RTX Corporation $RTX Stock: Legacy Trust Cuts Holdings

Legacy Trust lowered its holdings in shares of RTX Corporation (NYSE:RTX) by 9.2% in the third quarter, HoldingsChannel reports. The firm owned 42,521 shares of the company’s stock after selling 4,303 shares during the period. RTX makes up 1.4% of Legacy Trust’s portfolio, making the stock its 21st largest position. Legacy Trust’s holdings in RTX were worth $8,496,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of RTX. Russell Investments Group Ltd. boosted its position in RTX by 15.6% during the third quarter. Russell Investments Group Ltd. now owns 1,301,998 shares of the company’s stock worth $241,802,000 after purchasing an additional 175,334 shares during the period. Ariadne Wealth Management LP boosted its holdings in shares of RTX by 17.9% during the 3rd quarter. Ariadne Wealth Management LP now owns 2,329 shares of the company’s stock worth $432,000 after buying an additional 354 shares during the period. Everest Financial Group LLC boosted its holdings in shares of RTX by 238.4% during the 3rd quarter. Everest Financial Group LLC now owns 14,539 shares of the company’s stock worth $2,699,000 after buying an additional 10,243 shares during the period. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. grew its stake in RTX by 405.9% in the 3rd quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. now owns 1,872 shares of the company’s stock valued at $348,000 after buying an additional 1,502 shares during the last quarter. Finally, Fifth Third Bancorp acquired a new position in RTX in the 3rd quarter valued at about $208,093,000. Institutional investors and hedge funds own 86.50% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group raised their price objective on shares of RTX from $195.00 to $206.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Citigroup reaffirmed a “buy” rating on shares of RTX in a report on Wednesday, October 7th. TD Cowen lowered their price objective on RTX from $240.00 to $225.00 and set a “buy” rating on the stock in a research report on Friday, October 9th. Wells Fargo & Company lifted their target price on RTX from $200.00 to $230.00 and gave the stock an “equal weight” rating in a report on Friday, July 24th. Finally, Jefferies Financial Group set a $250.00 price target on shares of RTX and gave the company a “buy” rating in a research note on Sunday, July 26th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $231.24.

RTX Stock Performance

RTX opened at $198.39 on Friday. The firm has a market cap of $267.71 billion, a P/E ratio of 32.21, a price-to-earnings-growth ratio of 2.23 and a beta of 0.30. RTX Corporation has a 52-week low of $166.74 and a 52-week high of $226.88. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.81 and a current ratio of 1.05. The business’s fifty day moving average is $192.88 and its 200-day moving average is $195.59.

RTX (NYSE:RTX) last posted its quarterly earnings data on Tuesday, October 20th. The company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.48. The business had revenue of $24.96 billion during the quarter, compared to analysts’ expectations of $24.11 billion. RTX had a net margin of 8.75% and a return on equity of 14.89%. RTX’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.70 earnings per share. Sell-side analysts expect that RTX Corporation will post 7.73 EPS for the current fiscal year.

RTX Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Friday, November 20th will be issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, November 20th. RTX’s dividend payout ratio is 47.40%.

RTX News Roundup

These are some of the RTX news items that stood out recently:

• Positive Sentiment: RTX drew fresh attention for a DeepStrike test and a DARPA win, highlighting its defense-technology work. The articles supplied do not provide details on the award’s size or expected financial contribution. RTX DeepStrike Test And DARPA Win Put Fresh Focus On Defense Tech
• Positive Sentiment: Zacks Research upgraded RTX from “hold” to “strong buy,” while other Zacks coverage cited improving earnings estimates, defense-technology progress and aerospace services as supports for its outlook. Zacks Research rating update RTX Outperforms Industry in the Past Year: Should You Buy?
• Positive Sentiment: Sector commentary included RTX among aerospace and defense companies that could benefit from rising defense spending, strong order backlogs and improved earnings prospects. Separate coverage also noted that RTX can earn from its installed engine base and related services, beyond new aircraft sales. Buy 4 Aerospace Defense Behemoths to Enhance Your Portfolio Returns How These 5 Aerospace Stocks Earn Money Beyond New Plane Sales

Insider Activity at RTX

In related news, EVP Ramsaran Maharajh sold 13,655 shares of RTX stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $223.92, for a total value of $3,057,627.60. Following the transaction, the executive vice president directly owned 13,184 shares of the company’s stock, valued at $2,952,161.28. This trade represents a 50.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Dantaya Williams sold 9,071 shares of the business’s stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $201.70, for a total transaction of $1,829,620.70. Following the transaction, the executive vice president owned 16,930 shares of the company’s stock, valued at approximately $3,414,781. This represents a 34.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.10% of the company’s stock.

About RTX

RTX Corporation is an aerospace and defense company whose businesses include Collins Aerospace, Pratt & Whitney and Raytheon. The company serves commercial aviation, military and government customers around the world. Collins Aerospace develops aircraft systems and components, including avionics, communications, flight controls and cabin equipment. Pratt & Whitney designs and manufactures aircraft engines and provides related maintenance services. Raytheon develops defense systems and technologies, including air and missile defense, sensors and precision weapons.