Cadence Bank Reduces Position in RTX Corporation $RTX

Key Points

• Cadence Bank has reduced its stake in RTX Corporation by 14.1%, selling 20,913 shares and retaining 127,335 shares, which now represent 1.2% of its portfolio.
• RTX reported a net revenue of $21.58 billion for its most recent quarter, surpassing estimates and showing a 9.4% year-over-year growth.
• The company announced a quarterly dividend of $0.68 per share, with a yield of 1.7% and a dividend payout ratio of approximately 59.78%.

Cadence Bank decreased its stake in RTX Corporation (NYSE:RTX - Free Report) by 14.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 127,335 shares of the company's stock after selling 20,913 shares during the period. RTX accounts for about 1.2% of Cadence Bank's holdings, making the stock its 19th biggest holding. Cadence Bank's holdings in RTX were worth $16,867,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in RTX by 1.1% in the first quarter. Vanguard Group Inc. now owns 119,836,487 shares of the company's stock worth $15,873,541,000 after acquiring an additional 1,357,328 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of RTX by 8.4% in the fourth quarter. Northern Trust Corp now owns 12,912,698 shares of the company's stock valued at $1,494,257,000 after purchasing an additional 997,806 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of RTX by 1.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 10,351,568 shares of the company's stock valued at $1,371,171,000 after purchasing an additional 104,139 shares in the last quarter. Invesco Ltd. increased its position in shares of RTX by 1.5% during the first quarter. Invesco Ltd. now owns 10,312,313 shares of the company's stock valued at $1,365,969,000 after acquiring an additional 154,544 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of RTX by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 7,713,131 shares of the company's stock valued at $1,021,623,000 after acquiring an additional 65,493 shares during the last quarter. Institutional investors own 86.50% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $170.00 price target (up from $165.00) on shares of RTX in a report on Wednesday, July 23rd. Morgan Stanley increased their price objective on RTX from $165.00 to $180.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Jefferies Financial Group reiterated a "hold" rating on shares of RTX in a report on Monday, July 21st. JPMorgan Chase & Co. upped their target price on RTX from $145.00 to $175.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Finally, Citigroup upped their price target on RTX from $148.00 to $182.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $158.67.

Insider Buying and Selling

In related news, insider Troy D. Brunk sold 7,654 shares of RTX stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $155.20, for a total value of $1,187,900.80. Following the completion of the transaction, the insider owned 16,442 shares in the company, valued at approximately $2,551,798.40. This trade represents a 31.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Dantaya M. Williams sold 16,922 shares of RTX stock in a transaction dated Tuesday, June 3rd. The stock was 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 owned 16,538 shares of the company's stock, valued at approximately $2,275,959.56. This represents a 50.57% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 47,589 shares of company stock valued at $7,126,389 in the last quarter. 0.15% of the stock is currently owned by insiders.

RTX Price Performance

NYSE:RTX traded down $0.02 on Monday, reaching $156.22. 2,430,243 shares of the company's stock traded hands, compared to its average volume of 4,010,900. The firm has a market cap of $209.11 billion, a PE ratio of 34.33, a P/E/G ratio of 2.88 and a beta of 0.69. The stock has a 50-day simple moving average of $151.16 and a 200-day simple moving average of $137.65. The company has a quick ratio of 0.75, a current ratio of 1.01 and a debt-to-equity ratio of 0.60. RTX Corporation has a 12 month low of $112.27 and a 12 month high of $158.79.

RTX (NYSE:RTX - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The company reported $1.56 earnings per share for the quarter, beating analysts' consensus estimates of $1.45 by $0.11. The firm had revenue of $21.58 billion during the quarter, compared to analyst estimates of $20.68 billion. RTX had a return on equity of 12.89% and a net margin of 7.35%.The business's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.41 earnings per share. RTX has set its FY 2025 guidance at 5.800-5.950 EPS. Equities research analysts forecast that RTX Corporation will post 6.11 earnings per share for the current year.

RTX Announces Dividend

The company 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 dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a dividend yield of 1.7%. RTX's payout ratio is 59.78%.

RTX 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.