Oakworth Capital Inc. Decreases Position in RTX Corporation (NYSE:RTX)

Oakworth Capital Inc. reduced its position in RTX Corporation (NYSE:RTX) by 30.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,381 shares of the company’s stock after selling 1,917 shares during the period. Oakworth Capital Inc.’s holdings in RTX were worth $580,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. 10Elms LLP purchased a new stake in shares of RTX during the fourth quarter valued at $29,000. Fairway Wealth LLC bought a new position in RTX during the fourth quarter valued at approximately $31,000. Picton Mahoney Asset Management boosted its holdings in RTX by 2,944.4% in the fourth quarter. Picton Mahoney Asset Management now owns 274 shares of the company’s stock worth $31,000 after purchasing an additional 265 shares during the last quarter. Greenline Partners LLC purchased a new stake in RTX during the 4th quarter valued at $34,000. Finally, Millstone Evans Group LLC bought a new position in shares of RTX during the 4th quarter valued at $39,000. Institutional investors own 86.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RTX. JPMorgan Chase & Co. reduced their price objective on RTX from $150.00 to $145.00 and set an “overweight” rating for the company in a research report on Monday, April 28th. UBS Group increased their price objective on shares of RTX from $133.00 to $138.00 and gave the stock a “buy” rating in a research note on Wednesday, April 23rd. Cowen restated a “buy” rating on shares of RTX in a research report on Friday, May 23rd. Baird R W upgraded shares of RTX from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 19th. Finally, Morgan Stanley raised RTX from an “equal weight” rating to an “overweight” rating and set a $135.00 target price on the stock in a report on Wednesday, April 23rd. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $161.12.

Insiders Place Their Bets

In other RTX news, EVP Dantaya M. Williams sold 16,922 shares of RTX stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $137.62, for a total value of $2,328,805.64. Following the completion of the transaction, the executive vice president now directly owns 16,538 shares of the company’s stock, valued at $2,275,959.56. This trade represents a 50.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Amy L. Johnson sold 4,146 shares of the company’s stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $127.54, for a total transaction of $528,780.84. Following the sale, the vice president now owns 9,546 shares in the company, valued at $1,217,496.84. This represents a 30.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.15% of the company’s stock.

RTX Stock Performance

RTX opened at $142.74 on Friday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.75 and a current ratio of 1.01. The stock has a market capitalization of $190.69 billion, a price-to-earnings ratio of 41.86, a PEG ratio of 2.56 and a beta of 0.63. The company has a fifty day moving average of $134.55 and a 200 day moving average of $128.11. RTX Corporation has a fifty-two week low of $99.07 and a fifty-two week high of $149.26.

RTX (NYSE:RTX) last issued its quarterly earnings data on Tuesday, April 22nd. The company reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.12. RTX had a return on equity of 12.71% and a net margin of 5.63%. The firm had revenue of $20.31 billion during the quarter, compared to analyst estimates of $19.80 billion. As a group, sell-side analysts forecast that RTX Corporation will post 6.11 earnings per share for the current fiscal year.

RTX Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were issued a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a yield of 1.91%. The ex-dividend date of this dividend was Friday, May 23rd. This is a boost from RTX’s previous quarterly dividend of $0.63. RTX’s dividend payout ratio (DPR) is currently 79.77%.

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.