Cowen Raises Raytheon Technologies (NYSE:RTX) Price Target to $120.00

Raytheon Technologies (NYSE:RTX – Get Rating) had its target price boosted by investment analysts at Cowen from $115.00 to $120.00 in a research report issued to clients and investors on Wednesday, The Fly reports. Cowen’s price objective would indicate a potential upside of 20.98% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. Royal Bank of Canada assumed coverage on Raytheon Technologies in a research note on Friday, April 8th. They issued an “outperform” rating and a $125.00 target price for the company. Robert W. Baird raised their target price on Raytheon Technologies from $100.00 to $106.00 in a report on Wednesday, January 26th. StockNews.com assumed coverage on Raytheon Technologies in a research report on Thursday, March 31st. They set a “buy” rating for the company. Wells Fargo & Company decreased their price target on shares of Raytheon Technologies from $97.00 to $96.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 26th. Finally, Morgan Stanley lifted their price objective on shares of Raytheon Technologies from $118.00 to $124.00 and gave the company an “overweight” rating in a report on Wednesday, March 2nd. Three analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $106.33.

Shares of NYSE RTX opened at $99.19 on Wednesday. The stock has a market cap of $147.82 billion, a PE ratio of 38.60, a PEG ratio of 2.08 and a beta of 1.24. The business has a fifty day moving average of $99.48 and a two-hundred day moving average of $92.33. Raytheon Technologies has a 52-week low of $79.00 and a 52-week high of $106.02. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.93 and a current ratio of 1.19.

Raytheon Technologies (NYSE:RTX – Get Rating) last released its earnings results on Tuesday, April 26th. The company reported $1.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.13. The firm had revenue of $15.72 billion for the quarter, compared to analysts’ expectations of $15.83 billion. Raytheon Technologies had a return on equity of 8.78% and a net margin of 6.00%. The business’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.90 EPS. Analysts predict that Raytheon Technologies will post 4.79 earnings per share for the current year.

In related news, insider Wesley D. Kremer sold 15,083 shares of Raytheon Technologies stock in a transaction on Thursday, February 17th. The shares were sold at an average price of $93.92, for a total value of $1,416,595.36. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Tracy A. Atkinson sold 5,340 shares of the company’s stock in a transaction dated Friday, February 18th. The stock was sold at an average price of $93.63, for a total transaction of $499,984.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,749 shares of company stock valued at $3,344,416. Corporate insiders own 0.11% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Capital Research Global Investors increased its position in shares of Raytheon Technologies by 13.4% in the fourth quarter. Capital Research Global Investors now owns 59,603,906 shares of the company’s stock valued at $5,129,511,000 after buying an additional 7,030,375 shares in the last quarter. Capital International Investors raised its position in shares of Raytheon Technologies by 4.8% during the 4th quarter. Capital International Investors now owns 36,734,748 shares of the company’s stock worth $3,161,345,000 after acquiring an additional 1,672,755 shares in the last quarter. Morgan Stanley increased its position in Raytheon Technologies by 1.3% during the third quarter. Morgan Stanley now owns 24,162,676 shares of the company’s stock worth $2,077,023,000 after buying an additional 301,445 shares during the period. Geode Capital Management LLC increased its holdings in shares of Raytheon Technologies by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 23,677,266 shares of the company’s stock valued at $2,031,633,000 after purchasing an additional 457,386 shares during the period. Finally, Invesco Ltd. boosted its position in Raytheon Technologies by 13.7% during the third quarter. Invesco Ltd. now owns 17,788,165 shares of the company’s stock worth $1,529,070,000 after purchasing an additional 2,149,110 shares in the last quarter. 78.57% of the stock is owned by hedge funds and other institutional investors.

Raytheon Technologies Company Profile (Get Rating)

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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