Prudential Financial Inc. Decreases Stock Holdings in RTX Co. (NYSE:RTX)

Prudential Financial Inc. cut its stake in RTX Co. (NYSE:RTX) by 27.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,088,904 shares of the company’s stock after selling 420,452 shares during the period. Prudential Financial Inc. owned approximately 0.08% of RTX worth $126,008,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in RTX. Fairway Wealth LLC purchased a new position in shares of RTX during the 4th quarter worth $31,000. Picton Mahoney Asset Management increased its position in RTX by 2,944.4% during the fourth quarter. Picton Mahoney Asset Management now owns 274 shares of the company’s stock worth $31,000 after purchasing an additional 265 shares during the last quarter. Modus Advisors LLC acquired a new position in RTX in the 4th quarter valued at about $39,000. Millstone Evans Group LLC purchased a new stake in shares of RTX in the 4th quarter valued at approximately $39,000. Finally, Comprehensive Financial Planning Inc. PA acquired a new stake in shares of RTX during the 4th quarter worth approximately $40,000. Hedge funds and other institutional investors own 86.50% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Wells Fargo & Company raised their target price on RTX from $151.00 to $156.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Argus raised shares of RTX from a “hold” rating to a “buy” rating in a research report on Tuesday, February 11th. Robert W. Baird raised shares of RTX from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $136.00 to $160.00 in a research note on Wednesday, March 19th. Deutsche Bank Aktiengesellschaft raised shares of RTX from a “hold” rating to a “buy” rating and increased their price objective for the stock from $131.00 to $140.00 in a research report on Thursday, January 2nd. Finally, Baird R W upgraded RTX from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, RTX has a consensus rating of “Moderate Buy” and an average price target of $166.40.

Insider Activity at RTX

In other RTX news, CFO Neil G. Mitchill, Jr. sold 16,118 shares of the firm’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $130.35, for a total transaction of $2,100,981.30. Following the transaction, the chief financial officer now owns 59,556 shares of the company’s stock, valued at approximately $7,763,124.60. This trade represents a 21.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Dantaya M. Williams sold 14,031 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $129.23, for a total value of $1,813,226.13. Following the completion of the sale, the executive vice president now directly owns 44,415 shares of the company’s stock, valued at $5,739,750.45. The trade was a 24.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 79,831 shares of company stock valued at $10,309,302 over the last three months. 0.15% of the stock is owned by corporate insiders.

RTX Stock Up 1.8 %

Shares of NYSE:RTX opened at $134.76 on Tuesday. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.63. RTX Co. has a fifty-two week low of $95.27 and a fifty-two week high of $135.74. The stock has a market cap of $179.92 billion, a price-to-earnings ratio of 37.96, a price-to-earnings-growth ratio of 2.11 and a beta of 0.78. The firm’s 50 day moving average price is $127.48 and its 200 day moving average price is $122.66.

RTX (NYSE:RTX) last released its quarterly earnings data on Tuesday, January 28th. The company reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.19. RTX had a net margin of 5.91% and a return on equity of 12.45%. As a group, equities research analysts predict that RTX Co. will post 6.11 earnings per share for the current fiscal year.

RTX Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Friday, February 21st were paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 1.87%. The ex-dividend date was Friday, February 21st. RTX’s payout ratio is 70.99%.

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.