Convergence Financial LLC Cuts Position in RTX Co. (NYSE:RTX)

Convergence Financial LLC lessened its holdings in RTX Co. (NYSE:RTX) by 28.5% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,169 shares of the company’s stock after selling 2,061 shares during the quarter. Convergence Financial LLC’s holdings in RTX were worth $626,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Joel Isaacson & Co. LLC grew its holdings in shares of RTX by 2.9% during the third quarter. Joel Isaacson & Co. LLC now owns 9,433 shares of the company’s stock valued at $1,143,000 after buying an additional 263 shares during the last quarter. Shayne & Jacobs LLC grew its holdings in shares of RTX by 0.9% during the third quarter. Shayne & Jacobs LLC now owns 13,812 shares of the company’s stock valued at $1,673,000 after buying an additional 121 shares during the last quarter. Mediolanum International Funds Ltd lifted its position in RTX by 6.6% during the third quarter. Mediolanum International Funds Ltd now owns 29,400 shares of the company’s stock valued at $3,534,000 after purchasing an additional 1,831 shares during the period. Tandem Capital Management Corp ADV grew its position in RTX by 72.2% in the 3rd quarter. Tandem Capital Management Corp ADV now owns 6,866 shares of the company’s stock worth $832,000 after purchasing an additional 2,879 shares during the period. Finally, Canal Capital Management LLC grew its position in RTX by 2.1% in the 3rd quarter. Canal Capital Management LLC now owns 4,253 shares of the company’s stock worth $515,000 after purchasing an additional 87 shares during the period. Hedge funds and other institutional investors own 86.50% of the company’s stock.

Analysts Set New Price Targets

RTX has been the subject of a number of research analyst reports. Wells Fargo & Company cut 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. JPMorgan Chase & Co. lifted their target price on shares of RTX from $110.00 to $130.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised shares of RTX from a “sell” rating to a “hold” rating and lifted their target price for the stock from $109.00 to $129.00 in a research report on Thursday, October 3rd. Melius Research lifted their price target on shares of RTX from $490.00 to $493.00 in a research note on Wednesday, July 24th. Finally, Susquehanna lifted their price target on shares of RTX from $140.00 to $150.00 and gave the stock a “positive” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $168.56.

RTX Stock Performance

Shares of NYSE RTX opened at $125.16 on Friday. 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 company has a market cap of $166.40 billion, a P/E ratio of 49.08, a P/E/G ratio of 2.21 and a beta of 0.82. The firm’s fifty day moving average is $121.74 and its two-hundred day moving average is $111.28. RTX Co. has a 52-week low of $77.76 and a 52-week high of $128.70.

RTX (NYSE:RTX) last posted its earnings results on Tuesday, October 22nd. The company reported $1.45 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.11. RTX had a net margin of 5.97% and a return on equity of 11.96%. The firm had revenue of $20.09 billion for the quarter, compared to the consensus estimate of $19.84 billion. During the same period in the previous year, the firm posted $1.25 EPS. The business’s quarterly revenue was up 6.0% on a year-over-year basis. As a group, analysts anticipate that RTX Co. will post 5.5 EPS for the current fiscal year.

RTX Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a dividend of $0.63 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.52 annualized dividend and a yield of 2.01%. RTX’s payout ratio is 98.82%.

Insider Activity at RTX

In related news, CEO Christopher T. Calio sold 4,235 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $114.00, for a total transaction of $482,790.00. Following the transaction, the chief executive officer now directly owns 88,509 shares in the company, valued at approximately $10,090,026. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other RTX news, VP Amy L. Johnson sold 6,734 shares of the business’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $113.88, for a total value of $766,867.92. Following the completion of the sale, the vice president now directly owns 12,318 shares of the company’s stock, valued at $1,402,773.84. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Christopher T. Calio sold 4,235 shares of the business’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $114.00, for a total transaction of $482,790.00. Following the completion of the sale, the chief executive officer now directly owns 88,509 shares of the company’s stock, valued at approximately $10,090,026. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 145,856 shares of company stock worth $17,131,253. Insiders own 0.13% of the company’s stock.

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.