US Bancorp DE Trims Stake in RTX Corporation (NYSE:RTX)

Key Points

• US Bancorp DE reduced its stake in RTX Corporation by 2.2% during the first quarter, currently owning approximately 933,014 shares valued at $123,587,000.
• RTX Corporation reported quarterly earnings of $1.56 EPS, surpassing analyst expectations by $0.11 and achieving revenue of $21.58 billion.
• The company announced a quarterly dividend of $0.68 per share, scheduled for payment on September 4th, representing a 1.7% yield annually.

US Bancorp DE lowered its stake in RTX Corporation (NYSE:RTX - Free Report) by 2.2% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 933,014 shares of the company's stock after selling 21,121 shares during the quarter. US Bancorp DE owned approximately 0.07% of RTX worth $123,587,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RTX. GAMMA Investing LLC lifted its stake in shares of RTX by 14,838.5% during 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 during the period. T. Rowe Price Investment Management Inc. increased its holdings in shares of RTX by 43.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,508,662 shares of the company's stock worth $1,216,063,000 after buying an additional 3,164,844 shares during the last quarter. Invesco Ltd. increased its holdings in shares of RTX by 17.6% during the 4th quarter. Invesco Ltd. now owns 10,157,769 shares of the company's stock worth $1,175,457,000 after buying an additional 1,522,251 shares during the last quarter. Castlekeep Investment Advisors LLC acquired a new stake in shares of RTX during the 4th quarter worth $138,585,000. Finally, AQR Capital Management LLC increased its holdings in shares of RTX by 181.4% during the 4th quarter. AQR Capital Management LLC now owns 1,569,733 shares of the company's stock worth $181,571,000 after buying an additional 1,011,816 shares during the last quarter. Hedge funds and other institutional investors own 86.50% of the company's stock.

RTX Stock Down 0.6%

NYSE:RTX opened at $157.51 on Friday. The company has a market capitalization of $210.83 billion, a price-to-earnings ratio of 34.62, a price-to-earnings-growth ratio of 2.92 and a beta of 0.64. RTX Corporation has a one year low of $112.27 and a one year high of $158.79. The stock has a 50-day simple moving average of $145.20 and a 200 day simple moving average of $133.94. 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 (NYSE:RTX - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The company reported $1.56 EPS for the quarter, topping analysts' consensus estimates of $1.45 by $0.11. The business had revenue of $21.58 billion during the quarter, compared to the consensus estimate of $20.68 billion. RTX had a return on equity of 12.89% and a net margin of 7.35%. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period last year, the firm earned $1.41 earnings per share. Sell-side analysts predict that RTX Corporation will post 6.11 EPS for the current fiscal year.

RTX Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 15th will be paid a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a yield of 1.7%. RTX's dividend payout ratio (DPR) is 59.78%.

Insider Transactions at RTX

In other RTX news, EVP Dantaya M. Williams sold 16,922 shares of RTX 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 completion of the transaction, the executive vice president directly owned 16,538 shares in the company, valued at $2,275,959.56. The trade was a 50.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Ramsaran Maharajh sold 1,462 shares of RTX 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 completion of the transaction, the executive vice president owned 13,184 shares of the company's stock, valued at approximately $2,007,395.84. The trade was a 9.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 31,234 shares of company stock valued at $4,439,755 over the last ninety days. 0.15% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Sanford C. Bernstein set a $154.00 price objective on RTX and gave the stock a "market perform" rating in a report on Friday, July 11th. UBS Group upped their price objective on RTX from $166.00 to $177.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. JPMorgan Chase & Co. upped their price objective on RTX from $145.00 to $175.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Benchmark raised RTX from a "hold" rating to a "buy" rating and set a $140.00 price objective on the stock in a research report on Wednesday, May 14th. Finally, The Goldman Sachs Group raised 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. Six research 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $158.67.

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.

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