Connecticut Wealth Management LLC Trims Stock Holdings in RTX Co. (NYSE:RTX)

Connecticut Wealth Management LLC lowered its position in RTX Co. (NYSE:RTX) by 6.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 206,890 shares of the company’s stock after selling 14,358 shares during the quarter. RTX makes up approximately 1.1% of Connecticut Wealth Management LLC’s portfolio, making the stock its 20th biggest position. Connecticut Wealth Management LLC’s holdings in RTX were worth $20,178,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bear Mountain Capital Inc. purchased a new stake in shares of RTX during the fourth quarter worth approximately $25,000. Planned Solutions Inc. purchased a new position in RTX in the fourth quarter worth $30,000. Financial Gravity Asset Management Inc. raised its position in RTX by 352.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 443 shares of the company’s stock worth $32,000 after acquiring an additional 345 shares in the last quarter. Tennessee Valley Asset Management Partners purchased a new position in RTX in the fourth quarter worth $38,000. Finally, Fairman Group LLC purchased a new position in RTX in the fourth quarter worth $38,000. Hedge funds and other institutional investors own 86.50% of the company’s stock.

Insider Transactions at RTX

In other news, insider Stephen J. Timm sold 19,880 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $105.72, for a total transaction of $2,101,713.60. Following the transaction, the insider now owns 149,050 shares of the company’s stock, valued at approximately $15,757,566. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Gregory Hayes sold 89,762 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $101.44, for a total transaction of $9,105,457.28. Following the completion of the sale, the chief executive officer now owns 636,759 shares in the company, valued at approximately $64,592,832.96. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Stephen J. Timm sold 19,880 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $105.72, for a total value of $2,101,713.60. Following the completion of the sale, the insider now owns 149,050 shares of the company’s stock, valued at approximately $15,757,566. The disclosure for this sale can be found here. In the last quarter, insiders sold 119,937 shares of company stock worth $12,256,952. 0.13% of the stock is owned by corporate insiders.

RTX Price Performance

Shares of RTX traded down $0.37 during midday trading on Friday, reaching $100.37. The stock had a trading volume of 6,153,519 shares, compared to its average volume of 6,280,827. The firm’s 50 day moving average price is $104.31 and its 200-day moving average price is $96.12. The company has a market capitalization of $133.44 billion, a P/E ratio of 39.36, a P/E/G ratio of 1.77 and a beta of 0.82. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.07 and a quick ratio of 0.79. RTX Co. has a 52 week low of $68.56 and a 52 week high of $108.65.

RTX (NYSE:RTX) last announced its earnings results on Tuesday, April 23rd. The company reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.11. RTX had a return on equity of 10.81% and a net margin of 4.90%. The company had revenue of $19.30 billion for the quarter, compared to analyst estimates of $18.44 billion. During the same period in the previous year, the firm earned $1.22 earnings per share. RTX’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, analysts forecast that RTX Co. will post 5.39 earnings per share for the current fiscal year.

RTX Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 16th will be paid a $0.63 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $2.52 dividend on an annualized basis and a yield of 2.51%. RTX’s dividend payout ratio (DPR) is currently 98.82%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Bank of America increased their price objective on RTX from $100.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 24th. Wells Fargo & Company increased their price objective on RTX from $119.00 to $141.00 and gave the stock an “overweight” rating in a research report on Friday, May 17th. StockNews.com lowered RTX from a “buy” rating to a “hold” rating in a report on Friday. UBS Group upped their target price on RTX from $103.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday, April 24th. Finally, Susquehanna upped their target price on RTX from $110.00 to $119.00 and gave the company a “positive” rating in a report on Wednesday, April 24th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $98.33.

About RTX

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.