KBC Group NV Lowers Stock Holdings in RTX Corporation $RTX

Key Points

• KBC Group NV cut its RTX stake by 21.4% in the first quarter, selling 34,382 shares and leaving it with 125,968 shares worth about $24.3 million.
• RTX reported strong quarterly results, posting EPS of $1.78 versus the $1.52 consensus and revenue of $22.08 billion, while revenue rose 8.7% year over year. Analysts now expect the company to earn 6.92 EPS for the full fiscal year.
• The company also announced a quarterly dividend of $0.73 per share, payable September 3, which equals an annualized dividend of $2.92 and a yield of about 1.5%.

KBC Group NV reduced its position in RTX Corporation (NYSE:RTX - Free Report) by 21.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,968 shares of the company's stock after selling 34,382 shares during the quarter. KBC Group NV's holdings in RTX were worth $24,300,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank acquired a new stake in RTX during the 4th quarter worth approximately $3,167,626,000. Auto Owners Insurance Co increased its position in shares of RTX by 24,730.9% during the fourth quarter. Auto Owners Insurance Co now owns 10,102,956 shares of the company's stock worth $1,852,882,000 after acquiring an additional 10,062,269 shares during the period. Vanguard Group Inc. raised its stake in shares of RTX by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 124,986,171 shares of the company's stock valued at $22,922,464,000 after acquiring an additional 2,210,950 shares in the last quarter. Artisan Partners Limited Partnership boosted its holdings in RTX by 1,545.1% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,723,710 shares of the company's stock valued at $316,128,000 after purchasing an additional 1,618,933 shares during the period. Finally, Amundi boosted its holdings in RTX by 49.1% in the fourth quarter. Amundi now owns 4,402,120 shares of the company's stock valued at $807,349,000 after purchasing an additional 1,450,596 shares during the period. 86.50% of the stock is currently owned by hedge funds and other institutional investors.

RTX Trading Down 0.4%

NYSE:RTX opened at $193.63 on Wednesday. RTX Corporation has a 1 year low of $143.56 and a 1 year high of $214.50. The stock has a market cap of $260.76 billion, a P/E ratio of 36.33, a P/E/G ratio of 2.66 and a beta of 0.30. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.78 and a current ratio of 1.02. The stock has a 50-day simple moving average of $185.24 and a 200-day simple moving average of $191.81.

RTX (NYSE:RTX - Get Free Report) last issued its earnings results on Tuesday, April 21st. The company reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.26. The business had revenue of $22.08 billion for the quarter, compared to analyst estimates of $21.38 billion. RTX had a return on equity of 13.50% and a net margin of 8.03%.The business's quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter last year, the company earned $1.47 EPS. As a group, analysts anticipate that RTX Corporation will post 6.92 earnings per share for the current fiscal year.

RTX Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 14th will be issued a dividend of $0.73 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.5%. RTX's dividend payout ratio (DPR) is presently 54.78%.

Key Headlines Impacting RTX

Here are the key news stories impacting RTX this week:

• Positive Sentiment: Raytheon UK, part of RTX, won a £2 billion, 15-year British Army collective training contract, adding a large long-term defense revenue stream. RTX (RTX) Could Be 10% Undervalued After The British Army Training Contract
• Positive Sentiment: RTX’s Raytheon unit received a $1.8 billion contract extension for SPY-6 radar production and sustainment for the U.S. Navy, reinforcing defense demand and backlog strength. RTX's Raytheon awarded $1.8 billion hardware production and sustainment contract for SPY-6 family of radars
• Positive Sentiment: Pratt & Whitney Canada announced a C$275 million investment in its Longueuil facility, with government support, which should help expand manufacturing capacity and long-term production efficiency. RTX's Pratt & Whitney Canada to invest $275 million CAD in Longueuil facility, with support from the Canadian and Quebec governments
• Positive Sentiment: Pratt & Whitney GTF engines were selected for 15 additional Tigerair Taiwan A321neo aircraft, and BOC Aviation confirmed an order for up to 220 GTF engines, both of which add to future engine sales and services revenue. RTX's Pratt & Whitney GTF™ engines to power 15 additional Tigerair Taiwan A320neo family aircraft BOC Aviation confirms order for up to 220 engines from RTX's Pratt & Whitney
• Positive Sentiment: British Airways selected RTX’s Pratt & Whitney GTF engines for up to 63 A320neo aircraft, with a long-term maintenance agreement that should support recurring aftermarket revenue. British Airways selects RTX's Pratt & Whitney GTF™ engines to power up to 63 Airbus A320neo aircraft
• Positive Sentiment: RTX also announced a nacelle MRO joint venture in Abu Dhabi with Etihad Engineering, expanding its maintenance footprint in a growing market. RTX's Collins Aerospace and Etihad Engineering create nacelle MRO joint venture
• Neutral Sentiment: RTX heads into upcoming Q2 earnings with analysts expecting revenue and EPS growth, supported by a strong backlog and continued aerospace/defense demand. Should You Buy, Hold or Sell RTX Stock Ahead of Q2 Earnings?

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Weiss Ratings downgraded RTX from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, June 11th. Wall Street Zen cut RTX from a "strong-buy" rating to a "buy" rating in a research note on Sunday, April 26th. Wells Fargo & Company initiated coverage on shares of RTX in a research note on Wednesday, April 1st. They set an "equal weight" rating and a $200.00 target price on the stock. Erste Group Bank cut shares of RTX from a "buy" rating to a "hold" rating in a report on Monday, April 27th. Finally, Morgan Stanley decreased their price target on shares of RTX from $235.00 to $220.00 and set an "overweight" rating for the company in a research note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $211.38.

RTX Company Profile

RTX NYSE: RTX is a U.S.-based aerospace and defense company that designs, manufactures and services advanced systems for commercial, military and governmental customers worldwide. The company was created through the 2020 combination of Raytheon Company and United Technologies Corporation and later adopted the RTX name, positioning itself as a diversified provider across the aerospace and defense value chain.

RTX's operations span a broad set of capabilities. Its commercial aerospace businesses include Pratt & Whitney aircraft engines and Collins Aerospace systems, which supply propulsion, avionics, aerostructures, interiors and integrated aircraft systems.

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