State of Michigan Retirement System Lowers Stock Position in RTX Co. (NYSE:RTX)

State of Michigan Retirement System trimmed its stake in shares of RTX Co. (NYSE:RTX) by 7.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 402,032 shares of the company’s stock after selling 30,200 shares during the period. State of Michigan Retirement System’s holdings in RTX were worth $39,210,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Buffington Mohr McNeal lifted its holdings in RTX by 14.4% during the first quarter. Buffington Mohr McNeal now owns 16,014 shares of the company’s stock valued at $1,562,000 after purchasing an additional 2,013 shares in the last quarter. Capital Advisors Ltd. LLC lifted its holdings in RTX by 7.3% during the first quarter. Capital Advisors Ltd. LLC now owns 2,451 shares of the company’s stock valued at $239,000 after purchasing an additional 166 shares in the last quarter. Applied Capital LLC FL lifted its holdings in RTX by 1.6% during the first quarter. Applied Capital LLC FL now owns 8,744 shares of the company’s stock valued at $853,000 after purchasing an additional 141 shares in the last quarter. Cullinan Associates Inc. lifted its holdings in RTX by 2.4% during the first quarter. Cullinan Associates Inc. now owns 39,133 shares of the company’s stock valued at $3,817,000 after purchasing an additional 900 shares in the last quarter. Finally, Iams Wealth Management LLC lifted its holdings in RTX by 11.2% during the first quarter. Iams Wealth Management LLC now owns 6,356 shares of the company’s stock valued at $572,000 after purchasing an additional 640 shares in the last quarter. 86.50% of the stock is owned by hedge funds and other institutional investors.

RTX Stock Up 0.9 %

Shares of NYSE RTX traded up $0.86 during midday trading on Tuesday, hitting $100.41. The company’s stock had a trading volume of 8,249,352 shares, compared to its average volume of 7,574,484. The business’s fifty day simple moving average is $104.38 and its two-hundred day simple moving average is $95.78. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.07 and a quick ratio of 0.79. RTX Co. has a 1 year low of $68.56 and a 1 year high of $108.65. The firm has a market capitalization of $133.50 billion, a price-to-earnings ratio of 39.04, a price-to-earnings-growth ratio of 1.76 and a beta of 0.82.

RTX (NYSE:RTX) last issued its quarterly earnings results on Tuesday, April 23rd. The company reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.11. RTX had a net margin of 4.90% and a return on equity of 10.81%. The company had revenue of $19.30 billion during the quarter, compared to the consensus estimate of $18.44 billion. During the same quarter in the previous year, the firm earned $1.22 earnings per share. The firm’s quarterly revenue was up 12.1% on a year-over-year basis. On average, equities analysts predict that RTX Co. will post 5.39 EPS for the current year.

RTX Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 16th will be paid a $0.63 dividend. The ex-dividend date is Friday, August 16th. This represents a $2.52 dividend on an annualized basis and a yield of 2.51%. RTX’s dividend payout ratio is currently 98.82%.

Insider Buying and Selling

In related news, CEO Gregory Hayes sold 89,762 shares of RTX stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $101.44, for a total value of $9,105,457.28. Following the completion of the transaction, the chief executive officer now owns 636,759 shares in the company, valued at $64,592,832.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other RTX news, insider Stephen J. Timm sold 19,880 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now owns 149,050 shares of the company’s stock, valued at $15,757,566. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Gregory Hayes sold 89,762 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $101.44, for a total transaction of $9,105,457.28. Following the sale, the chief executive officer now directly owns 636,759 shares in the company, valued at approximately $64,592,832.96. The disclosure for this sale can be found here. Insiders sold 119,937 shares of company stock worth $12,256,952 over the last 90 days. 0.13% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RTX. UBS Group increased their target price on shares of RTX from $103.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, April 24th. TD Cowen increased their target price on shares of RTX from $106.00 to $115.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. Robert W. Baird increased their target price on shares of RTX from $94.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Wells Fargo & Company raised their price objective on shares of RTX from $119.00 to $141.00 and gave the stock an “overweight” rating in a research report on Friday, May 17th. Finally, Barclays increased their target price on shares of RTX from $90.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $98.33.

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.