5 Best Space Stocks to Buy Now

2. Raytheon Technologies, Corporation (NYSE:RTX)

No of HFs: 55

Total Value of HF Holdings: $2.98 Billion

RTX was mentioned in the Top 10 Stocks New Mets Owner Steve Cohen Was Buying in Q3. The top hedge fund holder of this stock is Eric W. Mandelbatt’s Soroban Capital Partners, which had over $801 million, invested in the stock at the end of September. An insider purchased 1,000 shares at around $52. The stock is up more than 34% since then.

Check out this article, where Third Point talked about the stock:

“We  are  pleased  that  the  Board  of  Directors  decided  to  split  United  Technologies Corp. (“UTC”) into three separate, focused companies. Unfortunately,  the  initial  announcement caused  confusion  and  created  uncertainty  about  the  free  cash  flow  generation  of  newly-acquired Rockwell Collins. We believe management has largely rectified this by shortening the time to separation and providing better disclosure on Rockwell Collins’s free cash flow generation. We have urged management to quantify the elimination of stranded costs and explore  a  highly  value-creating  transaction  for  Carrier, and  believe  they  are  receptive  to these suggestions. Despite the separation announcement, UTC’s sum-of-the-parts  discount  has  continued  to widen  and  the  valuation  gap  versus  UTC’s  closest  multi-industry   peer,   Honeywell International, has reached a new 10-year high. The coming separation will shine a greater spotlight on the large valuation gap to UTC’s pure-play peers. During the separation process, we  expect  the  management  team  to  highlight  UTC’s  asset  quality  and  to  increase transparency  around  Pratt & Whitney’s very significant multi-year  inflection  in  free  cash flow generation.