Concentric Capital Strategies LP Raises Holdings in RTX Co. (NYSE:RTX)

Concentric Capital Strategies LP increased its stake in shares of RTX Co. (NYSE:RTX - Free Report) by 183.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 188,195 shares of the company's stock after purchasing an additional 121,830 shares during the quarter. RTX makes up about 1.0% of Concentric Capital Strategies LP's portfolio, making the stock its 12th largest holding. Concentric Capital Strategies LP's holdings in RTX were worth $21,778,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Fairway Wealth LLC bought a new stake in shares of RTX in the fourth quarter worth $31,000. Picton Mahoney Asset Management increased its stake in shares of RTX by 2,944.4% in the fourth quarter. Picton Mahoney Asset Management now owns 274 shares of the company's stock valued at $31,000 after buying an additional 265 shares during the period. Millstone Evans Group LLC bought a new position in shares of RTX during the fourth quarter worth about $39,000. Comprehensive Financial Planning Inc. PA acquired a new position in shares of RTX in the fourth quarter worth approximately $40,000. Finally, Iron Horse Wealth Management LLC increased its position in RTX by 296.8% during the 4th quarter. Iron Horse Wealth Management LLC now owns 373 shares of the company's stock valued at $43,000 after purchasing an additional 279 shares during the period. Institutional investors and hedge funds own 86.50% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on RTX. Robert W. Baird upgraded RTX from a "neutral" rating to an "outperform" rating and increased their price target for the stock from $136.00 to $160.00 in a report on Wednesday, March 19th. JPMorgan Chase & Co. reduced their price target on shares of RTX from $150.00 to $145.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Baird R W upgraded shares of RTX from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 19th. Citigroup reduced their target price on RTX from $153.00 to $148.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. Finally, Susquehanna dropped their price target on RTX from $147.00 to $140.00 and set a "positive" rating on the stock in a research note on Wednesday, April 23rd. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, RTX has an average rating of "Buy" and a consensus target price of $161.06.

RTX Price Performance

RTX stock traded up $0.02 during midday trading on Friday, reaching $128.69. The company had a trading volume of 4,857,374 shares, compared to its average volume of 5,414,201. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.99 and a quick ratio of 0.74. RTX Co. has a 12-month low of $99.07 and a 12-month high of $136.17. The company has a market capitalization of $171.92 billion, a P/E ratio of 36.25, a P/E/G ratio of 2.11 and a beta of 0.60. The firm's fifty day simple moving average is $128.26 and its 200-day simple moving average is $123.93.

RTX (NYSE:RTX - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The company reported $1.47 EPS for the quarter, topping the consensus estimate of $1.35 by $0.12. The business had revenue of $20.31 billion for the quarter, compared to analyst estimates of $19.80 billion. RTX had a return on equity of 12.45% and a net margin of 5.91%. As a group, equities analysts anticipate that RTX Co. will post 6.11 EPS for the current year.

RTX Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be paid a $0.68 dividend. This is a boost from RTX's previous quarterly dividend of $0.63. This represents a $2.72 annualized dividend and a dividend yield of 2.11%. The ex-dividend date is Friday, May 23rd. RTX's dividend payout ratio (DPR) is presently 79.77%.

Insider Activity at RTX

In related news, CEO Christopher T. Calio sold 27,379 shares of the stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $130.36, for a total value of $3,569,126.44. Following the transaction, the chief executive officer now owns 81,508 shares of the company's stock, valued at $10,625,382.88. This represents a 25.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Amy L. Johnson sold 4,146 shares of the firm's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $127.54, for a total value of $528,780.84. Following the completion of the sale, the vice president now owns 9,546 shares in the company, valued at approximately $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. Over the last three months, insiders sold 69,946 shares of company stock worth $9,024,856. Company insiders own 0.15% of the company's stock.

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.