Raytheon Technologies (NYSE:RTX) Board Authorizes Stock Buyback Plan

Raytheon Technologies (NYSE:RTX) Board Authorizes Stock Buyback Plan

Raytheon Technologies (NYSE:RTX – Get Rating) announced that its Board of Directors has approved a share buyback program on Monday, December 12th, RTT News reports. The company plans to repurchase $6.00 billion in shares. This repurchase authorization permits the company to buy up to 4.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on RTX shares. Royal Bank of Canada cut their price objective on Raytheon Technologies from $107.00 to $102.00 and set an “outperform” rating for the company in a report on Wednesday, October 26th. Wolfe Research started coverage on Raytheon Technologies in a report on Monday, October 10th. They set a “peer performing” rating for the company. Morgan Stanley decreased their price objective on Raytheon Technologies from $124.00 to $119.00 and set an “overweight” rating for the company in a research note on Wednesday, October 26th. Wells Fargo & Company lowered their target price on shares of Raytheon Technologies from $98.00 to $96.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 26th. Finally, JPMorgan Chase & Co. Raised their price target on Raytheon Technologies from $102.00 to $107.00 and gave the stock an “overweight” rating in a research report on Monday. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $108.23.

Raytheon Technologies Price Performance

Shares of Raytheon Technologies stock opened at $99.56 on Tuesday. The company’s fifty day simple moving average is $92.99 and its two-hundred day simple moving average is $92.03. The firm has a market cap of $146.36 billion, a PE ratio of 33.19, a price-to-earnings-growth ratio of 2.18 and a beta of 1.07. The company has a quick ratio of 0.82, a current ratio of 1.09 and a debt-to-equity ratio of 0.43. Raytheon Technologies has a 12-month low of $79.69 and a 12-month high of $106.02.

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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, topping the consensus estimate of $1.11 by $0.10. The company had revenue of $16.95 billion for the quarter, compared to analysts’ expectations of $17.25 billion. Raytheon Technologies has a return on equity of 9.36% and a net margin of 6.76%. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.26 earnings per share. As a group, equity analysts expect that Raytheon Technologies will post 4.76 EPS for the current year.

Raytheon Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Friday, November 18th will be given a $0.55 dividend. The ex-dividend date of this dividend is Thursday, November 17th. This represents a $2.20 annualized dividend and a yield of 2.21%. Raytheon Technologies’s payout ratio is 73.33%.

Insider Transactions at Raytheon Technologies

In other news, EVP Dantaya M. Williams sold 1,206 shares of the business’s stock in a transaction dated Thursday, October 27th. The stock was sold at an average price of $92.01, for a total value of $110,964.06. Following the transaction, the executive vice president now directly owns 10,596 shares in the company, valued at $974,937.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Raytheon Technologies news, COO Christopher T. Calio sold 1,697 shares of the stock in a transaction on Monday, October 31st. The stock was sold at an average price of $94.26, for a total transaction of $159,959.22. Following the sale, the chief operating officer now owns 44,562 shares of the company’s stock, valued at approximately $4,200,414.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed via this hyperlink. Also, EVP Dantaya M. Williams sold 1,206 shares of the stock in a transaction that occurred on Thursday, October 27th. The shares were sold at an average price of $92.01, for a total transaction of $110,964.06. Following the sale, the executive vice president now directly owns 10,596 shares of the company’s stock, valued at approximately $974,937.96. The disclosure for this sale can be found here. Insiders have sold 10,506 shares of company stock worth $1,012,702 in the last 90 days. 0.11% of the stock is currently owned by insiders.

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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