Concentric Capital Strategies LP Sells 129,832 Shares of RTX Corporation $RTX

Key Points

• Concentric Capital Strategies LP reduced its stake in RTX Corporation by 69.0%, currently holding 58,363 shares valued at approximately $7.73 million.
• RTX reported a quarterly earnings per share (EPS) of $1.56, surpassing estimates of $1.45, and its revenue increased to $21.58 billion, up 9.4% year-over-year.
• The company declared a quarterly dividend of $0.68, resulting in an annualized yield of 1.7%, with a payout ratio of 59.78%.

Concentric Capital Strategies LP lessened its holdings in shares of RTX Corporation (NYSE:RTX - Free Report) by 69.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 58,363 shares of the company's stock after selling 129,832 shares during the quarter. RTX comprises approximately 0.7% of Concentric Capital Strategies LP's portfolio, making the stock its 24th biggest holding. Concentric Capital Strategies LP's holdings in RTX were worth $7,731,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. MorganRosel Wealth Management LLC purchased a new position in RTX during the 1st quarter valued at $26,000. 10Elms LLP bought a new position in RTX in the fourth quarter valued at about $29,000. Greenline Partners LLC bought a new position in RTX in the fourth quarter worth approximately $34,000. Summit Securities Group LLC purchased a new stake in RTX in the 1st quarter worth approximately $40,000. Finally, Mpwm Advisory Solutions LLC bought a new position in shares of RTX in the fourth quarter worth about $43,000. 86.50% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

RTX has been the topic of several analyst reports. Susquehanna boosted their target price on RTX from $160.00 to $175.00 and gave the company a "positive" rating in a research report on Wednesday, July 23rd. Sanford C. Bernstein set a $154.00 price objective on shares of RTX and gave the stock a "market perform" rating in a research note on Friday, July 11th. Citigroup upped their price objective on RTX from $148.00 to $182.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Jefferies Financial Group reissued a "hold" rating on shares of RTX in a report on Monday, July 21st. Finally, Wall Street Zen lowered shares of RTX from a "buy" rating to a "hold" rating in a report on Saturday, June 21st. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $158.67.

RTX Trading Down 2.3%

Shares of RTX traded down $3.55 during trading hours on Monday, hitting $153.97. The stock had a trading volume of 5,520,291 shares, compared to its average volume of 5,162,589. The firm has a market cap of $206.09 billion, a P/E ratio of 33.84, a P/E/G ratio of 2.90 and a beta of 0.67. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.75 and a current ratio of 1.01. RTX Corporation has a 12-month low of $112.27 and a 12-month high of $161.26. The company's fifty day simple moving average is $153.69 and its 200 day simple moving average is $139.75.

RTX (NYSE:RTX - Get Free Report) last announced its earnings results 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. The company had revenue of $21.58 billion during the quarter, compared to the consensus estimate of $20.68 billion. RTX had a return on equity of 12.89% and a net margin of 7.35%.The company's revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm earned $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 EPS for the current fiscal year.

RTX Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 15th were given a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Friday, August 15th. RTX's dividend payout ratio is currently 59.78%.

Insider Activity at RTX

In related news, insider Shane G. Eddy sold 25,968 shares of the firm's stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $159.79, for a total transaction of $4,149,426.72. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Troy D. Brunk sold 7,654 shares of RTX stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $155.20, for a total transaction of $1,187,900.80. Following the completion of the sale, the insider directly owned 16,442 shares of the company's stock, valued at approximately $2,551,798.40. The trade was a 31.76% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,635 shares of company stock worth $8,947,010. Company 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.