Bristlecone Advisors LLC Reduces Stock Position in RTX Corporation (NYSE:RTX)

Key Points

• Bristlecone Advisors LLC reduced its position in RTX Corporation by 8.9%, selling 2,617 shares to hold a total of 26,838 shares worth approximately $3.56 million at the end of the 1st quarter.
• Analysts have mixed ratings on RTX, with six analysts rating it as a hold, thirteen as a buy, and three as a strong buy, while the average price target is $158.67.
• RTX Corporation reported $1.56 earnings per share for the last quarter, exceeding estimates and marking a 9.4% increase in revenue year-over-year.

Bristlecone Advisors LLC cut its holdings in shares of RTX Corporation (NYSE:RTX - Free Report) by 8.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 26,838 shares of the company's stock after selling 2,617 shares during the quarter. Bristlecone Advisors LLC's holdings in RTX were worth $3,555,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of RTX. Vanguard Group Inc. boosted its position in RTX by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 119,836,487 shares of the company's stock valued at $15,873,541,000 after purchasing an additional 1,357,328 shares during the period. Northern Trust Corp boosted its position in RTX by 8.4% during the 4th quarter. Northern Trust Corp now owns 12,912,698 shares of the company's stock worth $1,494,257,000 after acquiring an additional 997,806 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in RTX by 43.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,508,662 shares of the company's stock worth $1,216,063,000 after acquiring an additional 3,164,844 shares during the period. Charles Schwab Investment Management Inc. boosted its position in RTX by 1.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 10,351,568 shares of the company's stock worth $1,371,171,000 after acquiring an additional 104,139 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in RTX by 2.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,647,638 shares of the company's stock worth $884,958,000 after acquiring an additional 203,173 shares during the period. 86.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on RTX shares. Jefferies Financial Group restated a "hold" rating on shares of RTX in a report on Monday, July 21st. Benchmark raised RTX from a "hold" rating to a "buy" rating and set a $140.00 target price on the stock in a research report on Wednesday, May 14th. Cowen reaffirmed a "buy" rating on shares of RTX in a research report on Friday, May 23rd. The Goldman Sachs Group boosted their target price on RTX from $114.00 to $126.00 and gave the stock a "neutral" rating in a research report on Monday, June 23rd. Finally, DZ Bank raised RTX from a "sell" rating to a "hold" rating and set a $129.00 target price on the stock in a research report on Friday, April 25th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $158.67.

RTX Price Performance

RTX stock opened at $155.50 on Friday. The stock's fifty day moving average price is $147.50 and its two-hundred day moving average price is $135.19. 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 firm has a market cap of $208.14 billion, a PE ratio of 34.18, a price-to-earnings-growth ratio of 2.87 and a beta of 0.69.

RTX (NYSE:RTX - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The company reported $1.56 earnings per share for the quarter, beating 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 company had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $20.68 billion. During the same quarter last year, the business posted $1.41 EPS. RTX's revenue for the quarter was up 9.4% on a year-over-year basis. As a group, research analysts expect that RTX Corporation will post 6.11 EPS for the current fiscal year.

RTX Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 15th will be given a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 1.7%. RTX's dividend payout ratio (DPR) is presently 59.78%.

Insiders Place Their Bets

In other RTX news, VP Kevin G. Dasilva sold 8,704 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $156.20, for a total value of $1,359,564.80. Following the completion of the sale, the vice president owned 30,004 shares of the company's stock, valued at approximately $4,686,624.80. This trade represents a 22.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Ramsaran Maharajh sold 1,462 shares of the firm's stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $152.26, for a total value of $222,604.12. Following the completion of the sale, the executive vice president directly owned 13,184 shares of the company's stock, valued at $2,007,395.84. This trade represents a 9.98% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,935 shares of company stock valued at $5,938,488. Insiders own 0.15% of the company's stock.

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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