Convergence Investment Partners LLC Has $1.19 Million Stake in RTX Corporation (NYSE:RTX)

Convergence Investment Partners LLC lowered its position in shares of RTX Corporation (NYSE:RTX - Free Report) by 42.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,943 shares of the company's stock after selling 6,603 shares during the period. Convergence Investment Partners LLC's holdings in RTX were worth $1,185,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC raised its stake 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 valued at $3,263,610,000 after purchasing an additional 1,000,722 shares during the period. Franklin Resources Inc. raised its stake 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 valued at $1,922,264,000 after purchasing an additional 603,159 shares during the period. Norges Bank purchased a new stake in shares of RTX during the fourth quarter valued at approximately $1,745,644,000. Northern Trust Corp raised 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 during the period. Finally, T. Rowe Price Investment Management Inc. increased its stake in shares of RTX by 43.1% in 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 buying an additional 3,164,844 shares during the last quarter. Hedge funds and other institutional investors own 86.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on RTX. UBS Group lifted their price target on shares of RTX from $166.00 to $177.00 and gave the stock a "buy" rating in a research note on Wednesday. Benchmark upgraded shares of RTX from a "hold" rating to a "buy" rating and set a $140.00 price target for the company in a research note on Wednesday, May 14th. JPMorgan Chase & Co. lifted their price target on shares of RTX from $145.00 to $175.00 and gave the stock an "overweight" rating in a research note on Wednesday. DZ Bank upgraded shares of RTX from a "sell" rating to a "hold" rating and set a $129.00 target price for the company in a research note on Friday, April 25th. Finally, Morgan Stanley boosted their target price on shares of RTX from $165.00 to $180.00 and gave the company an "overweight" rating in a research note on Wednesday. Six research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $154.88.

Insiders Place Their Bets

In other RTX news, EVP Dantaya M. Williams sold 16,922 shares of the business's stock in a transaction dated 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 sale, the executive vice president owned 16,538 shares in the company, valued at approximately $2,275,959.56. The trade was a 50.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Amy L. Johnson sold 4,146 shares of the business's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $127.54, for a total value of $528,780.84. Following the sale, the vice president owned 9,546 shares in the company, valued at approximately $1,217,496.84. The trade was a 30.28% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,530 shares of company stock worth $3,080,191. 0.15% of the stock is owned by corporate insiders.

RTX Price Performance

RTX stock traded up $1.64 during midday trading on Friday, hitting $156.86. The company's stock had a trading volume of 4,727,235 shares, compared to its average volume of 4,909,235. The company has a quick ratio of 0.75, a current ratio of 1.01 and a debt-to-equity ratio of 0.60. The stock's 50-day moving average price is $143.48 and its 200-day moving average price is $132.81. RTX Corporation has a 12 month low of $112.27 and a 12 month high of $157.33. The company has a market capitalization of $209.96 billion, a PE ratio of 34.47, a price-to-earnings-growth ratio of 2.86 and a beta of 0.64.

RTX (NYSE:RTX - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The company reported $1.56 EPS 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 for the quarter, compared to analysts' expectations of $20.68 billion. During the same period in the previous year, the business earned $1.41 earnings per share. RTX's revenue for the quarter was up 9.4% compared to the same quarter last year. Analysts anticipate that RTX Corporation will post 6.11 earnings per share for the current fiscal year.

RTX Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 15th will be given a $0.68 dividend. This represents a $2.72 annualized dividend and a yield of 1.73%. RTX's dividend payout ratio (DPR) is presently 59.78%.

RTX Company 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.