Confluence Wealth Services Inc. Sells 1,324 Shares of RTX Co. (NYSE:RTX)

Confluence Wealth Services Inc. cut its stake in shares of RTX Co. (NYSE:RTX) by 25.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,825 shares of the company’s stock after selling 1,324 shares during the period. Confluence Wealth Services Inc.’s holdings in RTX were worth $463,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Briaud Financial Planning Inc raised its position in RTX by 64.1% in the 2nd quarter. Briaud Financial Planning Inc now owns 256 shares of the company’s stock worth $25,000 after purchasing an additional 100 shares during the period. Lynx Investment Advisory bought a new stake in shares of RTX during the 2nd quarter valued at $26,000. Mizuho Securities Co. Ltd. purchased a new position in shares of RTX during the 2nd quarter valued at about $32,000. Fairfield Financial Advisors LTD bought a new stake in shares of RTX during the 2nd quarter valued at $41,000. Finally, ORG Wealth Partners LLC purchased a new stake in shares of RTX during the third quarter worth about $50,000. Institutional investors own 86.50% of the company’s stock.

RTX Stock Performance

RTX stock opened at $118.75 on Monday. RTX Co. has a 52 week low of $78.00 and a 52 week high of $128.70. The firm has a 50 day simple moving average of $122.13 and a 200 day simple moving average of $112.09. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.73 and a current ratio of 0.99. The stock has a market cap of $158.06 billion, a P/E ratio of 33.93, a P/E/G ratio of 2.14 and a beta of 0.82.

RTX (NYSE:RTX) last released its earnings results on Tuesday, October 22nd. The company reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.11. RTX had a net margin of 5.97% and a return on equity of 11.96%. The business had revenue of $20.09 billion during the quarter, compared to analysts’ expectations of $19.84 billion. During the same quarter last year, the company earned $1.25 earnings per share. The firm’s revenue was up 6.0% on a year-over-year basis. Research analysts anticipate that RTX Co. will post 5.56 earnings per share for the current fiscal year.

RTX Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend is Friday, November 15th. RTX’s payout ratio is presently 72.00%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Royal Bank of Canada raised their target price on shares of RTX from $115.00 to $130.00 and gave the company a “sector perform” rating in a report on Wednesday, October 23rd. Morgan Stanley lifted their price objective on shares of RTX from $120.00 to $130.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Wells Fargo & Company decreased their target price on shares of RTX from $491.00 to $467.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 24th. Barclays upped their price target on RTX from $108.00 to $130.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Finally, Alembic Global Advisors upgraded RTX from a “neutral” rating to an “overweight” rating and set a $134.00 target price on the stock in a research note on Tuesday, July 30th. Ten analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $177.27.

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.