Bank of Nova Scotia Sells 350,244 Shares of RTX Corporation (NYSE:RTX)

Key Points

• Bank of Nova Scotia has reduced its holdings in RTX Corporation by 30.5%, selling 350,244 shares and now owns a total of 796,850 shares valued at approximately $105.55 million as of the latest SEC filing.
• RTX Corporation announced a quarterly dividend of $0.68 per share, with a yield of 1.7%, to be paid on September 4th, having a dividend payout ratio of 59.78%.
• The company's stock recently reported earnings of $1.56 EPS, surpassing estimates and reflecting a 9.4% revenue increase year-over-year, with total revenue of $21.58 billion for the quarter.

Bank of Nova Scotia cut its holdings in RTX Corporation (NYSE:RTX - Free Report) by 30.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 796,850 shares of the company's stock after selling 350,244 shares during the period. Bank of Nova Scotia owned 0.06% of RTX worth $105,551,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in RTX. Bay Capital Advisors LLC bought a new position in RTX during the first quarter valued at about $224,000. Dynamic Advisor Solutions LLC increased its stake in RTX by 8.4% during the first quarter. Dynamic Advisor Solutions LLC now owns 34,657 shares of the company's stock valued at $4,591,000 after acquiring an additional 2,686 shares during the period. Brookwood Investment Group LLC bought a new position in RTX during the first quarter valued at about $1,288,000. Deutsche Bank AG increased its stake in RTX by 46.0% during the fourth quarter. Deutsche Bank AG now owns 2,973,342 shares of the company's stock valued at $344,075,000 after acquiring an additional 936,953 shares during the period. Finally, LBP AM SA boosted its holdings in RTX by 17.7% during the first quarter. LBP AM SA now owns 279,179 shares of the company's stock valued at $36,980,000 after purchasing an additional 41,990 shares in the last quarter. 86.50% of the stock is currently owned by institutional investors.

Insider Transactions at RTX

In other RTX news, EVP Ramsaran Maharajh sold 1,462 shares of the company's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $152.26, for a total transaction of $222,604.12. Following the transaction, the executive vice president owned 13,184 shares of the company's stock, valued at approximately $2,007,395.84. This represents a 9.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Amy L. Johnson sold 4,146 shares of the company's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $127.54, for a total value of $528,780.84. Following the transaction, the vice president directly owned 9,546 shares in the company, valued at approximately $1,217,496.84. This represents a 30.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 31,234 shares of company stock worth $4,439,755 in the last quarter. 0.15% of the stock is owned by corporate insiders.

RTX Stock Down 0.4%

Shares of RTX opened at $156.92 on Friday. The business's 50 day simple moving average is $145.69 and its 200-day simple moving average is $134.20. RTX Corporation has a one year low of $112.27 and a one year high of $158.79. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.01 and a quick ratio of 0.75. The company has a market capitalization of $210.04 billion, a P/E ratio of 34.49, a PEG ratio of 2.90 and a beta of 0.68.

RTX (NYSE:RTX - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The company reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.11. RTX had a return on equity of 12.89% and a net margin of 7.35%. The firm had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $20.68 billion. During the same quarter in the prior year, the business earned $1.41 EPS. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, sell-side analysts predict that RTX Corporation will post 6.11 EPS for the current fiscal year.

RTX Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a yield of 1.7%. RTX's dividend payout ratio is 59.78%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. UBS Group lifted their price objective on RTX from $166.00 to $177.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Wall Street Zen downgraded RTX from a "buy" rating to a "hold" rating in a report on Saturday, June 21st. Susquehanna lifted their price objective on RTX from $160.00 to $175.00 and gave the company a "positive" rating in a report on Wednesday, July 23rd. Jefferies Financial Group reaffirmed a "hold" rating on shares of RTX in a report on Monday, July 21st. Finally, Sanford C. Bernstein set a $154.00 price objective on RTX and gave the company a "market perform" rating in a report on Friday, July 11th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, RTX has a consensus rating of "Moderate Buy" and a consensus target price of $158.67.

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.

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