Essex LLC Reduces Stock Position in RTX Co. (NYSE:RTX)

Essex LLC reduced its holdings in shares of RTX Co. (NYSE:RTX) by 6.5% in the 4th quarter, HoldingsChannel reports. The fund owned 30,465 shares of the company’s stock after selling 2,118 shares during the quarter. Essex LLC’s holdings in RTX were worth $3,525,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in RTX. Assenagon Asset Management S.A. increased its holdings in shares of RTX by 545.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,478,784 shares of the company’s stock valued at $286,845,000 after acquiring an additional 2,094,834 shares during the period. International Assets Investment Management LLC increased its stake in RTX by 11,235.6% in the third quarter. International Assets Investment Management LLC now owns 1,701,013 shares of the company’s stock valued at $206,095,000 after purchasing an additional 1,686,007 shares during the period. Jennison Associates LLC raised its holdings in shares of RTX by 190.7% in the fourth quarter. Jennison Associates LLC now owns 1,514,015 shares of the company’s stock valued at $175,202,000 after buying an additional 993,273 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of RTX by 4.8% during the third quarter. Fisher Asset Management LLC now owns 18,471,471 shares of the company’s stock worth $2,238,004,000 after buying an additional 852,183 shares during the period. Finally, Janus Henderson Group PLC increased its position in RTX by 256.6% in the 3rd quarter. Janus Henderson Group PLC now owns 976,527 shares of the company’s stock valued at $118,309,000 after acquiring an additional 702,699 shares during the period. Hedge funds and other institutional investors own 86.50% of the company’s stock.

RTX Price Performance

Shares of NYSE RTX opened at $128.07 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.63. The stock has a market cap of $170.60 billion, a price-to-earnings ratio of 36.08, a PEG ratio of 2.17 and a beta of 0.82. The company’s 50-day moving average price is $119.99 and its 200 day moving average price is $120.17. RTX Co. has a 52 week low of $88.90 and a 52 week high of $132.43.

RTX (NYSE:RTX) last posted its earnings results on Tuesday, January 28th. The company reported $1.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.19. RTX had a return on equity of 12.45% and a net margin of 5.91%. As a group, research analysts forecast that RTX Co. will post 6.11 earnings per share for the current fiscal year.

RTX Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Friday, February 21st will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend is Friday, February 21st. RTX’s payout ratio is 70.99%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Citigroup upgraded RTX from a “neutral” rating to a “buy” rating and lifted their target price for the company from $132.00 to $153.00 in a research note on Tuesday, January 21st. Morgan Stanley upped their price objective on shares of RTX from $130.00 to $135.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 29th. Deutsche Bank Aktiengesellschaft raised shares of RTX from a “hold” rating to a “buy” rating and lifted their target price for the company from $131.00 to $140.00 in a report on Thursday, January 2nd. Wells Fargo & Company raised their price objective on shares of RTX from $151.00 to $156.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Finally, Barclays boosted their target price on RTX from $108.00 to $130.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Five equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, RTX presently has a consensus rating of “Moderate Buy” and a consensus target price of $163.07.

Insiders Place Their Bets

In other news, EVP Dantaya M. Williams sold 14,031 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $129.23, for a total value of $1,813,226.13. Following the completion of the transaction, the executive vice president now owns 44,415 shares of the company’s stock, valued at $5,739,750.45. The trade was a 24.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.13% of the stock is owned by corporate insiders.

RTX 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.