Covestor Ltd Lowers Holdings in RTX Co. (NYSE:RTX)

Covestor Ltd lowered its holdings in RTX Co. (NYSE:RTX) by 58.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 950 shares of the company’s stock after selling 1,356 shares during the quarter. Covestor Ltd’s holdings in RTX were worth $93,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of RTX. Capital Research Global Investors lifted its position in RTX by 23.7% in the fourth quarter. Capital Research Global Investors now owns 90,430,489 shares of the company’s stock valued at $7,608,822,000 after buying an additional 17,351,313 shares during the last quarter. Capital International Investors increased its stake in shares of RTX by 20.6% during the fourth quarter. Capital International Investors now owns 65,233,410 shares of the company’s stock worth $5,488,752,000 after buying an additional 11,163,222 shares during the period. Norges Bank acquired a new stake in RTX in the fourth quarter valued at approximately $690,154,000. Massachusetts Financial Services Co. MA lifted its stake in RTX by 82.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 15,309,688 shares of the company’s stock worth $1,288,157,000 after acquiring an additional 6,932,011 shares during the last quarter. Finally, Van ECK Associates Corp grew its holdings in RTX by 129.9% during the 4th quarter. Van ECK Associates Corp now owns 4,061,202 shares of the company’s stock worth $341,710,000 after acquiring an additional 2,294,908 shares in the last quarter. Institutional investors and hedge funds own 86.50% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on RTX. Robert W. Baird boosted their target price on shares of RTX from $94.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. UBS Group increased their price objective on RTX from $103.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday, April 24th. Barclays upped their price objective on shares of RTX from $90.00 to $100.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 30th. Susquehanna lifted their target price on RTX from $110.00 to $119.00 and gave the stock a “positive” rating in a research report on Wednesday, April 24th. Finally, Wells Fargo & Company upped their target price on RTX from $119.00 to $141.00 and gave the company an “overweight” rating in a research report on Friday, May 17th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, RTX currently has a consensus rating of “Hold” and an average price target of $98.33.

RTX Stock Performance

NYSE RTX traded up $0.25 during trading hours on Wednesday, hitting $105.22. 2,617,676 shares of the stock were exchanged, compared to its average volume of 7,367,841. RTX Co. has a 12-month low of $68.56 and a 12-month high of $108.65. The stock has a 50-day moving average of $104.10 and a 200 day moving average of $97.87. The company has a market cap of $139.89 billion, a price-to-earnings ratio of 41.16, a price-to-earnings-growth ratio of 1.85 and a beta of 0.82. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.68.

RTX (NYSE:RTX) last posted its quarterly earnings results on Tuesday, April 23rd. The company reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.11. The firm had revenue of $19.30 billion for the quarter, compared to the consensus estimate of $18.44 billion. RTX had a return on equity of 10.81% and a net margin of 4.90%. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.22 earnings per share. As a group, equities research analysts forecast that RTX Co. will post 5.4 earnings per share for the current year.

RTX Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 16th will be issued a $0.63 dividend. The ex-dividend date is Friday, August 16th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.39%. RTX’s dividend payout ratio is presently 98.82%.

Insider Buying and Selling

In related news, CEO Gregory Hayes sold 89,762 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $101.44, for a total value of $9,105,457.28. Following the sale, the chief executive officer now directly owns 636,759 shares of the company’s stock, valued at approximately $64,592,832.96. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Gregory Hayes sold 89,762 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $101.44, for a total transaction of $9,105,457.28. Following the sale, the chief executive officer now owns 636,759 shares in the company, valued at $64,592,832.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Stephen J. Timm sold 19,880 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $105.72, for a total value of $2,101,713.60. Following the completion of the sale, the insider now directly owns 149,050 shares in the company, valued at $15,757,566. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 119,937 shares of company stock valued at $12,256,952. Corporate insiders own 0.13% of the company’s stock.

RTX Profile

RTX Corporation, an aerospace and defense company, provides systems and services for the commercial, military, and government customers in the United States and internationally. It operates through three segments: Collins Aerospace, Pratt & Whitney, and Raytheon. The Collins Aerospace Systems segment offers aerospace and defense products, and aftermarket service solutions for civil and military aircraft manufacturers and commercial airlines, as well as regional, business, and general aviation, defense, and commercial space operations.