Woodley Farra Manion Portfolio Management Inc. Trims Stock Position in RTX Corporation (NYSE:RTX)

Key Points

• Woodley Farra Manion Portfolio Management Inc. reduced its stake in RTX Corporation by 8.3%, selling 5,676 shares, leading to a total of 63,068 shares valued at approximately $8.35 million.
• Wall Street analysts are optimistic about RTX, with multiple firms raising their price targets, including UBS Group, which increased its target to $177.00 while maintaining a "buy" rating.
• RTX announced a quarterly dividend of $0.68 per share, which will be paid on September 4th, offering an annualized yield of 1.73%.

Woodley Farra Manion Portfolio Management Inc. lowered its stake in shares of RTX Corporation (NYSE:RTX - Free Report) by 8.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 63,068 shares of the company's stock after selling 5,676 shares during the period. Woodley Farra Manion Portfolio Management Inc.'s holdings in RTX were worth $8,354,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. GAMMA Investing LLC grew its stake in shares of 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 buying an additional 4,135,349 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its position in shares of RTX by 43.1% in 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. grew its position in shares of RTX by 17.6% in 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 bought a new stake in shares of RTX in the 4th quarter worth approximately $138,585,000. Finally, National Bank of Canada FI grew its position in shares of RTX by 105.4% in the 4th quarter. National Bank of Canada FI now owns 2,195,166 shares of the company's stock worth $254,025,000 after buying an additional 1,126,678 shares during the last quarter. Hedge funds and other institutional investors own 86.50% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. DZ Bank raised RTX from a "sell" rating to a "hold" rating and set a $129.00 price objective on the stock in a research report on Friday, April 25th. Jefferies Financial Group reaffirmed a "hold" rating on shares of RTX in a research report on Monday, July 21st. Wall Street Zen cut RTX from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Susquehanna upped their price target on RTX from $160.00 to $175.00 and gave the stock a "positive" rating in a research note on Wednesday, July 23rd. Finally, JPMorgan Chase & Co. lifted their price objective on RTX from $145.00 to $175.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Six investment 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 company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $158.67.

Insider Buying and Selling at RTX

In related news, EVP Ramsaran Maharajh sold 1,462 shares of the stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $152.26, for a total value of $222,604.12. Following the sale, the executive vice president directly owned 13,184 shares of the company's stock, valued at $2,007,395.84. This represents a 9.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Dantaya M. Williams sold 16,922 shares of the 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 completion of the sale, the executive vice president directly owned 16,538 shares in the company, valued at $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. Insiders have sold a total of 31,234 shares of company stock valued at $4,439,755 over the last quarter. 0.15% of the stock is owned by corporate insiders.

RTX Price Performance

RTX stock traded down $0.89 during mid-day trading on Thursday, hitting $157.51. The stock had a trading volume of 4,788,798 shares, compared to its average volume of 4,604,508. The firm has a market capitalization of $210.83 billion, a P/E ratio of 34.62, a P/E/G ratio of 2.92 and a beta of 0.64. The company has a current ratio of 1.01, a quick ratio of 0.75 and a debt-to-equity ratio of 0.60. The firm's 50 day moving average is $145.20 and its 200 day moving average is $133.94. RTX Corporation has a one year low of $112.27 and a one year high of $158.79.

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

RTX Announces Dividend

The firm also recently announced 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 1.7%. RTX's dividend payout ratio is 59.78%.

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.