Renaissance Investment Group LLC Lowers Position in RTX Corporation (NYSE:RTX)

Key Points

• Renaissance Investment Group LLC has reduced its position in RTX Corporation by 11.6%, selling 11,195 shares and now holds a total of 85,548 shares, representing about 2.8% of their portfolio.
• RTX announced a quarterly dividend of $0.68 per share, with a payout ratio of 59.78% and a dividend yield of 1.74%.
• Analysts have raised their price targets for RTX, with predictions ranging from $175.00 to $182.00, indicating a favorable outlook on the stock.

Renaissance Investment Group LLC lowered its stake in RTX Corporation (NYSE:RTX - Free Report) by 11.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 85,548 shares of the company's stock after selling 11,195 shares during the period. RTX makes up 2.8% of Renaissance Investment Group LLC's holdings, making the stock its 15th biggest holding. Renaissance Investment Group LLC's holdings in RTX were worth $11,332,000 as of its most recent filing with the SEC.

Several other large investors have also bought and sold shares of the business. Geode Capital Management LLC boosted its stake in RTX by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 28,264,502 shares of the company's stock valued at $3,263,610,000 after buying an additional 1,000,722 shares in the last quarter. Franklin Resources Inc. boosted its stake in RTX by 3.8% in the fourth quarter. Franklin Resources Inc. now owns 16,611,341 shares of the company's stock valued at $1,922,264,000 after buying an additional 603,159 shares in the last quarter. Northern Trust Corp boosted its stake 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 valued at $1,494,257,000 after purchasing an additional 997,806 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its stake 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 valued at $1,216,063,000 after purchasing an additional 3,164,844 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of RTX by 17.6% during the fourth quarter. Invesco Ltd. now owns 10,157,769 shares of the company's stock valued at $1,175,457,000 after purchasing an additional 1,522,251 shares in the last quarter. 86.50% of the stock is owned by institutional investors and hedge funds.

RTX Stock Down 0.4%

RTX stock traded down $0.59 during trading on Friday, hitting $156.99. 2,638,671 shares of the company were exchanged, compared to its average volume of 5,385,728. The business's 50 day moving average is $145.20 and its 200 day moving average is $133.94. RTX Corporation has a 52 week low of $112.27 and a 52 week high of $158.79. The company has a market capitalization of $210.13 billion, a P/E ratio of 34.52, a PEG ratio of 2.92 and a beta of 0.64. The company has a current ratio of 1.01, a quick ratio of 0.75 and a debt-to-equity ratio of 0.60.

RTX (NYSE:RTX - Get Free Report) last posted its quarterly earnings data 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 return on equity of 12.89% and a net margin of 7.35%. The business had revenue of $21.58 billion for the quarter, compared to analysts' expectations of $20.68 billion. During the same quarter in the previous year, the firm earned $1.41 earnings per share. The business's revenue was up 9.4% on a year-over-year basis. Analysts predict that RTX Corporation will post 6.11 earnings per share for the current year.

RTX Announces Dividend

The company 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 dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a dividend yield of 1.7%. RTX's dividend payout ratio is presently 59.78%.

Insider Transactions at RTX

In other news, EVP Dantaya M. Williams sold 16,922 shares of the company's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $137.62, for a total transaction of $2,328,805.64. Following the transaction, the executive vice president owned 16,538 shares of the company's stock, valued at $2,275,959.56. This represents a 50.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ramsaran Maharajh sold 1,462 shares of the company's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $152.26, for a total value of $222,604.12. Following the transaction, the executive vice president directly owned 13,184 shares in the company, valued at $2,007,395.84. This represents a 9.98% decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,234 shares of company stock worth $4,439,755 over the last quarter. 0.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on RTX. Cowen reissued a "buy" rating on shares of RTX in a research note on Friday, May 23rd. Morgan Stanley lifted their price objective on RTX from $165.00 to $180.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. Bank of America lifted their price objective on RTX from $150.00 to $175.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. JPMorgan Chase & Co. lifted their price objective on RTX from $145.00 to $175.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. Finally, Jefferies Financial Group restated a "hold" rating on shares of RTX in a report on Monday, July 21st. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $158.67.

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.