Third View Private Wealth LLC Sells 8,911 Shares of RTX Corporation $RTX

Key Points

• Third View Private Wealth cut its RTX stake by 71.3%, selling 8,911 shares in the third quarter and ending the period with 3,592 shares valued at about $667,000. Institutional investors overall own 86.5% of the stock.
• RTX reported quarterly EPS of $2.26, beating the $1.78 consensus, while revenue of $24.96 billion topped estimates and rose 11.1% year over year. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $231.24.
• Two RTX executives reported share sales, including EVP Dantaya Williams, who sold 9,071 shares. RTX also announced a quarterly dividend of $0.73 per share, equivalent to a 1.5% annualized yield.

Third View Private Wealth LLC reduced its position in shares of RTX Corporation (NYSE:RTX - Free Report) by 71.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,592 shares of the company's stock after selling 8,911 shares during the period. Third View Private Wealth LLC's holdings in RTX were worth $667,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of RTX. BlackRock Inc. acquired a new position in RTX during the 2nd quarter worth approximately $20,970,571,000. State Street Corp grew its stake in shares of RTX by 3.1% during the 2nd quarter. State Street Corp now owns 95,417,318 shares of the company's stock worth $18,103,528,000 after acquiring an additional 2,828,056 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of RTX by 5.0% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,693,939 shares of the company's stock worth $1,649,501,000 after acquiring an additional 411,356 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of RTX by 1.3% in the first quarter. Dimensional Fund Advisors LP now owns 7,649,112 shares of the company's stock valued at $1,475,296,000 after purchasing an additional 95,726 shares during the last quarter. Finally, Amundi raised its holdings in shares of RTX by 4.0% in the second quarter. Amundi now owns 7,768,207 shares of the company's stock valued at $1,473,862,000 after purchasing an additional 295,964 shares during the last quarter. 86.50% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Dantaya M. Williams sold 9,071 shares of RTX stock in a transaction dated Friday, October 30th. The shares were sold at an average price of $201.70, for a total value of $1,829,620.70. Following the completion of the transaction, the executive vice president owned 16,930 shares of the company's stock, valued at $3,414,781. This trade represents a 34.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Ramsaran Maharajh sold 13,655 shares of the business's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $223.92, for a total transaction of $3,057,627.60. Following the transaction, the executive vice president owned 13,184 shares in the company, valued at $2,952,161.28. This represents a 50.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.10% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

RTX has been the topic of a number of research reports. DA Davidson boosted their price objective on shares of RTX from $192.00 to $219.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. Argus set a $245.00 target price on shares of RTX and gave the company a "buy" rating in a research report on Thursday, July 30th. Jefferies Financial Group set a $250.00 price target on shares of RTX and gave the company a "buy" rating in a research note on Sunday, July 26th. Citigroup reiterated a "buy" rating on shares of RTX in a research note on Wednesday, October 7th. Finally, JPMorgan Chase & Co. boosted their price target on shares of RTX from $215.00 to $240.00 and gave the stock an "overweight" rating in a research report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $231.24.

Key Headlines Impacting RTX

Here are the key news stories impacting RTX this week:

• Positive Sentiment: Raytheon won a phase-one DARPA contract to develop all-optical signal processing intended to help military operators detect and respond to threats faster. It adds to RTX’s technology pipeline, although the initial award is an early-stage development contract and no contract value was reported. Article: RTX's Raytheon to develop new optical signal processing capability
• Positive Sentiment: An InvestorPlace commentary pointed to potential demand for Patriot systems, radars and other air-defense equipment as countries expand defenses. RTX’s large backlog and investments to increase production capacity support the opportunity, but delivery and cash-generation execution remain important. Article: America’s Military Rebuild Starts With a Manufacturing Problem
• Negative Sentiment: Political shifts following the midterm elections are creating a headwind for defense shares. Coverage said the prospect of a “blue wave” is boosting the broader market but dragging down defense stocks, offering a likely explanation for RTX’s weakness. Article: RTX and Other Defense Stocks Have a Midterm Headache
• Negative Sentiment: EVP Dantaya Williams sold 9,071 RTX shares, reducing her direct holdings by about 35%. The sale may weigh on sentiment, though the filing does not state her reason for selling. SEC filing for the insider transaction

RTX Stock Down 2.7%

RTX stock opened at $198.28 on Thursday. The company has a quick ratio of 0.81, a current ratio of 1.05 and a debt-to-equity ratio of 0.44. The business has a 50 day moving average price of $194.31 and a two-hundred day moving average price of $195.61. The company has a market cap of $267.56 billion, a price-to-earnings ratio of 32.19, a P/E/G ratio of 2.27 and a beta of 0.30. RTX Corporation has a twelve month low of $166.74 and a twelve month high of $226.88.

RTX (NYSE:RTX - Get Free Report) last announced its quarterly earnings data on Tuesday, October 20th. The company reported $2.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.78 by $0.48. The company had revenue of $24.96 billion for the quarter, compared to analysts' expectations of $24.11 billion. RTX had a return on equity of 14.89% and a net margin of 8.75%. The business's revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.70 EPS. Analysts anticipate that RTX Corporation will post 7.68 EPS for the current fiscal year.

RTX Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Friday, November 20th will be issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Friday, November 20th. RTX's payout ratio is presently 47.40%.

About RTX

RTX Corporation NYSE: RTX is an aerospace and defense company that develops and manufactures products and systems for commercial aviation, business aviation, military aircraft and government customers. Its portfolio includes aircraft engines, avionics, flight-control systems, cabin interiors, communications equipment, air and missile defense systems, precision weapons, radars and advanced sensors.

The company operates through three principal businesses: Collins Aerospace, which supplies aerospace systems and components; Pratt & Whitney, which designs and produces aircraft engines and related services; and Raytheon, which provides defense and intelligence technologies.

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