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PNC Financial Services Group Inc. Has $322.96 Million Stake in RTX Corporation (NYSE:RTX)

RTX logo with Aerospace background

Key Points

  • PNC Financial Services Group Inc. has increased its stake in RTX Corporation by 2.5%, now owning 2,438,167 shares valued at approximately $322.96 million.
  • Analysts are optimistic about RTX, with several increasing their price targets; Citigroup raised their target from $148.00 to $182.00 and Bank of America from $150.00 to $175.00, all maintaining a "buy" rating.
  • RTX Corporation announced a quarterly dividend of $0.68, reflecting an annualized dividend yield of 1.7%, expected to be paid on September 4th.
  • MarketBeat previews the top five stocks to own by September 1st.

PNC Financial Services Group Inc. lifted its holdings in RTX Corporation (NYSE:RTX - Free Report) by 2.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,438,167 shares of the company's stock after purchasing an additional 58,724 shares during the period. PNC Financial Services Group Inc. owned 0.18% of RTX worth $322,960,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of RTX. Bay Capital Advisors LLC acquired a new position in RTX during the 1st quarter valued at $224,000. Dynamic Advisor Solutions LLC raised its stake in RTX by 8.4% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 34,657 shares of the company's stock valued at $4,591,000 after purchasing an additional 2,686 shares during the last quarter. Brookwood Investment Group LLC acquired a new position in RTX during the 1st quarter valued at $1,288,000. Deutsche Bank AG raised its stake in RTX by 46.0% during the 4th quarter. Deutsche Bank AG now owns 2,973,342 shares of the company's stock valued at $344,075,000 after purchasing an additional 936,953 shares during the last quarter. Finally, LBP AM SA raised its stake in RTX by 17.7% during the 1st quarter. LBP AM SA now owns 279,179 shares of the company's stock valued at $36,980,000 after purchasing an additional 41,990 shares during the last quarter. Institutional investors and hedge funds own 86.50% of the company's stock.

Insider Buying and Selling

In other news, VP Amy L. Johnson sold 4,146 shares of the business's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $127.54, for a total value of $528,780.84. Following the completion of the transaction, the vice president owned 9,546 shares of the company's stock, valued at $1,217,496.84. The trade was a 30.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ramsaran Maharajh sold 1,462 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $152.26, for a total value of $222,604.12. Following the sale, the executive vice president directly owned 13,184 shares of the company's stock, valued at approximately $2,007,395.84. The trade was a 9.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 31,234 shares of company stock worth $4,439,755. Company insiders own 0.15% of the company's stock.

RTX Trading Down 0.4%

Shares of NYSE RTX traded down $0.65 during midday trading on Friday, hitting $156.92. The stock had a trading volume of 4,418,299 shares, compared to its average volume of 4,970,908. The company's 50-day simple moving average is $145.69 and its 200 day simple moving average is $134.40. The firm has a market cap of $210.04 billion, a P/E ratio of 34.49, a price-to-earnings-growth ratio of 2.89 and a beta of 0.69. RTX Corporation has a fifty-two week low of $112.27 and a fifty-two week 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.

RTX (NYSE:RTX - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The company reported $1.56 earnings per share for the quarter, beating analysts' consensus estimates of $1.45 by $0.11. The company had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $20.68 billion. RTX had a return on equity of 12.89% and a net margin of 7.35%. The firm's quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.41 EPS. Research analysts anticipate 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 paid a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 1.7%. RTX's dividend payout ratio (DPR) is currently 59.78%.

Analyst Ratings Changes

RTX has been the topic of a number of recent research reports. Bank of America lifted their price target on shares of RTX from $150.00 to $175.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Sanford C. Bernstein set a $154.00 price target on shares of RTX and gave the stock a "market perform" rating in a research note on Friday, July 11th. Wells Fargo & Company lifted their price target on shares of RTX from $136.00 to $144.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 15th. Royal Bank Of Canada reiterated an "outperform" rating and set a $170.00 price target (up previously from $165.00) on shares of RTX in a research note on Wednesday, July 23rd. Finally, Barclays lifted their price target on shares of RTX from $130.00 to $153.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 29th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $158.67.

View Our Latest Research Report on RTX

RTX Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for RTX (NYSE:RTX)

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