Meeder Asset Management Inc. Reduces Stake in RTX Corporation (NYSE:RTX)

Meeder Asset Management Inc. decreased its stake in shares of RTX Corporation (NYSE:RTX) by 30.2% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 464 shares of the company’s stock after selling 201 shares during the period. Meeder Asset Management Inc.’s holdings in RTX were worth $61,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in RTX. Brighton Jones LLC lifted its holdings in RTX by 24.3% during the 4th quarter. Brighton Jones LLC now owns 17,018 shares of the company’s stock worth $1,969,000 after purchasing an additional 3,332 shares in the last quarter. Revolve Wealth Partners LLC raised its holdings in shares of RTX by 3.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 4,873 shares of the company’s stock valued at $564,000 after acquiring an additional 159 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of RTX by 51.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 262,074 shares of the company’s stock valued at $30,327,000 after acquiring an additional 88,604 shares in the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of RTX in the 4th quarter valued at about $590,000. Finally, Diametric Capital LP purchased a new stake in shares of RTX in the 4th quarter valued at about $302,000. Hedge funds and other institutional investors own 86.50% of the company’s stock.

RTX Price Performance

Shares of RTX stock opened at $158.51 on Thursday. The firm has a market cap of $212.17 billion, a P/E ratio of 34.84, a P/E/G ratio of 2.89 and a beta of 0.64. RTX Corporation has a fifty-two week low of $112.27 and a fifty-two week high of $158.79. The business’s 50 day moving average price is $144.73 and its 200-day moving average price is $133.67. 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 (NYSE:RTX) last issued its quarterly earnings data on Tuesday, July 22nd. The company reported $1.56 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.11. The firm had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.68 billion. RTX had a return on equity of 12.89% and a net margin of 7.35%. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the company earned $1.41 EPS. On average, equities research analysts anticipate that RTX Corporation will post 6.11 earnings per share for the current year.

RTX Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 15th will be given a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 1.72%. RTX’s dividend payout ratio is currently 59.78%.

Insiders Place Their Bets

In other news, VP Amy L. Johnson sold 4,146 shares of RTX stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $127.54, for a total value of $528,780.84. Following the sale, the vice president directly owned 9,546 shares in the company, valued at approximately $1,217,496.84. This trade represents a 30.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Kevin G. Dasilva sold 8,704 shares of RTX stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $156.20, for a total value of $1,359,564.80. Following the completion of the sale, the vice president owned 30,004 shares in the company, valued at approximately $4,686,624.80. This represents a 22.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 31,234 shares of company stock valued at $4,439,755 in the last 90 days. 0.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have weighed in on RTX. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $170.00 price target (up previously from $165.00) on shares of RTX in a report on Wednesday, July 23rd. Jefferies Financial Group reaffirmed a “hold” rating on shares of RTX in a report on Monday, July 21st. Barclays raised their price target on RTX from $130.00 to $153.00 and gave the company an “equal weight” rating in a report on Tuesday. Susquehanna raised their price objective on RTX from $160.00 to $175.00 and gave the company a “positive” rating in a report on Wednesday, July 23rd. Finally, Bank of America raised their price objective on RTX from $150.00 to $175.00 and gave the company a “buy” rating in a report on Wednesday, July 23rd. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $158.67.

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.