 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 stock currently has a consensus rating of “Moderate Buy” and an average target price of $109.14.

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.

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