Top 5 Stock Picks of Peter Avellone’s Cartenna Capital

3. Raytheon Technologies Corporation (NYSE: RTX)

Avellone’s Stake Value: $14,588,000
Percentage of Peter Avellone’s 13F Portfolio: 4.17%
Number of Hedge Fund Holders: 53

Raytheon Technologies Corporation (NYSE: RTX) is a defense and aerospace business that delivers products and services to commercial, military, and government clients worldwide. It was founded in 2020 and ranks third on the list of top 10 stock picks of Peter Avellone’s Cartenna Capital.

On August 13, The US Department of Defense awarded Raytheon Technologies Corporation (NYSE: RTX) a $960 million indefinite-delivery/indefinite-quantity (IDIQ) contract. On July 28, Raytheon Missiles and Defense, one of four business segments of Raytheon Technologies Corporation (NYSE: RTX), was granted a $482.9 million modification to contract FA8675-21-C-0034 for Production Lot 35 of the Advanced Medium-Range Air-to-Air Missile (AMRAAM).

Cartenna Capital holds more than 171,000 shares in Raytheon Technologies Corporation (NYSE: RTX), worth $14.59 million. This represents 4.17% of their portfolio. Raytheon Technologies Corporation (NYSE: RTX) saw a decrease in hedge fund sentiment recently. The number of hedge fund positions declined to 53 in the second quarter of 2021 compared to 58 positions in the previous quarter.

ClearBridge Investments, in its second-quarter 2021 investor letter, mentioned Raytheon Technologies Corporation (NYSE: RTX). Here is what the fund has to say about Raytheon Technologies in its letter:

“Broader market leadership was a relative benefit for the ClearBridge Large Cap Value Strategy, which outperformed the Russell 1000 Value Index in the second quarter… Separately, Raytheon Technologies benefited from an improving health outlook that is contributing to a faster than anticipated recovery in air travel, which should drive stronger results for Raytheon’s commercial aerospace business.”