M&T Bank Corp Cuts Stock Position in RTX Co. (NYSE:RTX)

M&T Bank Corp lessened its stake in shares of RTX Co. (NYSE:RTX) by 1.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 591,351 shares of the company’s stock after selling 11,524 shares during the quarter. M&T Bank Corp’s holdings in RTX were worth $71,648,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. MidAtlantic Capital Management Inc. purchased a new position in RTX in the third quarter worth $29,000. Briaud Financial Planning Inc raised its position in RTX by 64.1% in the second quarter. Briaud Financial Planning Inc now owns 256 shares of the company’s stock worth $25,000 after acquiring an additional 100 shares in the last quarter. Mizuho Securities Co. Ltd. purchased a new position in RTX in the second quarter worth $32,000. Western Pacific Wealth Management LP purchased a new position in RTX in the third quarter worth $41,000. Finally, Fairfield Financial Advisors LTD purchased a new position in shares of RTX in the second quarter valued at $41,000. Hedge funds and other institutional investors own 86.50% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Wells Fargo & Company upgraded RTX from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 21st. Morgan Stanley raised their price target on RTX from $120.00 to $130.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 23rd. Susquehanna raised their price target on RTX from $140.00 to $150.00 and gave the company a “positive” rating in a research report on Wednesday, October 23rd. UBS Group raised their price target on RTX from $126.00 to $133.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft upgraded RTX from a “sell” rating to a “hold” rating and raised their price target for the company from $109.00 to $129.00 in a research report on Thursday, October 3rd. Eight analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $177.27.

RTX Stock Down 1.2 %

Shares of NYSE:RTX opened at $116.59 on Tuesday. The stock’s 50-day moving average price is $122.07 and its two-hundred day moving average price is $115.23. The company has a current ratio of 0.99, a quick ratio of 0.73 and a debt-to-equity ratio of 0.62. RTX Co. has a 12-month low of $79.67 and a 12-month high of $128.70. The firm has a market cap of $155.18 billion, a price-to-earnings ratio of 33.31, a PEG ratio of 2.09 and a beta of 0.80.

RTX (NYSE:RTX) last issued its quarterly earnings results on Tuesday, October 22nd. The company reported $1.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.11. RTX had a return on equity of 11.96% and a net margin of 5.97%. The firm had revenue of $20.09 billion for the quarter, compared to analyst estimates of $19.84 billion. During the same period last year, the company earned $1.25 EPS. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. On average, research analysts forecast that RTX Co. will post 5.56 EPS for the current year.

RTX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend is Friday, November 15th. RTX’s dividend payout ratio is currently 72.00%.

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.