Convergence Financial LLC Lowers Stock Position in RTX Co. (NYSE:RTX)

Convergence Financial LLC lessened its holdings in RTX Co. (NYSE:RTX) by 28.5% in the 3rd quarter, Holdings Channel.com reports. The firm owned 5,169 shares of the company’s stock after selling 2,061 shares during the quarter. Convergence Financial LLC’s holdings in RTX were worth $626,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Elgethun Capital Management lifted its position in RTX by 3.8% during the second quarter. Elgethun Capital Management now owns 2,326 shares of the company’s stock valued at $233,000 after acquiring an additional 85 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC lifted its position in RTX by 20.1% during the third quarter. Mowery & Schoenfeld Wealth Management LLC now owns 514 shares of the company’s stock valued at $62,000 after acquiring an additional 86 shares during the last quarter. Blackston Financial Advisory Group LLC lifted its position in RTX by 3.7% during the third quarter. Blackston Financial Advisory Group LLC now owns 2,403 shares of the company’s stock valued at $291,000 after acquiring an additional 86 shares during the last quarter. Canal Capital Management LLC lifted its position in RTX by 2.1% during the third quarter. Canal Capital Management LLC now owns 4,253 shares of the company’s stock valued at $515,000 after acquiring an additional 87 shares during the last quarter. Finally, Alpha Omega Wealth Management LLC lifted its position in RTX by 0.6% during the second quarter. Alpha Omega Wealth Management LLC now owns 15,126 shares of the company’s stock valued at $1,518,000 after acquiring an additional 89 shares during the last quarter. Hedge funds and other institutional investors own 86.50% of the company’s stock.

RTX Stock Performance

Shares of NYSE RTX opened at $125.16 on Friday. The company’s fifty day moving average price is $121.74 and its 200 day moving average price is $111.28. RTX Co. has a 1 year low of $77.76 and a 1 year high of $128.70. The company has a market capitalization of $166.40 billion, a PE ratio of 49.08, a price-to-earnings-growth ratio of 2.21 and a beta of 0.82. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.73 and a current ratio of 0.99.

RTX (NYSE:RTX) last announced its quarterly earnings results on Tuesday, October 22nd. The company reported $1.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.11. RTX had a net margin of 5.97% and a return on equity of 11.96%. The firm had revenue of $20.09 billion for the quarter, compared to the consensus estimate of $19.84 billion. During the same period in the prior year, the firm posted $1.25 earnings per share. The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. On average, research analysts predict that RTX Co. will post 5.5 earnings per share for the current year.

RTX Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend is Friday, November 15th. RTX’s payout ratio is 98.82%.

Wall Street Analyst Weigh In

RTX has been the subject of a number of analyst reports. Susquehanna increased their target price on shares of RTX from $140.00 to $150.00 and gave the company a “positive” rating in a research report on Wednesday. TD Cowen upgraded shares of RTX to a “strong-buy” rating in a research note on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft upgraded shares of RTX from a “sell” rating to a “hold” rating and upped their price target for the company from $109.00 to $129.00 in a research note on Thursday, October 3rd. Morgan Stanley upped their price target on shares of RTX from $120.00 to $130.00 and gave the company an “equal weight” rating in a research note on Wednesday. Finally, Wells Fargo & Company cut their price target on shares of RTX from $491.00 to $467.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $168.56.

Insider Buying and Selling at RTX

In other RTX news, VP Amy L. Johnson sold 6,734 shares of the stock in a transaction on Monday, July 29th. The shares were sold at an average price of $113.88, for a total transaction of $766,867.92. Following the transaction, the vice president now directly owns 12,318 shares of the company’s stock, valued at $1,402,773.84. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Christopher T. Calio sold 4,235 shares of the firm’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $114.00, for a total value of $482,790.00. Following the transaction, the chief executive officer now directly owns 88,509 shares of the company’s stock, valued at approximately $10,090,026. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Amy L. Johnson sold 6,734 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $113.88, for a total transaction of $766,867.92. Following the completion of the transaction, the vice president now directly owns 12,318 shares in the company, valued at approximately $1,402,773.84. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 145,856 shares of company stock valued at $17,131,253 over the last ninety days. Corporate insiders own 0.13% of the company’s stock.

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.