PNC Financial Services Group Inc. Sells 64,143 Shares of RTX Corporation $RTX

PNC Financial Services Group Inc. decreased its position in RTX Corporation (NYSE:RTX) by 2.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,861,164 shares of the company’s stock after selling 64,143 shares during the quarter. PNC Financial Services Group Inc.’s holdings in RTX were worth $551,919,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Navalign LLC purchased a new position in shares of RTX during the fourth quarter valued at approximately $25,000. Commonwealth Retirement Investments LLC purchased a new stake in RTX in the fourth quarter worth $26,000. Evergreen Advisors LLC purchased a new stake in RTX in the first quarter worth $31,000. Core Wealth Advisors LLC bought a new stake in RTX in the fourth quarter valued at $31,000. Finally, 1 North Wealth Services LLC boosted its holdings in RTX by 456.7% in the fourth quarter. 1 North Wealth Services LLC now owns 167 shares of the company’s stock valued at $31,000 after acquiring an additional 137 shares in the last quarter. 86.50% of the stock is currently owned by hedge funds and other institutional investors.

Key RTX News

Here are the key news stories impacting RTX this week:

• Positive Sentiment: Raytheon UK, part of RTX, won a £2 billion, 15-year British Army collective training contract, adding a large long-term defense revenue stream. RTX (RTX) Could Be 10% Undervalued After The British Army Training Contract
• Positive Sentiment: RTX’s Raytheon unit received a $1.8 billion contract extension for SPY-6 radar production and sustainment for the U.S. Navy, reinforcing defense demand and backlog strength. RTX’s Raytheon awarded $1.8 billion hardware production and sustainment contract for SPY-6 family of radars
• Positive Sentiment: Pratt & Whitney Canada announced a C$275 million investment in its Longueuil facility, with government support, which should help expand manufacturing capacity and long-term production efficiency. RTX’s Pratt & Whitney Canada to invest $275 million CAD in Longueuil facility, with support from the Canadian and Quebec governments
• Positive Sentiment: Pratt & Whitney GTF engines were selected for 15 additional Tigerair Taiwan A321neo aircraft, and BOC Aviation confirmed an order for up to 220 GTF engines, both of which add to future engine sales and services revenue. RTX’s Pratt & Whitney GTF™ engines to power 15 additional Tigerair Taiwan A320neo family aircraft BOC Aviation confirms order for up to 220 engines from RTX’s Pratt & Whitney
• Positive Sentiment: British Airways selected RTX’s Pratt & Whitney GTF engines for up to 63 A320neo aircraft, with a long-term maintenance agreement that should support recurring aftermarket revenue. British Airways selects RTX’s Pratt & Whitney GTF™ engines to power up to 63 Airbus A320neo aircraft
• Positive Sentiment: RTX also announced a nacelle MRO joint venture in Abu Dhabi with Etihad Engineering, expanding its maintenance footprint in a growing market. RTX’s Collins Aerospace and Etihad Engineering create nacelle MRO joint venture
• Neutral Sentiment: RTX heads into upcoming Q2 earnings with analysts expecting revenue and EPS growth, supported by a strong backlog and continued aerospace/defense demand. Should You Buy, Hold or Sell RTX Stock Ahead of Q2 Earnings?

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Wells Fargo & Company started coverage on shares of RTX in a report on Wednesday, April 1st. They issued an “equal weight” rating and a $200.00 price objective for the company. Melius Research raised shares of RTX from a “hold” rating to a “buy” rating in a research note on Thursday, April 2nd. UBS Group reduced their price target on shares of RTX from $209.00 to $199.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 22nd. Weiss Ratings downgraded shares of RTX from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, June 11th. Finally, Wall Street Zen lowered shares of RTX from a “strong-buy” rating to a “buy” rating in a report on Sunday, April 26th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $211.38.

RTX Price Performance

RTX opened at $193.63 on Wednesday. The company has a current ratio of 1.02, a quick ratio of 0.78 and a debt-to-equity ratio of 0.48. The company has a market cap of $260.76 billion, a price-to-earnings ratio of 36.33, a price-to-earnings-growth ratio of 2.66 and a beta of 0.30. The stock has a fifty day simple moving average of $185.24 and a two-hundred day simple moving average of $191.81. RTX Corporation has a 12-month low of $143.56 and a 12-month high of $214.50.

RTX (NYSE:RTX) last announced its earnings results on Tuesday, April 21st. The company reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.52 by $0.26. The firm had revenue of $22.08 billion for the quarter, compared to analysts’ expectations of $21.38 billion. RTX had a net margin of 8.03% and a return on equity of 13.50%. The company’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.47 EPS. Research analysts predict that RTX Corporation will post 6.92 earnings per share for the current fiscal year.

RTX Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 14th will be given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Friday, August 14th. RTX’s dividend payout ratio (DPR) is 54.78%.

RTX Profile

RTX (NYSE: RTX) is a U.S.-based aerospace and defense company that designs, manufactures and services advanced systems for commercial, military and governmental customers worldwide. The company was created through the 2020 combination of Raytheon Company and United Technologies Corporation and later adopted the RTX name, positioning itself as a diversified provider across the aerospace and defense value chain.

RTX’s operations span a broad set of capabilities. Its commercial aerospace businesses include Pratt & Whitney aircraft engines and Collins Aerospace systems, which supply propulsion, avionics, aerostructures, interiors and integrated aircraft systems.