Patriot Investment Management Group Inc. Cuts Holdings in RTX Co. (NYSE:RTX)

Patriot Investment Management Group Inc. trimmed its holdings in shares of RTX Co. (NYSE:RTX) by 18.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,255 shares of the company’s stock after selling 932 shares during the period. Patriot Investment Management Group Inc.’s holdings in RTX were worth $492,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Public Sector Pension Investment Board increased its holdings in RTX by 234.4% during the 2nd quarter. Public Sector Pension Investment Board now owns 51,113 shares of the company’s stock valued at $5,131,000 after purchasing an additional 35,828 shares during the period. AlTi Global Inc. lifted its position in RTX by 4.8% during the 2nd quarter. AlTi Global Inc. now owns 25,482 shares of the company’s stock valued at $2,558,000 after acquiring an additional 1,168 shares during the period. AQR Capital Management LLC boosted its stake in RTX by 23.2% during the second quarter. AQR Capital Management LLC now owns 366,824 shares of the company’s stock worth $36,825,000 after acquiring an additional 69,112 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in RTX by 5.2% in the second quarter. Ameriprise Financial Inc. now owns 8,284,944 shares of the company’s stock worth $831,740,000 after purchasing an additional 408,551 shares during the period. Finally, Elgethun Capital Management boosted its position in shares of RTX by 3.8% in the 2nd quarter. Elgethun Capital Management now owns 2,326 shares of the company’s stock worth $233,000 after purchasing an additional 85 shares in the last quarter. Hedge funds and other institutional investors own 86.50% of the company’s stock.

RTX Price Performance

Shares of RTX stock opened at $126.34 on Friday. RTX Co. has a 52-week low of $88.70 and a 52-week high of $128.70. The firm has a market capitalization of $168.17 billion, a P/E ratio of 36.10, a P/E/G ratio of 1.99 and a beta of 0.81. The stock has a 50 day moving average price of $118.25 and a 200 day moving average price of $118.12. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.73 and a current ratio of 0.99.

RTX (NYSE:RTX) last posted its earnings results on Tuesday, October 22nd. The company reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.11. RTX had a net margin of 5.97% and a return on equity of 11.96%. The business had revenue of $20.09 billion for the quarter, compared to the consensus estimate of $19.84 billion. During the same quarter last year, the firm posted $1.25 EPS. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. As a group, sell-side analysts predict that RTX Co. will post 5.56 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft upgraded RTX from a “hold” rating to a “buy” rating and lifted their price objective for the company from $131.00 to $140.00 in a research note on Thursday, January 2nd. Royal Bank of Canada upgraded shares of RTX from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $130.00 to $140.00 in a research note on Thursday, December 19th. TD Cowen upgraded RTX to a “strong-buy” rating in a report on Tuesday, October 8th. Wells Fargo & Company raised their price target on shares of RTX from $140.00 to $151.00 and gave the company an “overweight” rating in a report on Wednesday, January 8th. Finally, Barclays increased their price objective on shares of RTX from $108.00 to $130.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $158.27.

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.