State of New Jersey Common Pension Fund D Cuts Stake in RTX Co. (NYSE:RTX)

State of New Jersey Common Pension Fund D lowered its position in RTX Co. (NYSE:RTX) by 41.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 490,659 shares of the company’s stock after selling 340,408 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in RTX were worth $49,257,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of RTX. Capital Research Global Investors boosted its stake in RTX by 23.7% in the fourth quarter. Capital Research Global Investors now owns 90,430,489 shares of the company’s stock worth $7,608,822,000 after buying an additional 17,351,313 shares in the last quarter. Capital International Investors lifted its position in RTX by 20.6% in the fourth quarter. Capital International Investors now owns 65,233,410 shares of the company’s stock valued at $5,488,752,000 after purchasing an additional 11,163,222 shares during the last quarter. Norges Bank bought a new stake in RTX in the fourth quarter valued at approximately $690,154,000. Focused Investors Fund L P bought a new stake in RTX in the first quarter valued at approximately $80,594,000. Finally, Sanders Capital LLC lifted its position in RTX by 6.8% in the fourth quarter. Sanders Capital LLC now owns 10,674,438 shares of the company’s stock valued at $898,147,000 after purchasing an additional 677,520 shares during the last quarter. Hedge funds and other institutional investors own 86.50% of the company’s stock.

RTX Price Performance

RTX opened at $119.26 on Thursday. The stock has a fifty day simple moving average of $113.34 and a two-hundred day simple moving average of $104.95. The company has a current ratio of 0.99, a quick ratio of 0.73 and a debt-to-equity ratio of 0.66. The company has a market cap of $158.64 billion, a price-to-earnings ratio of 46.77, a price-to-earnings-growth ratio of 2.08 and a beta of 0.82. RTX Co. has a 12-month low of $68.56 and a 12-month high of $123.70.

RTX (NYSE:RTX) last released its earnings results on Thursday, July 25th. The company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.30 by $0.11. RTX had a return on equity of 11.37% and a net margin of 3.12%. The firm had revenue of $19.72 billion for the quarter, compared to analysts’ expectations of $19.29 billion. During the same period in the prior year, the firm posted $1.29 earnings per share. The company’s quarterly revenue was up 7.7% on a year-over-year basis. Research analysts predict that RTX Co. will post 5.45 earnings per share for the current fiscal year.

Insider Activity at RTX

In related news, Chairman Gregory Hayes sold 134,887 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $117.74, for a total transaction of $15,881,595.38. Following the sale, the chairman now directly owns 566,723 shares of the company’s stock, valued at $66,725,966.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other RTX news, EVP Dantaya M. Williams sold 17,570 shares of the firm’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $114.87, for a total value of $2,018,265.90. Following the transaction, the executive vice president now directly owns 38,855 shares of the company’s stock, valued at $4,463,273.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Gregory Hayes sold 134,887 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $117.74, for a total value of $15,881,595.38. Following the completion of the transaction, the chairman now directly owns 566,723 shares in the company, valued at $66,725,966.02. The disclosure for this sale can be found here. Insiders have sold 178,333 shares of company stock valued at $20,861,880 over the last ninety days. Insiders own 0.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RTX. Bank of America upgraded RTX from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $110.00 to $140.00 in a research report on Wednesday, July 31st. Royal Bank of Canada boosted their price objective on RTX from $102.00 to $115.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Wells Fargo & Company lowered their price objective on RTX from $491.00 to $467.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 24th. Alembic Global Advisors upgraded RTX from a “neutral” rating to an “overweight” rating and set a $134.00 target price for the company in a report on Tuesday, July 30th. Finally, Melius Research upped their target price on RTX from $490.00 to $493.00 in a report on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $157.31.

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.