State of New Jersey Common Pension Fund D Sells 39,643 Shares of RTX Corporation $RTX

Key Points

• The State of New Jersey Common Pension Fund D has reduced its stake in RTX Corporation by 8.1%, selling 39,643 shares and now holding 450,635 shares valued at approximately $59.7 million.
• Analysts have provided positive outlooks for RTX, with several brokerages upgrading their ratings and raising the price targets, with Citigroup increasing its target to $182.
• RTX has announced a quarterly dividend of $0.68 per share, which translates to an annualized dividend of $2.72 and a yield of 1.8%.

State of New Jersey Common Pension Fund D lessened its stake in RTX Corporation (NYSE:RTX - Free Report) by 8.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 450,635 shares of the company's stock after selling 39,643 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in RTX were worth $59,691,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RTX. MorganRosel Wealth Management LLC bought a new position in RTX during the 1st quarter worth approximately $26,000. 10Elms LLP bought a new position in RTX in the fourth quarter valued at approximately $29,000. Greenline Partners LLC bought a new stake in shares of RTX in the fourth quarter worth $34,000. Mpwm Advisory Solutions LLC bought a new stake in shares of RTX in the fourth quarter worth $43,000. Finally, McClarren Financial Advisors Inc. bought a new stake in RTX during the first quarter worth $44,000. Institutional investors and hedge funds own 86.50% of the company's stock.

Insider Activity

In related news, EVP Ramsaran Maharajh sold 1,462 shares of the company's stock in a transaction that occurred 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 approximately $2,007,395.84. This represents a 9.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $2,328,805.64. Following the completion of the transaction, the executive vice president owned 16,538 shares in the company, valued at approximately $2,275,959.56. This trade represents a 50.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 47,589 shares of company stock valued at $7,126,389. 0.15% of the stock is currently owned by insiders.

RTX Stock Down 0.7%

RTX stock traded down $1.04 during midday trading on Friday, reaching $154.04. 4,593,662 shares of the company's stock traded hands, compared to its average volume of 4,921,509. The company has a market cap of $206.19 billion, a price-to-earnings ratio of 33.85, a P/E/G ratio of 2.84 and a beta of 0.69. The firm's fifty day moving average price is $149.54 and its 200-day moving average price is $136.53. The company has a quick ratio of 0.75, a current ratio of 1.01 and a debt-to-equity ratio of 0.60. RTX Corporation has a 52 week low of $112.27 and a 52 week high of $158.79.

RTX (NYSE:RTX - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The company reported $1.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.11. The firm had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $20.68 billion. RTX had a net margin of 7.35% and a return on equity of 12.89%. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.41 EPS. As a group, sell-side analysts forecast that RTX Corporation will post 6.11 earnings per share for the current fiscal year.

RTX Dividend Announcement

The business 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 annualized dividend and a dividend yield of 1.8%. RTX's dividend payout ratio is presently 59.78%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Benchmark upgraded shares of 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. Sanford C. Bernstein set a $154.00 target price on shares of RTX and gave the company a "market perform" rating in a report on Friday, July 11th. UBS Group raised their price target on shares of RTX from $166.00 to $177.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Jefferies Financial Group reiterated a "hold" rating on shares of RTX in a research report on Monday, July 21st. Finally, Bank of America lifted their target price on shares of RTX from $150.00 to $175.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, RTX has a consensus rating of "Moderate Buy" and an average target price of $158.67.

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.