Retirement Systems of Alabama Grows Stake in RTX Co. (NYSE:RTX)

Retirement Systems of Alabama grew its stake in RTX Co. (NYSE:RTX) by 0.1% in the 2nd quarter, Holdings Channel.com reports. The firm owned 293,275 shares of the company’s stock after purchasing an additional 427 shares during the period. Retirement Systems of Alabama’s holdings in RTX were worth $29,442,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Lynx Investment Advisory bought a new stake in RTX in the second quarter worth $26,000. Tennessee Valley Asset Management Partners purchased a new stake in shares of RTX in the fourth quarter valued at $38,000. Fairman Group LLC bought a new stake in shares of RTX in the 4th quarter worth about $38,000. Beaird Harris Wealth Management LLC boosted its stake in shares of RTX by 42.2% during the 4th quarter. Beaird Harris Wealth Management LLC now owns 468 shares of the company’s stock worth $39,000 after purchasing an additional 139 shares during the period. Finally, USA Financial Formulas grew its holdings in RTX by 510.3% during the 4th quarter. USA Financial Formulas now owns 476 shares of the company’s stock valued at $40,000 after purchasing an additional 398 shares during the last quarter. Hedge funds and other institutional investors own 86.50% of the company’s stock.

RTX Stock Up 0.4 %

Shares of NYSE RTX traded up $0.50 during midday trading on Friday, reaching $118.52. 3,427,510 shares of the company’s stock traded hands, compared to its average volume of 7,215,377. The company has a market cap of $157.57 billion, a price-to-earnings ratio of 46.48, a P/E/G ratio of 2.08 and a beta of 0.82. The stock’s 50 day simple moving average is $108.59 and its 200-day simple moving average is $102.17. The company has a quick ratio of 0.73, a current ratio of 0.99 and a debt-to-equity ratio of 0.66. RTX Co. has a one year low of $68.56 and a one year high of $118.99.

RTX (NYSE:RTX) last announced its earnings results on Thursday, July 25th. The company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.11. The business had revenue of $19.72 billion for the quarter, compared to analysts’ expectations of $19.29 billion. RTX had a return on equity of 11.37% and a net margin of 3.12%. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.29 EPS. On average, analysts predict that RTX Co. will post 5.44 EPS for the current fiscal year.

RTX Announces Dividend

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 issued 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 2.13%. RTX’s dividend payout ratio is presently 98.82%.

Insider Buying and Selling at RTX

In other RTX news, insider Shane G. Eddy sold 6,741 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $114.76, for a total value of $773,597.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Dantaya M. Williams sold 17,570 shares of the company’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $114.87, for a total transaction of $2,018,265.90. Following the transaction, the executive vice president now owns 38,855 shares in the company, valued at $4,463,273.85. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Shane G. Eddy sold 6,741 shares of RTX stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $114.76, for a total transaction of $773,597.16. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 178,333 shares of company stock valued at $20,861,880. 0.13% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on RTX shares. StockNews.com raised shares of RTX from a “hold” rating to a “buy” rating in a research note on Wednesday. Wells Fargo & Company decreased their price target on RTX from $491.00 to $467.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 24th. Melius Research upped their price objective on RTX from $490.00 to $493.00 in a research report on Wednesday, July 24th. Robert W. Baird lifted their target price on RTX from $105.00 to $115.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Finally, TD Cowen upped their price target on shares of RTX from $115.00 to $142.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $153.47.

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.