Meridian Investment Counsel Inc. Reduces Stock Position in RTX Co. (NYSE:RTX)

Meridian Investment Counsel Inc. lessened its stake in shares of RTX Co. (NYSE:RTX) by 8.4% in the second quarter, HoldingsChannel reports. The firm owned 7,530 shares of the company’s stock after selling 695 shares during the quarter. Meridian Investment Counsel Inc.’s holdings in RTX were worth $756,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. RFG Advisory LLC lifted its position in RTX by 96.1% during the 1st quarter. RFG Advisory LLC now owns 40,354 shares of the company’s stock worth $3,936,000 after acquiring an additional 19,779 shares in the last quarter. TCW Group Inc. purchased a new stake in RTX during the 4th quarter worth approximately $1,912,000. Robinson Smith Wealth Advisors LLC purchased a new stake in RTX during the 4th quarter worth approximately $672,000. Mather Group LLC. increased its holdings in RTX by 8.5% during the 4th quarter. Mather Group LLC. now owns 13,703 shares of the company’s stock worth $1,153,000 after purchasing an additional 1,079 shares during the last quarter. Finally, AllGen Financial Advisors Inc. increased its holdings in shares of RTX by 12.8% in the 4th quarter. AllGen Financial Advisors Inc. now owns 32,325 shares of the company’s stock valued at $2,720,000 after acquiring an additional 3,657 shares during the last quarter. Hedge funds and other institutional investors own 86.50% of the company’s stock.

Insider Transactions at RTX

In other news, Chairman Gregory Hayes sold 134,887 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $117.74, for a total value of $15,881,595.38. Following the transaction, the chairman now directly owns 566,723 shares in the company, valued at approximately $66,725,966.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman Gregory Hayes sold 134,887 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $117.74, for a total value of $15,881,595.38. Following the sale, the chairman now directly owns 566,723 shares in the company, valued at $66,725,966.02. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Amy L. Johnson sold 6,734 shares of the business’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $113.88, for a total value of $766,867.92. Following the completion of the sale, the vice president now owns 12,318 shares in the company, valued at $1,402,773.84. The disclosure for this sale can be found here. Insiders have sold 178,333 shares of company stock worth $20,861,880 in the last three months. Insiders own 0.13% of the company’s stock.

RTX Price Performance

RTX stock traded up $0.40 during midday trading on Monday, reaching $118.35. 4,430,208 shares of the company’s stock traded hands, compared to its average volume of 7,288,162. The company has a 50-day simple moving average of $107.39 and a two-hundred day simple moving average of $101.40. RTX Co. has a 1-year low of $68.56 and a 1-year high of $118.99. The company has a market cap of $157.35 billion, a price-to-earnings ratio of 46.40, a PEG ratio of 2.08 and a beta of 0.82. The company has a quick ratio of 0.73, a current ratio of 0.99 and a debt-to-equity ratio of 0.66.

RTX (NYSE:RTX) last released its quarterly earnings results on Thursday, July 25th. The company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.11. The firm had revenue of $19.72 billion during the quarter, compared to analysts’ expectations of $19.29 billion. RTX had a return on equity of 11.37% and a net margin of 3.12%. The business’s revenue was up 7.7% on a year-over-year basis. During the same period last year, the firm posted $1.29 EPS. On average, analysts anticipate that RTX Co. will post 5.44 earnings per share for the current year.

RTX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 16th will be given a $0.63 dividend. The ex-dividend date is Friday, August 16th. This represents a $2.52 dividend on an annualized basis and a yield of 2.13%. RTX’s payout ratio is 98.82%.

Analyst Ratings Changes

A number of research analysts recently commented on RTX shares. UBS Group upped their price objective on RTX from $103.00 to $105.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 24th. Bank of America raised RTX from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $110.00 to $140.00 in a research report on Wednesday, July 31st. StockNews.com lowered RTX from a “buy” rating to a “hold” rating in a research report on Sunday, August 11th. Wells Fargo & Company dropped their target price on RTX from $491.00 to $467.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 24th. Finally, Royal Bank of Canada upped their target price on RTX from $102.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $153.47.

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.