King Wealth Management Group Cuts Stock Position in RTX Co. (NYSE:RTX)

King Wealth Management Group trimmed its position in shares of RTX Co. (NYSE:RTX) by 4.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,425 shares of the company’s stock after selling 223 shares during the period. King Wealth Management Group’s holdings in RTX were worth $536,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Briaud Financial Planning Inc raised its stake in shares of RTX by 64.1% during the 2nd quarter. Briaud Financial Planning Inc now owns 256 shares of the company’s stock valued at $25,000 after purchasing an additional 100 shares during the period. Lynx Investment Advisory purchased a new stake in shares of RTX in the second quarter worth about $26,000. Mizuho Securities Co. Ltd. bought a new position in shares of RTX in the second quarter valued at approximately $32,000. Fairfield Financial Advisors LTD bought a new stake in RTX during the 2nd quarter worth approximately $41,000. Finally, Western Pacific Wealth Management LP purchased a new stake in RTX in the 3rd quarter worth approximately $41,000. 86.50% of the stock is owned by hedge funds and other institutional investors.

RTX Price Performance

NYSE RTX opened at $118.92 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.73 and a current ratio of 0.99. The company has a market capitalization of $158.28 billion, a price-to-earnings ratio of 33.98, a PEG ratio of 2.19 and a beta of 0.82. The stock has a 50-day moving average of $122.20 and a 200 day moving average of $113.28. RTX Co. has a one year low of $78.00 and a one year high of $128.70.

RTX (NYSE:RTX) last issued its quarterly earnings data on Tuesday, October 22nd. The company reported $1.45 earnings per share 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 company had revenue of $20.09 billion for the quarter, compared to the consensus estimate of $19.84 billion. During the same quarter in the prior year, the firm earned $1.25 earnings per share. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. On average, sell-side analysts forecast that RTX Co. will post 5.56 EPS for the current year.

RTX Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be given a $0.63 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.52 annualized dividend and a yield of 2.12%. RTX’s payout ratio is 72.00%.

Analyst Ratings Changes

RTX has been the topic of a number of recent analyst reports. Bank of America upgraded RTX from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $110.00 to $140.00 in a research report on Wednesday, July 31st. Melius Research increased their price target on shares of RTX from $490.00 to $493.00 in a research report on Wednesday, July 24th. Royal Bank of Canada boosted their price objective on shares of RTX from $115.00 to $130.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. Alembic Global Advisors raised shares of RTX from a “neutral” rating to an “overweight” rating and set a $134.00 target price on the stock in a report on Tuesday, July 30th. Finally, Wells Fargo & Company reduced their price target on RTX from $491.00 to $467.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 24th. Ten equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, RTX currently has an average rating of “Hold” and an average price target of $177.27.

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.