Cullinan Associates Inc. Sells 6,400 Shares of RTX Corporation (NYSE:RTX)

Cullinan Associates Inc. reduced its stake in shares of RTX Corporation (NYSE:RTX - Free Report) by 26.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,133 shares of the company's stock after selling 6,400 shares during the quarter. Cullinan Associates Inc.'s holdings in RTX were worth $2,402,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of RTX by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 118,479,159 shares of the company's stock worth $13,710,408,000 after buying an additional 1,252,448 shares during the period. Geode Capital Management LLC lifted its holdings in shares of RTX by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 28,264,502 shares of the company's stock valued at $3,263,610,000 after purchasing an additional 1,000,722 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in shares of RTX by 3.1% during the 4th quarter. Fisher Asset Management LLC now owns 19,047,685 shares of the company's stock valued at $2,204,198,000 after purchasing an additional 576,214 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of RTX by 3.8% during the 4th quarter. Franklin Resources Inc. now owns 16,611,341 shares of the company's stock valued at $1,922,264,000 after purchasing an additional 603,159 shares in the last quarter. Finally, Norges Bank bought a new position in shares of RTX during the 4th quarter valued at about $1,745,644,000. 86.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Dantaya M. Williams sold 16,922 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $137.62, for a total value of $2,328,805.64. Following the transaction, the executive vice president now directly owns 16,538 shares of the company's stock, valued at $2,275,959.56. This represents a 50.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Amy L. Johnson sold 4,146 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $127.54, for a total transaction of $528,780.84. Following the completion of the transaction, the vice president now directly owns 9,546 shares in the company, valued at $1,217,496.84. The trade was a 30.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.15% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Benchmark upgraded RTX from a "hold" rating to a "buy" rating and set a $140.00 price objective on the stock in a report on Wednesday, May 14th. Cowen reiterated a "buy" rating on shares of RTX in a report on Friday, May 23rd. UBS Group lifted their price objective on RTX from $133.00 to $138.00 and gave the company a "buy" rating in a report on Wednesday, April 23rd. DZ Bank upgraded RTX from a "sell" rating to a "hold" rating and set a $129.00 price objective on the stock in a report on Friday, April 25th. Finally, Wells Fargo & Company upped their price target on RTX from $136.00 to $144.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $159.82.

RTX Stock Performance

RTX stock traded up $0.88 during mid-day trading on Friday, hitting $146.75. 9,218,508 shares of the company's stock traded hands, compared to its average volume of 5,413,915. RTX Corporation has a fifty-two week low of $99.07 and a fifty-two week high of $149.26. The stock has a market cap of $196.05 billion, a price-to-earnings ratio of 43.04, a P/E/G ratio of 2.65 and a beta of 0.63. The firm has a 50 day simple moving average of $133.43 and a two-hundred day simple moving average of $127.54. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.01 and a quick ratio of 0.75.

RTX (NYSE:RTX - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The company reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.12. The company had revenue of $20.31 billion for the quarter, compared to analyst estimates of $19.80 billion. RTX had a net margin of 5.63% and a return on equity of 12.71%. On average, research analysts expect that RTX Corporation will post 6.11 EPS for the current fiscal year.

RTX Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a $0.68 dividend. The ex-dividend date was Friday, May 23rd. This is a positive change from RTX's previous quarterly dividend of $0.63. This represents a $2.72 annualized dividend and a dividend yield of 1.85%. RTX's dividend payout ratio is presently 79.77%.

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.