Philip James Wealth Mangement LLC Reduces Stock Position in RTX Corporation (NYSE:RTX)

Philip James Wealth Mangement LLC reduced its stake in RTX Corporation (NYSE:RTX) by 3.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,962 shares of the company’s stock after selling 428 shares during the period. Philip James Wealth Mangement LLC’s holdings in RTX were worth $1,584,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in RTX. Illinois Municipal Retirement Fund lifted its stake in RTX by 7.9% in the first quarter. Illinois Municipal Retirement Fund now owns 99,953 shares of the company’s stock worth $13,240,000 after acquiring an additional 7,337 shares during the period. Old North State Wealth Management LLC increased its position in RTX by 1.5% during the 1st quarter. Old North State Wealth Management LLC now owns 11,897 shares of the company’s stock valued at $1,576,000 after purchasing an additional 180 shares during the period. Diversified Trust Co raised its holdings in shares of RTX by 31.5% in the 1st quarter. Diversified Trust Co now owns 40,935 shares of the company’s stock valued at $5,422,000 after purchasing an additional 9,795 shares in the last quarter. Hidden Cove Wealth Management LLC bought a new position in shares of RTX during the first quarter valued at approximately $263,000. Finally, Board of the Pension Protection Fund increased its holdings in RTX by 115.8% during the first quarter. Board of the Pension Protection Fund now owns 8,200 shares of the company’s stock valued at $1,086,000 after buying an additional 4,400 shares during the period. 86.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Dantaya M. Williams sold 16,922 shares of the stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $137.62, for a total value of $2,328,805.64. Following the completion of the transaction, the executive vice president now directly owns 16,538 shares of the company’s stock, valued at approximately $2,275,959.56. This represents a 50.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Amy L. Johnson sold 4,146 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $127.54, for a total transaction of $528,780.84. Following the completion of the sale, the vice president now owns 9,546 shares of the company’s stock, valued at $1,217,496.84. This trade represents 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.

Analyst Ratings Changes

RTX has been the subject of a number of analyst reports. Wall Street Zen cut RTX from a “buy” rating to a “hold” rating in a research note on Saturday, June 21st. Wells Fargo & Company boosted their target price on shares of RTX from $136.00 to $144.00 and gave the stock an “overweight” rating in a report on Tuesday, April 15th. Susquehanna cut their price objective on shares of RTX from $147.00 to $140.00 and set a “positive” rating on the stock in a research report on Wednesday, April 23rd. Robert W. Baird raised shares of RTX from a “neutral” rating to an “outperform” rating and increased their target price for the company from $136.00 to $160.00 in a research report on Wednesday, March 19th. Finally, Royal Bank Of Canada cut their price target on shares of RTX from $150.00 to $140.00 and set an “outperform” rating on the stock in a report on Wednesday, April 23rd. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $161.12.

RTX Price Performance

Shares of NYSE RTX opened at $142.74 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.01 and a quick ratio of 0.75. The stock has a market capitalization of $190.69 billion, a price-to-earnings ratio of 41.86, a PEG ratio of 2.56 and a beta of 0.63. The firm’s 50 day simple moving average is $134.55 and its 200-day simple moving average is $128.11. RTX Corporation has a 12 month low of $99.07 and a 12 month high of $149.26.

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

RTX Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were issued a $0.68 dividend. This is a positive change from RTX’s previous quarterly dividend of $0.63. This represents a $2.72 annualized dividend and a yield of 1.91%. The ex-dividend date of this dividend was Friday, May 23rd. RTX’s dividend payout ratio (DPR) is presently 79.77%.

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.