Spectrum Asset Management Inc. NB CA Sells 3,227 Shares of RTX Co. (NYSE:RTX)

Spectrum Asset Management Inc. NB CA cut its stake in RTX Co. (NYSE:RTX - Free Report) by 28.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,300 shares of the company's stock after selling 3,227 shares during the quarter. Spectrum Asset Management Inc. NB CA's holdings in RTX were worth $1,099,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. 10Elms LLP bought a new stake in RTX during the fourth quarter valued at $29,000. Fairway Wealth LLC bought a new stake in RTX during the fourth quarter worth about $31,000. Picton Mahoney Asset Management lifted its stake in RTX by 2,944.4% during the fourth quarter. Picton Mahoney Asset Management now owns 274 shares of the company's stock worth $31,000 after purchasing an additional 265 shares during the last quarter. Greenline Partners LLC bought a new stake in RTX during the fourth quarter worth about $34,000. Finally, Millstone Evans Group LLC bought a new stake in RTX during the fourth quarter worth about $39,000. 86.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Morgan Stanley raised RTX from an "equal weight" rating to an "overweight" rating and set a $135.00 price target for the company in a research note on Wednesday, April 23rd. Royal Bank of Canada decreased their price objective on RTX from $150.00 to $140.00 and set an "outperform" rating on the stock in a report on Wednesday, April 23rd. Robert W. Baird upgraded RTX from a "neutral" rating to an "outperform" rating and lifted their price objective for the stock from $136.00 to $160.00 in a report on Wednesday, March 19th. Benchmark upgraded RTX from a "hold" rating to a "buy" rating and set a $140.00 price objective on the stock in a report on Wednesday, May 14th. Finally, Susquehanna decreased their price objective on RTX from $147.00 to $140.00 and set a "positive" rating on the stock in a report on Wednesday, April 23rd. Three analysts have rated the stock with a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $159.82.

Insider Transactions at RTX

In related news, EVP Dantaya M. Williams sold 16,922 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $137.62, for a total value of $2,328,805.64. Following the transaction, the executive vice president now directly owns 16,538 shares of the company's stock, valued at approximately $2,275,959.56. This represents a 50.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Amy L. Johnson sold 4,146 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $127.54, for a total value of $528,780.84. Following the completion of the transaction, the vice president now directly owns 9,546 shares in the company, valued at $1,217,496.84. This trade represents a 30.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.15% of the company's stock.

RTX Stock Up 3.2%

Shares of RTX stock traded up $4.49 during midday trading on Friday, reaching $145.47. 11,752,057 shares of the stock were exchanged, compared to its average volume of 5,400,534. RTX Co. has a 1 year low of $99.07 and a 1 year high of $146.02. The company's 50 day moving average is $131.41 and its two-hundred day moving average is $126.58. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.63. The firm has a market cap of $194.34 billion, a PE ratio of 40.98, a price-to-earnings-growth ratio of 2.11 and a beta of 0.63.

RTX (NYSE:RTX - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The company reported $1.47 EPS for the quarter, topping analysts' consensus estimates of $1.35 by $0.12. RTX had a return on equity of 12.45% and a net margin of 5.91%. The firm had revenue of $20.31 billion for the quarter, compared to analysts' expectations of $19.80 billion. On average, equities research analysts predict that RTX Co. will post 6.11 EPS for the current year.

RTX Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a $0.68 dividend. This is a boost from RTX's previous quarterly dividend of $0.63. This represents a $2.72 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend was Friday, May 23rd. RTX's payout ratio is currently 79.77%.

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.