Raytheon Technologies (NYSE:RTX) Rating Lowered to Neutral at The Goldman Sachs Group

Raytheon Technologies (NYSE:RTXGet Rating) was downgraded by stock analysts at The Goldman Sachs Group from a “buy” rating to a “neutral” rating in a report released on Friday, Marketbeat.com reports. They currently have a $105.00 price target on the stock, down from their prior price target of $115.00. The Goldman Sachs Group’s target price would indicate a potential upside of 6.40% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Credit Suisse Group increased their price objective on Raytheon Technologies from $83.00 to $103.00 and gave the company a “neutral” rating in a research report on Thursday. Wells Fargo & Company reduced their price objective on Raytheon Technologies from $98.00 to $96.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 26th. Morgan Stanley reduced their price objective on Raytheon Technologies from $124.00 to $119.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 26th. Citigroup initiated coverage on Raytheon Technologies in a research report on Thursday, December 8th. They set a “neutral” rating and a $104.00 price target on the stock. Finally, Robert W. Baird reduced their price target on Raytheon Technologies from $117.00 to $106.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 26th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $109.43.

Raytheon Technologies Price Performance

Shares of NYSE RTX opened at $98.68 on Friday. The firm has a market capitalization of $145.07 billion, a P/E ratio of 32.89, a P/E/G ratio of 2.05 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’s 50-day simple moving average is $98.40 and its two-hundred day simple moving average is $92.96. Raytheon Technologies has a twelve month low of $80.27 and a twelve month high of $106.02.

Raytheon Technologies (NYSE:RTXGet Rating) last announced its earnings results on Tuesday, October 25th. The company reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.10. The business had revenue of $16.95 billion for the quarter, compared to analyst estimates of $17.25 billion. Raytheon Technologies had a return on equity of 9.36% and a net margin of 6.76%. The company’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.26 EPS. As a group, equities analysts anticipate that Raytheon Technologies will post 4.76 EPS for the current fiscal year.

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

Insiders Place Their Bets

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 value of $422,421.60. Following the completion of the sale, the chief executive officer now owns 453,685 shares in the company, valued at approximately $44,987,404.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Gregory Hayes sold 4,260 shares of Raytheon Technologies 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 sale, the chief executive officer now directly owns 453,685 shares in the company, valued at $44,987,404.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Christopher T. Calio sold 1,697 shares of Raytheon Technologies stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $94.26, for a total value of $159,959.22. Following the sale, the chief operating officer now owns 44,562 shares in the company, valued at $4,200,414.12. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,506 shares of company stock worth $1,012,702. 0.11% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Raytheon Technologies

Hedge funds have recently made changes to their positions in the company. Capital World Investors boosted its holdings in Raytheon Technologies by 32.8% in the first quarter. Capital World Investors now owns 9,130,557 shares of the company’s stock worth $904,564,000 after acquiring an additional 2,256,475 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of Raytheon Technologies in the third quarter worth $103,133,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Raytheon Technologies by 137.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,110,424 shares of the company’s stock worth $209,080,000 after purchasing an additional 1,220,826 shares during the last quarter. Retirement Systems of Alabama purchased a new position in shares of Raytheon Technologies in the second quarter worth $106,553,000. Finally, Vanguard Group Inc. raised its stake in shares of Raytheon Technologies by 0.6% in the third quarter. Vanguard Group Inc. now owns 123,174,905 shares of the company’s stock worth $10,083,098,000 after purchasing an additional 760,968 shares during the last quarter. 78.83% of the stock is currently owned by 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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Analyst Recommendations for Raytheon Technologies (NYSE:RTX)

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