Private Management Group Inc. Buys New Stake in RTX Corporation (NYSE:RTX)

Key Points

• Private Management Group Inc. has acquired a new stake in RTX Corporation, purchasing 1,603 shares valued at approximately $212,000 during the first quarter.
• RTX reported strong earnings, with $1.56 earnings per share for the last quarter, surpassing estimates and a 9.4% year-over-year revenue increase.
• The company declared a quarterly dividend of $0.68 per share, reflecting an annualized dividend yield of 1.73%.

Private Management Group Inc. acquired a new position in RTX Corporation (NYSE:RTX - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,603 shares of the company's stock, valued at approximately $212,000.

A number of other large investors also recently bought and sold shares of RTX. Geode Capital Management LLC increased its position in shares of RTX by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 28,264,502 shares of the company's stock worth $3,263,610,000 after purchasing an additional 1,000,722 shares in the last quarter. Franklin Resources Inc. increased its position in shares of RTX by 3.8% during the fourth quarter. Franklin Resources Inc. now owns 16,611,341 shares of the company's stock worth $1,922,264,000 after purchasing an additional 603,159 shares in the last quarter. Northern Trust Corp increased its position in shares of RTX by 8.4% during the fourth quarter. Northern Trust Corp now owns 12,912,698 shares of the company's stock worth $1,494,257,000 after purchasing an additional 997,806 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of RTX by 43.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 10,508,662 shares of the company's stock worth $1,216,063,000 after purchasing an additional 3,164,844 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of RTX by 17.6% during the fourth quarter. Invesco Ltd. now owns 10,157,769 shares of the company's stock worth $1,175,457,000 after purchasing an additional 1,522,251 shares in the last quarter. Institutional investors own 86.50% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RTX. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $170.00 price target (up from $165.00) on shares of RTX in a research report on Wednesday, July 23rd. Citigroup upped their target price on RTX from $148.00 to $182.00 and gave the company a "buy" rating in a research report on Monday, July 14th. Barclays upped their target price on RTX from $130.00 to $153.00 and gave the company an "equal weight" rating in a research report on Tuesday. Jefferies Financial Group reissued a "hold" rating on shares of RTX in a research report on Monday, July 21st. Finally, Morgan Stanley upped their target price on RTX from $165.00 to $180.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Six research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $157.13.

RTX Price Performance

Shares of RTX stock traded up $0.92 during mid-day trading on Wednesday, hitting $158.04. 940,690 shares of the stock were exchanged, compared to its average volume of 5,387,543. The firm has a fifty day moving average of $144.25 and a 200 day moving average of $133.50. The company has a quick ratio of 0.75, a current ratio of 1.01 and a debt-to-equity ratio of 0.60. RTX Corporation has a 52-week low of $112.27 and a 52-week high of $158.79. The company has a market cap of $211.54 billion, a PE ratio of 34.71, a price-to-earnings-growth ratio of 2.87 and a beta of 0.64.

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

RTX Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 1.72%. RTX's payout ratio is 59.78%.

Insider Buying and Selling at RTX

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

RTX 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.