Scotia Capital Inc. Trims Holdings in RTX Corporation (NYSE:RTX)

Key Points

• Scotia Capital Inc. has reduced its stake in RTX Corporation by 4.6%, now holding 145,588 shares valued at approximately $19.3 million.
• Several institutional investors, including GAMMA Investing LLC and T. Rowe Price Investment Management Inc., have significantly increased their positions in RTX, reflecting growing institutional interest.
• RTX's quarterly earnings exceeded expectations with a revenue of $21.58 billion, and the company recently announced a dividend of $0.68 per share, translating to an annual yield of 1.7%.

Scotia Capital Inc. trimmed its position in RTX Corporation (NYSE:RTX - Free Report) by 4.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 145,588 shares of the company's stock after selling 6,960 shares during the quarter. Scotia Capital Inc.'s holdings in RTX were worth $19,283,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC raised its position in RTX by 14,838.5% during the first quarter. GAMMA Investing LLC now owns 4,163,218 shares of the company's stock valued at $551,460,000 after acquiring an additional 4,135,349 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in 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 acquiring an additional 3,164,844 shares in the last quarter. Invesco Ltd. raised its position in 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 acquiring an additional 1,522,251 shares in the last quarter. Castlekeep Investment Advisors LLC purchased a new position in RTX during the fourth quarter valued at approximately $138,585,000. Finally, AQR Capital Management LLC raised its position in RTX by 181.4% during the fourth quarter. AQR Capital Management LLC now owns 1,569,733 shares of the company's stock valued at $181,571,000 after acquiring an additional 1,011,816 shares in the last quarter. 86.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RTX has been the subject of a number of recent analyst reports. The Goldman Sachs Group boosted their price objective on RTX from $114.00 to $126.00 and gave the company a "neutral" rating in a research report on Monday, June 23rd. Morgan Stanley lifted their price target on RTX from $165.00 to $180.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. Barclays lifted their price target on RTX from $130.00 to $153.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 29th. Jefferies Financial Group reaffirmed a "hold" rating on shares of RTX in a research note on Monday, July 21st. Finally, Cowen reaffirmed a "buy" rating on shares of RTX in a research note on Friday, May 23rd. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, RTX currently has a consensus rating of "Moderate Buy" and a consensus price target of $158.67.

Insider Buying and Selling

In other RTX news, EVP Dantaya M. Williams sold 16,922 shares of the company'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 $2,275,959.56. This represents a 50.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Amy L. Johnson sold 4,146 shares of the company'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. This trade represents a 30.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,234 shares of company stock worth $4,439,755 in the last quarter. Company insiders own 0.15% of the company's stock.

RTX Price Performance

Shares of NYSE RTX opened at $156.92 on Monday. The stock's 50-day moving average is $145.69 and its two-hundred day moving average is $134.40. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.01 and a quick ratio of 0.75. RTX Corporation has a 1-year low of $112.27 and a 1-year high of $158.79. The company has a market cap of $210.04 billion, a price-to-earnings ratio of 34.49, a price-to-earnings-growth ratio of 2.89 and a beta of 0.68.

RTX (NYSE:RTX - Get Free Report) last issued 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 return on equity of 12.89% and a net margin of 7.35%. The company had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $20.68 billion. During the same quarter in the prior year, the business earned $1.41 EPS. RTX's revenue was up 9.4% on a year-over-year basis. Analysts forecast that RTX Corporation will post 6.11 EPS for the current fiscal year.

RTX Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a yield of 1.7%. RTX's dividend payout ratio (DPR) is 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.

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