By Colin Kellaher

Raytheon Technologies Corp. on Tuesday said its board authorized the repurchase of up to $6 billion of common stock.

The Waltham, Mass., defense giant, which has about 1.5 billion shares outstanding, sports a market capitalization topping $125 billion based on Tuesday's closing price of $85.01.

Raytheon, which bought back $1 billion worth of stock during the third quarter, said the new authorization replaces a $5 billion repurchase program the board approved last December.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

December 07, 2021 16:46 ET (21:46 GMT)

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