Goldman Sachs Group Inc. Buys 1,394,918 Shares of RTX Corporation (NYSE:RTX)

Key Points

• Goldman Sachs Group Inc. increased its stake in RTX Corporation by 28% in Q1, now owning over 6.3 million shares valued at approximately $845 million.
• Several institutional investors, including Brighton Jones LLC and Federated Hermes Inc., have also boosted their holdings in RTX, which is predominantly owned (86.5%) by institutional investors and hedge funds.
• RTX has received positive ratings and target price increases from multiple analysts, with the majority rating the stock as a "buy" and a consensus target price of $158.67.

Goldman Sachs Group Inc. grew its position in RTX Corporation (NYSE:RTX - Free Report) by 28.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,385,201 shares of the company's stock after purchasing an additional 1,394,918 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.48% of RTX worth $845,784,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of RTX. Brighton Jones LLC lifted its holdings in shares of RTX by 24.3% during the fourth quarter. Brighton Jones LLC now owns 17,018 shares of the company's stock worth $1,969,000 after buying an additional 3,332 shares during the last quarter. Revolve Wealth Partners LLC raised its stake in RTX by 3.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 4,873 shares of the company's stock valued at $564,000 after purchasing an additional 159 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC raised its stake in RTX by 2.7% during the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 9,876 shares of the company's stock valued at $1,143,000 after purchasing an additional 258 shares during the last quarter. Federated Hermes Inc. boosted its holdings in RTX by 22.4% in the 4th quarter. Federated Hermes Inc. now owns 225,633 shares of the company's stock valued at $26,110,000 after purchasing an additional 41,250 shares during the period. Finally, Trek Financial LLC acquired a new stake in RTX in the 4th quarter worth $230,000. 86.50% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Dantaya M. Williams sold 16,922 shares of the stock in a transaction that occurred on 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 completion of the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Kevin G. Dasilva sold 8,704 shares of RTX stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $156.20, for a total transaction of $1,359,564.80. Following the completion of the transaction, the vice president directly owned 30,004 shares in the company, valued at approximately $4,686,624.80. The trade was a 22.49% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 39,935 shares of company stock worth $5,938,488. 0.15% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

RTX has been the subject of several research reports. UBS Group increased their target price on shares of RTX from $166.00 to $177.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. DZ Bank raised RTX from a "sell" rating to a "hold" rating and set a $129.00 target price for the company in a research report on Friday, April 25th. Susquehanna boosted their price target on shares of RTX from $160.00 to $175.00 and gave the company a "positive" rating in a report on Wednesday, July 23rd. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $170.00 price objective (up from $165.00) on shares of RTX in a report on Wednesday, July 23rd. Finally, Wells Fargo & Company upped their target price on shares of RTX from $136.00 to $144.00 and gave the company an "overweight" rating in a research note on Tuesday, April 15th. Six 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 company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $158.67.

RTX Stock Performance

Shares of NYSE:RTX opened at $155.89 on Thursday. The firm's 50 day simple moving average is $147.09 and its 200 day simple moving average is $134.95. RTX Corporation has a fifty-two week low of $112.27 and a fifty-two week high of $158.79. The company has a market capitalization of $208.67 billion, a price-to-earnings ratio of 34.26, a P/E/G ratio of 2.88 and a beta of 0.69. 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 posted its earnings results on Tuesday, July 22nd. The company reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.11. RTX had a net margin of 7.35% and a return on equity of 12.89%. The company had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.68 billion. During the same period last year, the business posted $1.41 earnings per share. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, sell-side analysts forecast that RTX Corporation will post 6.11 earnings per share for the current year.

RTX Announces Dividend

The firm also recently declared 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 dividend payout ratio is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.