Mechanics Financial Corp Raises Position in RTX Corporation (NYSE:RTX)

Mechanics Financial Corp boosted its position in RTX Corporation (NYSE:RTX - Free Report) by 44.0% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 8,941 shares of the company's stock after purchasing an additional 2,731 shares during the period. Mechanics Financial Corp's holdings in RTX were worth $1,184,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the company. SeaBridge Investment Advisors LLC increased its holdings in RTX by 1.8% during the first quarter. SeaBridge Investment Advisors LLC now owns 24,060 shares of the company's stock worth $3,187,000 after buying an additional 419 shares during the last quarter. Cullen Frost Bankers Inc. increased its holdings in RTX by 9.3% in the 1st quarter. Cullen Frost Bankers Inc. now owns 107,018 shares of the company's stock worth $14,176,000 after acquiring an additional 9,074 shares during the last quarter. Bridgewater Advisors Inc. bought a new stake in RTX in the 1st quarter valued at about $1,110,000. Midwest Professional Planners LTD. boosted its position in RTX by 29.6% during the first quarter. Midwest Professional Planners LTD. now owns 20,631 shares of the company's stock worth $2,733,000 after purchasing an additional 4,715 shares during the period. Finally, Kornitzer Capital Management Inc. KS raised its position in shares of RTX by 0.4% in the first quarter. Kornitzer Capital Management Inc. KS now owns 126,623 shares of the company's stock valued at $16,772,000 after purchasing an additional 480 shares during the period. Institutional investors own 86.50% of the company's stock.

RTX Trading Up 1.0%

Shares of RTX stock traded up $1.52 during trading hours on Wednesday, reaching $150.20. The company's stock had a trading volume of 3,358,104 shares, compared to its average volume of 5,279,278. The firm's fifty day simple moving average is $139.99 and its 200 day simple moving average is $130.84. RTX Corporation has a one year low of $102.62 and a one year high of $151.06. The company has a current ratio of 1.01, a quick ratio of 0.75 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $200.66 billion, a P/E ratio of 25.33, a P/E/G ratio of 2.76 and a beta of 0.64.

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

RTX Dividend Announcement

The business 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 $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 1.81%. RTX's dividend payout ratio is presently 79.77%.

Insider Transactions at RTX

In other RTX news, VP Amy L. Johnson sold 4,146 shares of the stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $127.54, for a total transaction of $528,780.84. Following the sale, the vice president directly owned 9,546 shares in the company, valued at approximately $1,217,496.84. This trade represents a 30.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Dantaya M. Williams sold 16,922 shares of RTX stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $137.62, for a total value 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. The trade was a 50.57% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.15% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RTX. Baird R W raised shares of RTX from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 19th. Sanford C. Bernstein set a $154.00 target price on RTX and gave the stock a "market perform" rating in a research note on Friday, July 11th. Cowen reaffirmed a "buy" rating on shares of RTX in a report on Friday, May 23rd. JPMorgan Chase & Co. cut their price objective on shares of RTX from $150.00 to $145.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Finally, UBS Group upped their target price on shares of RTX from $133.00 to $138.00 and gave the stock a "buy" rating in a report on Wednesday, April 23rd. Five equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, RTX has a consensus rating of "Moderate Buy" and a consensus price target of $162.61.

About RTX

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.