RTX (NYSE:RTX) Trading Down 0.7% – Here’s What Happened

Shares of RTX Co. (NYSE:RTX) dropped 0.7% during mid-day trading on Monday . The stock traded as low as $112.27 and last traded at $116.57. Approximately 2,136,669 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 5,527,061 shares. The stock had previously closed at $117.45.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. UBS Group raised RTX from a “neutral” rating to a “buy” rating in a report on Monday, March 24th. Wells Fargo & Company raised their price objective on RTX from $151.00 to $156.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Robert W. Baird upgraded shares of RTX from a “neutral” rating to an “outperform” rating and increased their target price for the company from $136.00 to $160.00 in a research report on Wednesday, March 19th. Citigroup upgraded shares of RTX from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $132.00 to $153.00 in a research report on Tuesday, January 21st. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of RTX from a “hold” rating to a “buy” rating and increased their price objective for the company from $131.00 to $140.00 in a report on Thursday, January 2nd. Four analysts have rated the stock with a hold rating, eleven have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $166.40.

RTX Price Performance

The stock has a 50-day simple moving average of $128.91 and a 200 day simple moving average of $123.41. The company has a market cap of $156.53 billion, a PE ratio of 33.03, a P/E/G ratio of 2.11 and a beta of 0.58. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.63.

RTX (NYSE:RTX) last issued its quarterly earnings data on Tuesday, January 28th. The company reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.19. RTX had a return on equity of 12.45% and a net margin of 5.91%. Equities analysts expect that RTX Co. will post 6.11 EPS for the current year.

RTX Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Friday, February 21st were given a dividend of $0.63 per share. The ex-dividend date was Friday, February 21st. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.15%. RTX’s payout ratio is currently 70.99%.

Insider Buying and Selling at RTX

In other news, CFO Neil G. Mitchill, Jr. sold 16,118 shares of the stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $130.35, for a total transaction of $2,100,981.30. Following the sale, the chief financial officer now owns 59,556 shares of the company’s stock, valued at approximately $7,763,124.60. This represents a 21.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Dantaya M. Williams sold 14,031 shares of RTX stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $129.23, for a total transaction of $1,813,226.13. Following the completion of the transaction, the executive vice president now owns 44,415 shares of the company’s stock, valued at $5,739,750.45. This trade represents a 24.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 79,831 shares of company stock valued at $10,309,302 over the last quarter. 0.15% of the stock is owned by company insiders.

Institutional Investors Weigh In On RTX

Hedge funds have recently added to or reduced their stakes in the business. Morse Asset Management Inc purchased a new stake in RTX during the 3rd quarter worth about $321,000. Quarry LP grew its position in shares of RTX by 197.9% during the third quarter. Quarry LP now owns 846 shares of the company’s stock worth $103,000 after buying an additional 562 shares in the last quarter. Worldquant Millennium Advisors LLC purchased a new stake in shares of RTX during the third quarter worth approximately $4,956,000. Kovitz Investment Group Partners LLC raised its holdings in RTX by 368.5% in the third quarter. Kovitz Investment Group Partners LLC now owns 79,283 shares of the company’s stock valued at $9,606,000 after acquiring an additional 62,359 shares in the last quarter. Finally, iA Global Asset Management Inc. lifted its stake in RTX by 351.0% in the third quarter. iA Global Asset Management Inc. now owns 21,740 shares of the company’s stock worth $2,634,000 after acquiring an additional 16,920 shares during the last quarter. 86.50% of the stock is currently owned by institutional investors and hedge funds.

About RTX

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.