FARMERS & MERCHANTS TRUST Co OF LONG BEACH Reduces Holdings in RTX Co. (NYSE:RTX)

FARMERS & MERCHANTS TRUST Co OF LONG BEACH lowered its position in shares of RTX Co. (NYSE:RTX) by 11.6% during the first quarter, HoldingsChannel reports. The firm owned 10,214 shares of the company’s stock after selling 1,336 shares during the period. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in RTX were worth $996,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Gotham Asset Management LLC increased its stake in shares of RTX by 86.9% in the third quarter. Gotham Asset Management LLC now owns 27,664 shares of the company’s stock worth $1,991,000 after buying an additional 12,863 shares during the last quarter. Schonfeld Strategic Advisors LLC increased its stake in shares of RTX by 5,145.3% in the third quarter. Schonfeld Strategic Advisors LLC now owns 23,971 shares of the company’s stock worth $1,725,000 after buying an additional 23,514 shares during the last quarter. Logan Capital Management Inc. increased its stake in shares of RTX by 3.0% in the third quarter. Logan Capital Management Inc. now owns 25,110 shares of the company’s stock worth $1,807,000 after buying an additional 743 shares during the last quarter. Quadrature Capital Ltd bought a new stake in shares of RTX in the third quarter worth $4,507,000. Finally, AQR Capital Management LLC increased its stake in shares of RTX by 90.2% in the third quarter. AQR Capital Management LLC now owns 977,564 shares of the company’s stock worth $70,355,000 after buying an additional 463,492 shares during the last quarter. Hedge funds and other institutional investors own 86.50% of the company’s stock.

RTX Price Performance

RTX traded up $0.29 on Tuesday, reaching $99.84. The company had a trading volume of 1,173,258 shares, compared to its average volume of 7,518,325. The company has a fifty day moving average of $104.38 and a 200-day moving average of $95.78. The company has a market capitalization of $132.74 billion, a P/E ratio of 39.04, a PEG ratio of 1.76 and a beta of 0.82. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.68. RTX Co. has a one year low of $68.56 and a one year 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, beating analysts’ consensus estimates of $1.23 by $0.11. The firm had revenue of $19.30 billion during the quarter, compared to analyst estimates of $18.44 billion. RTX had a net margin of 4.90% and a return on equity of 10.81%. RTX’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.22 EPS. As a group, equities research analysts anticipate that RTX Co. will post 5.39 earnings per share for the current year.

RTX Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 16th will be given 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 2.52%. RTX’s dividend payout ratio is presently 98.82%.

Insider Activity

In other news, insider Stephen J. Timm sold 19,880 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $105.72, for a total transaction of $2,101,713.60. Following the completion of the transaction, the insider now owns 149,050 shares in the company, valued at approximately $15,757,566. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Stephen J. Timm sold 19,880 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $105.72, for a total transaction of $2,101,713.60. Following the completion of the transaction, the insider now owns 149,050 shares in the company, valued at approximately $15,757,566. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Robert Kelly Ortberg sold 10,295 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $101.97, for a total transaction of $1,049,781.15. Following the transaction, the director now owns 129,120 shares of the company’s stock, valued at approximately $13,166,366.40. 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. Corporate insiders own 0.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on RTX shares. Susquehanna lifted their price target on shares of RTX from $110.00 to $119.00 and gave the stock a “positive” rating in a research note on Wednesday, April 24th. Barclays lifted their price objective on shares of RTX from $90.00 to $100.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 30th. Wells Fargo & Company lifted their price objective on shares of RTX from $119.00 to $141.00 and gave the stock an “overweight” rating in a report on Friday, May 17th. TD Cowen lifted their price objective on shares of RTX from $106.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. Finally, Robert W. Baird lifted their price objective on shares of RTX from $94.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $98.33.

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.