PNC Financial Services Group Inc. Lowers Stock Position in RTX Corporation $RTX

Key Points

• PNC Financial Services Group reduced its RTX stake by 2.2% in the first quarter, selling 64,143 shares and ending with 2,861,164 shares valued at about $551.9 million.
• RTX reported better-than-expected quarterly results, with EPS of $1.78 versus estimates of $1.52 and revenue of $22.08 billion, up 8.7% year over year.
• The company also announced a quarterly dividend of $0.73 per share, payable Sept. 3, which equates to an annualized yield of about 1.5%.

PNC Financial Services Group Inc. cut its stake in shares of RTX Corporation (NYSE:RTX - Free Report) by 2.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,861,164 shares of the company's stock after selling 64,143 shares during the quarter. PNC Financial Services Group Inc. owned 0.21% of RTX worth $551,919,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Navalign LLC purchased a new stake in shares of RTX during the 4th quarter valued at $25,000. Commonwealth Retirement Investments LLC purchased a new position in RTX in the fourth quarter worth $26,000. Core Wealth Advisors LLC bought a new position in RTX in the fourth quarter valued at $31,000. 1 North Wealth Services LLC raised its position in RTX by 456.7% during the fourth quarter. 1 North Wealth Services LLC now owns 167 shares of the company's stock valued at $31,000 after purchasing an additional 137 shares in the last quarter. Finally, Evergreen Advisors LLC purchased a new stake in RTX during the first quarter valued at about $31,000. Hedge funds and other institutional investors own 86.50% of the company's stock.

RTX Stock Performance

NYSE RTX opened at $193.63 on Wednesday. The company has a 50-day simple moving average of $185.24 and a two-hundred day simple moving average of $191.81. RTX Corporation has a 12-month low of $143.56 and a 12-month high of $214.50. The firm has a market cap of $260.76 billion, a price-to-earnings ratio of 36.33, a PEG ratio of 2.66 and a beta of 0.30. The company has a quick ratio of 0.78, a current ratio of 1.02 and a debt-to-equity ratio of 0.48.

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

RTX Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Citigroup reiterated a "buy" rating on shares of RTX in a report on Wednesday, June 17th. Erste Group Bank cut RTX from a "buy" rating to a "hold" rating in a report on Monday, April 27th. Dbs Bank upgraded RTX from a "hold" rating to a "moderate buy" rating in a research report on Wednesday, June 10th. Jefferies Financial Group reaffirmed a "buy" rating on shares of RTX in a research note on Wednesday, July 8th. Finally, Morgan Stanley reduced their price target on shares of RTX from $235.00 to $220.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $211.38.

More RTX News

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?

About RTX

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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