Connor Clark & Lunn Investment Management Ltd. Lowers Stock Holdings in RTX Corporation (NYSE:RTX)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in RTX Corporation by 79.2% in the first quarter, selling 162,542 shares and now holding 42,623 shares valued at approximately $5.6 million.
• RTX recently announced better-than-expected quarterly earnings, with $1.56 earnings per share, surpassing estimates, and reported $21.58 billion in revenue, marking a 9.4% increase year-over-year.
• An upcoming dividend of $0.68 per share will be paid on September 4th, representing an annualized dividend of $2.72 and a yield of 1.7%.

Connor Clark & Lunn Investment Management Ltd. lowered its stake in RTX Corporation (NYSE:RTX - Free Report) by 79.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,623 shares of the company's stock after selling 162,542 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in RTX were worth $5,646,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. MorganRosel Wealth Management LLC bought a new position in RTX in the first quarter worth approximately $26,000. 10Elms LLP bought a new position in RTX in the fourth quarter worth approximately $29,000. Greenline Partners LLC bought a new position in RTX in the fourth quarter worth approximately $34,000. Mpwm Advisory Solutions LLC bought a new position in RTX in the fourth quarter worth approximately $43,000. Finally, McClarren Financial Advisors Inc. bought a new position in RTX in the first quarter worth approximately $44,000. Hedge funds and other institutional investors own 86.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RTX. Citigroup increased their price target on shares of 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 restated a "hold" rating on shares of RTX in a research report on Monday, July 21st. Bank of America raised their price objective on shares of RTX from $150.00 to $175.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Wall Street Zen downgraded shares of RTX from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Finally, Barclays raised their price objective on shares of RTX from $130.00 to $153.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 29th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $158.67.

RTX Price Performance

Shares of NYSE:RTX traded down $1.04 on Friday, reaching $154.04. The company's stock had a trading volume of 4,593,662 shares, compared to its average volume of 4,988,229. RTX Corporation has a 52-week low of $112.27 and a 52-week high of $158.79. The company has a market cap of $206.19 billion, a P/E ratio of 33.85, a PEG ratio of 2.84 and a beta of 0.69. The company has a 50-day simple moving average of $149.54 and a 200 day simple moving average of $136.47. 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 (NYSE:RTX - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The company reported $1.56 EPS for the quarter, topping analysts' consensus estimates of $1.45 by $0.11. RTX had a net margin of 7.35% and a return on equity of 12.89%. The business had revenue of $21.58 billion during the quarter, compared to analysts' expectations of $20.68 billion. During the same period last year, the company posted $1.41 EPS. The business's revenue was up 9.4% on a year-over-year basis. As a group, equities research analysts anticipate that RTX Corporation will post 6.11 EPS for the current fiscal year.

RTX Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 15th will be paid a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a dividend yield of 1.8%. RTX's dividend payout ratio is presently 59.78%.

Insider Activity

In related news, insider Troy D. Brunk sold 7,654 shares of RTX stock in a transaction dated 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 transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $2,328,805.64. Following the transaction, the executive vice president directly owned 16,538 shares of the company's stock, valued at approximately $2,275,959.56. This represents a 50.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 47,589 shares of company stock worth $7,126,389 in the last 90 days. 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.