Cullen Frost Bankers Inc. Cuts Position in RTX Co. (NYSE:RTX)

Cullen Frost Bankers Inc. cut its holdings in RTX Co. (NYSE:RTX) by 28.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,256 shares of the company’s stock after selling 16,390 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in RTX were worth $3,471,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of RTX. Bear Mountain Capital Inc. acquired a new position in shares of RTX in the fourth quarter valued at approximately $25,000. Strengthening Families & Communities LLC purchased a new position in shares of RTX during the 3rd quarter worth $28,000. Planned Solutions Inc. acquired a new stake in shares of RTX during the fourth quarter worth $30,000. Financial Gravity Asset Management Inc. lifted its position in RTX by 352.0% during the third quarter. Financial Gravity Asset Management Inc. now owns 443 shares of the company’s stock worth $32,000 after buying an additional 345 shares during the period. Finally, Valley National Advisers Inc. grew its holdings in RTX by 37.4% in the 3rd quarter. Valley National Advisers Inc. now owns 467 shares of the company’s stock valued at $34,000 after buying an additional 127 shares during the period. 86.50% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Robert Kelly Ortberg sold 10,295 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $101.97, for a total transaction of $1,049,781.15. Following the completion of the transaction, the director now owns 129,120 shares in the company, valued at approximately $13,166,366.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Shane G. Eddy sold 35,456 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $91.19, for a total value of $3,233,232.64. Following the completion of the transaction, the insider now directly owns 6,741 shares of the company’s stock, valued at approximately $614,711.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert Kelly Ortberg sold 10,295 shares of the business’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $101.97, for a total value of $1,049,781.15. Following the transaction, the director now owns 129,120 shares of the company’s stock, valued at approximately $13,166,366.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 135,618 shares of company stock valued at $13,397,978. 0.13% of the stock is currently owned by insiders.

RTX Price Performance

Shares of RTX stock opened at $103.86 on Thursday. The firm has a market cap of $138.08 billion, a P/E ratio of 40.79, a P/E/G ratio of 1.83 and a beta of 0.84. RTX Co. has a 1-year low of $68.56 and a 1-year high of $104.09. The firm has a fifty day moving average of $97.48 and a two-hundred day moving average of $89.21. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.07 and a quick ratio of 0.79.

RTX (NYSE:RTX) last issued its earnings results on Tuesday, April 23rd. The company reported $1.34 EPS for the quarter, topping the consensus estimate of $1.23 by $0.11. The company had revenue of $19.30 billion during the quarter, compared to analyst estimates of $18.44 billion. RTX had a return on equity of 10.81% and a net margin of 4.90%. The business’s revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.22 EPS. As a group, research analysts anticipate that RTX Co. will post 5.4 earnings per share for the current fiscal year.

RTX Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 13th. Shareholders of record on Friday, May 17th will be paid a $0.63 dividend. This is an increase from RTX’s previous quarterly dividend of $0.59. This represents a $2.52 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date is Thursday, May 16th. RTX’s payout ratio is presently 92.55%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RTX. Robert W. Baird lifted their price target on shares of RTX from $94.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Barclays upped their price target on RTX from $90.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 30th. Wells Fargo & Company reissued an “overweight” rating and set a $120.00 target price on shares of RTX in a research report on Monday, April 1st. Citigroup lifted their price target on shares of RTX from $95.00 to $110.00 and gave the company a “neutral” rating in a research report on Wednesday, April 24th. Finally, Bank of America raised their target price on shares of RTX from $100.00 to $110.00 and gave the company a “neutral” rating in a research note on Wednesday, April 24th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $96.93.

RTX Company 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.