Longfellow Investment Management Co. LLC Sells 2,278 Shares of RTX Corporation (NYSE:RTX)

Key Points

• Longfellow Investment Management Co. LLC has reduced its stake in RTX Corporation by 20.6%, selling 2,278 shares and now holding 8,793 shares valued at approximately $1.165 million.
• Institutional investors collectively own 86.50% of RTX Corporation, with significant increases in holdings from firms like Vanguard Group and T. Rowe Price Investment Management.
• RTX Corporation recently announced a quarterly dividend of $0.68 per share, representing an annual yield of 1.8% and a dividend payout ratio of 59.78%.

Longfellow Investment Management Co. LLC cut its holdings in shares of RTX Corporation (NYSE:RTX - Free Report) by 20.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,793 shares of the company's stock after selling 2,278 shares during the quarter. Longfellow Investment Management Co. LLC's holdings in RTX were worth $1,165,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Cypress Capital Group raised its holdings in shares of RTX by 0.5% during the 1st quarter. Cypress Capital Group now owns 41,047 shares of the company's stock valued at $5,437,000 after buying an additional 190 shares during the period. Ballast Inc. grew its position in shares of RTX by 2.4% in the 1st quarter. Ballast Inc. now owns 12,851 shares of the company's stock worth $1,702,000 after acquiring an additional 301 shares in the last quarter. Meridian Wealth Management LLC grew its position in shares of RTX by 3.5% in the 1st quarter. Meridian Wealth Management LLC now owns 60,756 shares of the company's stock worth $8,046,000 after acquiring an additional 2,034 shares in the last quarter. SouthState Corp grew its position in shares of RTX by 9.3% in the 1st quarter. SouthState Corp now owns 11,237 shares of the company's stock worth $1,488,000 after acquiring an additional 959 shares in the last quarter. Finally, Nuveen LLC acquired a new position in shares of RTX in the 1st quarter worth approximately $916,739,000. 86.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RTX has been the subject of several research reports. Bank of America lifted their target price on RTX from $150.00 to $175.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Royal Bank Of Canada reissued an "outperform" rating and issued a $170.00 price target (up previously from $165.00) on shares of RTX in a report on Wednesday, July 23rd. Benchmark raised RTX from a "hold" rating to a "buy" rating and set a $140.00 price target on the stock in a report on Wednesday, May 14th. Cowen reissued a "buy" rating on shares of RTX in a report on Friday, May 23rd. Finally, Wall Street Zen downgraded RTX from a "buy" rating to a "hold" rating in a report on Saturday, June 21st. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $158.67.

Insider Transactions at RTX

In other news, insider Philip J. Jasper sold 12,847 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $157.82, for a total value of $2,027,513.54. Following the completion of the transaction, the insider directly owned 17,684 shares of the company's stock, valued at approximately $2,790,888.88. This represents a 42.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Kevin G. Dasilva sold 8,704 shares of the stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $156.20, for a total value of $1,359,564.80. Following the sale, the vice president owned 30,004 shares in the company, valued at approximately $4,686,624.80. This trade represents a 22.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 47,589 shares of company stock worth $7,126,389. 0.15% of the stock is currently owned by company insiders.

RTX Stock Performance

Shares of NYSE RTX traded down $0.46 during trading hours on Thursday, hitting $155.25. 2,766,474 shares of the company's stock were exchanged, compared to its average volume of 5,317,934. RTX Corporation has a 1-year low of $112.27 and a 1-year high of $158.79. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.01 and a quick ratio of 0.75. The stock has a market capitalization of $207.81 billion, a price-to-earnings ratio of 34.12, a PEG ratio of 2.86 and a beta of 0.69. The company's 50-day moving average price is $148.92 and its 200-day moving average price is $136.01.

RTX (NYSE:RTX - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The company reported $1.56 EPS for the quarter, beating the consensus estimate of $1.45 by $0.11. The firm had revenue of $21.58 billion during the quarter, compared to analysts' expectations of $20.68 billion. RTX had a return on equity of 12.89% and a net margin of 7.35%. The company's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.41 EPS. On average, sell-side analysts expect that RTX Corporation will post 6.11 earnings per share for the current fiscal year.

RTX Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 15th will be issued a $0.68 dividend. This represents a $2.72 annualized dividend and a yield of 1.8%. RTX's dividend payout ratio (DPR) is 59.78%.

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.