Eagle Ridge Investment Management Lowers Position in RTX Co. (NYSE:RTX)

Eagle Ridge Investment Management trimmed its holdings in shares of RTX Co. (NYSE:RTX) by 1.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 122,241 shares of the company’s stock after selling 2,249 shares during the quarter. Eagle Ridge Investment Management’s holdings in RTX were worth $11,922,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Gotham Asset Management LLC boosted its holdings in shares of RTX by 86.9% in the 3rd quarter. Gotham Asset Management LLC now owns 27,664 shares of the company’s stock worth $1,991,000 after purchasing an additional 12,863 shares in the last quarter. Schonfeld Strategic Advisors LLC boosted its stake in RTX by 5,145.3% in the third quarter. Schonfeld Strategic Advisors LLC now owns 23,971 shares of the company’s stock worth $1,725,000 after buying an additional 23,514 shares in the last quarter. Logan Capital Management Inc. grew its position in RTX by 3.0% during the third quarter. Logan Capital Management Inc. now owns 25,110 shares of the company’s stock valued at $1,807,000 after acquiring an additional 743 shares during the last quarter. Quadrature Capital Ltd purchased a new position in shares of RTX during the third quarter worth approximately $4,507,000. Finally, AQR Capital Management LLC lifted its holdings in shares of RTX by 90.2% in the 3rd quarter. AQR Capital Management LLC now owns 977,564 shares of the company’s stock worth $70,355,000 after acquiring an additional 463,492 shares during the last quarter. 86.50% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

RTX has been the topic of a number of analyst reports. UBS Group lifted their target price on shares of RTX from $103.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 24th. TD Cowen boosted their target price on RTX from $106.00 to $115.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. Citigroup raised their price target on RTX from $95.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 24th. Wells Fargo & Company boosted their price objective on RTX from $119.00 to $141.00 and gave the company an “overweight” rating in a research report on Friday, May 17th. Finally, Susquehanna raised their target price on shares of RTX from $110.00 to $119.00 and gave the stock a “positive” rating in a report on Wednesday, April 24th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $98.33.

Insider Activity at RTX

In other news, insider Stephen J. Timm sold 19,880 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $105.72, for a total value of $2,101,713.60. Following the sale, the insider now directly owns 149,050 shares of the company’s stock, valued at $15,757,566. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Stephen J. Timm sold 19,880 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $105.72, for a total value of $2,101,713.60. Following the transaction, the insider now owns 149,050 shares in the company, valued at $15,757,566. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robert Kelly Ortberg sold 10,295 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $101.97, for a total transaction of $1,049,781.15. Following the sale, the director now directly 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. Insiders sold a total of 119,937 shares of company stock valued at $12,256,952 in the last 90 days. Corporate insiders own 0.13% of the company’s stock.

RTX Stock Up 0.9 %

Shares of RTX stock traded up $0.86 during midday trading on Tuesday, reaching $100.41. 8,249,352 shares of the stock were exchanged, compared to its average volume of 7,574,484. RTX Co. has a 1 year low of $68.56 and a 1 year high of $108.65. The firm has a market cap of $133.50 billion, a PE ratio of 39.04, a price-to-earnings-growth ratio of 1.76 and a beta of 0.82. The company’s 50 day moving average is $104.38 and its two-hundred day moving average is $95.78. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.68.

RTX (NYSE:RTX) last issued its quarterly earnings results on Tuesday, April 23rd. The company reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.11. RTX had a return on equity of 10.81% and a net margin of 4.90%. The company had revenue of $19.30 billion for the quarter, compared to analysts’ expectations of $18.44 billion. During the same period in the prior year, the firm earned $1.22 earnings per share. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, equities research analysts predict that RTX Co. will post 5.39 EPS for the current year.

RTX Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 16th will be paid a $0.63 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $2.52 annualized dividend and a dividend yield of 2.51%. RTX’s payout ratio is currently 98.82%.

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.