First Manhattan CO. LLC. Cuts Stock Position in RTX Corporation $RTX

Key Points

• First Manhattan CO. LLC decreased its stake in RTX Corporation by 11.0% in the first quarter, owning 72,792 shares after selling 9,038 shares.
• Insiders sold a total of 56,635 shares of RTX stock worth approximately $8.9 million over the past ninety days, representing significant insider activity.
• RTX Corporation announced a quarterly dividend of $0.68 per share, with a yield of 1.7%, set to be paid on September 4th.

First Manhattan CO. LLC. reduced its stake in RTX Corporation (NYSE:RTX - Free Report) by 11.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,792 shares of the company's stock after selling 9,038 shares during the quarter. First Manhattan CO. LLC.'s holdings in RTX were worth $9,642,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in RTX. Nuveen LLC bought a new stake in shares of RTX in the 1st quarter worth approximately $916,739,000. GAMMA Investing LLC boosted its position in shares of RTX by 14,838.5% in the 1st quarter. GAMMA Investing LLC now owns 4,163,218 shares of the company's stock worth $551,460,000 after purchasing an additional 4,135,349 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of RTX by 28.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 6,385,201 shares of the company's stock worth $845,784,000 after purchasing an additional 1,394,918 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of RTX by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 119,836,487 shares of the company's stock worth $15,873,541,000 after purchasing an additional 1,357,328 shares in the last quarter. Finally, Castlekeep Investment Advisors LLC purchased a new stake in RTX during the 4th quarter valued at $138,585,000. 86.50% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Shane G. Eddy sold 25,968 shares of the firm's stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $159.79, for a total value of $4,149,426.72. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Troy D. Brunk sold 7,654 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $155.20, for a total value of $1,187,900.80. Following the completion of the transaction, the insider directly owned 16,442 shares in the company, valued at approximately $2,551,798.40. This represents a 31.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,635 shares of company stock worth $8,947,010 in the last quarter. Company insiders own 0.15% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on RTX shares. Susquehanna increased their target price on RTX from $160.00 to $175.00 and gave the company a "positive" rating in a research note on Wednesday, July 23rd. Benchmark upgraded RTX from a "hold" rating to a "buy" rating and set a $140.00 target price on the stock in a research note on Wednesday, May 14th. Cowen reiterated a "buy" rating on shares of RTX in a research note on Friday, May 23rd. Barclays increased their target price on RTX from $130.00 to $153.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 29th. Finally, Sanford C. Bernstein set a $154.00 target price on RTX and gave the company a "market perform" rating in a research note on Friday, July 11th. Three analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, RTX currently has an average rating of "Moderate Buy" and a consensus target price of $158.67.

RTX Stock Performance

Shares of NYSE RTX traded down $1.01 during midday trading on Friday, hitting $157.67. 4,044,970 shares of the stock traded hands, compared to its average volume of 3,354,713. The firm has a 50-day moving average of $153.69 and a two-hundred day moving average of $139.55. The firm has a market capitalization of $211.04 billion, a P/E ratio of 34.65, a PEG ratio of 2.92 and a beta of 0.67. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.75 and a current ratio of 1.01. RTX Corporation has a one year low of $112.27 and a one year high of $161.26.

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, beating the consensus estimate of $1.45 by $0.11. The firm had revenue of $21.58 billion for the quarter, compared to analysts' expectations of $20.68 billion. RTX had a return on equity of 12.89% and a net margin of 7.35%.The company's revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.41 EPS. RTX has set its FY 2025 guidance at 5.800-5.950 EPS. On average, equities analysts forecast that RTX Corporation will post 6.11 EPS for the current fiscal year.

RTX Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 15th were issued a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, August 15th. RTX's dividend payout ratio is presently 59.78%.

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.