Essex Savings Bank Increases Stock Position in RTX Corporation (NYSE:RTX)

Essex Savings Bank lifted its holdings in RTX Corporation (NYSE:RTX) by 1.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 26,431 shares of the company’s stock after purchasing an additional 277 shares during the quarter. RTX accounts for approximately 0.9% of Essex Savings Bank’s investment portfolio, making the stock its 22nd largest position. Essex Savings Bank’s holdings in RTX were worth $3,501,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in RTX. Norges Bank purchased a new stake in shares of RTX in the fourth quarter valued at $1,745,644,000. GAMMA Investing LLC raised its stake in shares of RTX by 14,838.5% during the first quarter. GAMMA Investing LLC now owns 4,163,218 shares of the company’s stock valued at $551,460,000 after acquiring an additional 4,135,349 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of RTX by 43.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,508,662 shares of the company’s stock worth $1,216,063,000 after buying an additional 3,164,844 shares during the period. Amundi lifted its stake in RTX by 83.1% in the fourth quarter. Amundi now owns 6,288,559 shares of the company’s stock worth $728,964,000 after acquiring an additional 2,854,928 shares during the period. Finally, Capital Wealth Planning LLC purchased a new stake in shares of RTX in the 4th quarter worth approximately $216,340,000. 86.50% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Citigroup dropped their price objective on RTX from $153.00 to $148.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Morgan Stanley upgraded shares of RTX from an “equal weight” rating to an “overweight” rating and set a $135.00 price objective for the company in a research note on Wednesday, April 23rd. Wells Fargo & Company upped their target price on RTX from $136.00 to $144.00 and gave the company an “overweight” rating in a research report on Tuesday, April 15th. Cowen reaffirmed a “buy” rating on shares of RTX in a research report on Friday, May 23rd. Finally, Susquehanna cut their target price on shares of RTX from $147.00 to $140.00 and set a “positive” rating for the company in a report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $159.82.

Insider Buying and Selling at RTX

In related news, EVP Dantaya M. Williams sold 16,922 shares of the firm’s stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $137.62, for a total transaction of $2,328,805.64. Following the completion of the transaction, the executive vice president now directly owns 16,538 shares in the company, valued at $2,275,959.56. This trade represents a 50.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Amy L. Johnson sold 4,146 shares of the company’s stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $127.54, for a total transaction of $528,780.84. Following the sale, the vice president now directly owns 9,546 shares in the company, valued at approximately $1,217,496.84. The trade was a 30.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.15% of the company’s stock.

RTX Stock Up 1.4%

Shares of RTX opened at $148.50 on Wednesday. The stock has a 50 day moving average price of $132.34 and a 200 day moving average price of $126.91. The stock has a market capitalization of $198.39 billion, a price-to-earnings ratio of 43.55, a PEG ratio of 2.65 and a beta of 0.63. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.75 and a current ratio of 1.01. RTX Corporation has a one year low of $99.07 and a one year high of $149.56.

RTX (NYSE:RTX) last posted its quarterly earnings results on Tuesday, April 22nd. The company reported $1.47 EPS for the quarter, beating the consensus estimate of $1.35 by $0.12. RTX had a return on equity of 12.71% and a net margin of 5.63%. The firm had revenue of $20.31 billion during the quarter, compared to analysts’ expectations of $19.80 billion. Equities research analysts forecast that RTX Corporation will post 6.11 earnings per share for the current fiscal year.

RTX Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 1.83%. The ex-dividend date of this dividend was Friday, May 23rd. This is a positive change from RTX’s previous quarterly dividend of $0.63. RTX’s payout ratio is presently 79.77%.

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.