Patriot Investment Management Group Inc. Cuts Stock Holdings in RTX Co. (NYSE:RTX)

Patriot Investment Management Group Inc. lowered its stake in RTX Co. (NYSE:RTX) by 3.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,235 shares of the company’s stock after selling 183 shares during the quarter. Patriot Investment Management Group Inc.’s holdings in RTX were worth $526,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Delta Financial Group Inc. boosted its holdings in RTX by 5.8% in the second quarter. Delta Financial Group Inc. now owns 2,199 shares of the company’s stock worth $221,000 after purchasing an additional 120 shares during the last quarter. Northwest Investment Counselors LLC boosted its holdings in RTX by 18.2% in the second quarter. Northwest Investment Counselors LLC now owns 2,044 shares of the company’s stock worth $205,000 after purchasing an additional 314 shares during the last quarter. Granite Bay Wealth Management LLC boosted its holdings in RTX by 4,270.1% in the second quarter. Granite Bay Wealth Management LLC now owns 127,652 shares of the company’s stock worth $13,141,000 after purchasing an additional 124,731 shares during the last quarter. Verum Partners LLC raised its position in RTX by 7.1% in the second quarter. Verum Partners LLC now owns 4,051 shares of the company’s stock worth $407,000 after acquiring an additional 269 shares during the period. Finally, Sharp Financial Services LLC bought a new position in RTX in the second quarter worth approximately $407,000. Hedge funds and other institutional investors own 86.50% of the company’s stock.

Insiders Place Their Bets

In other RTX news, CEO Christopher T. Calio sold 4,235 shares of RTX stock in a transaction on Monday, July 29th. The shares were sold at an average price of $114.00, for a total value of $482,790.00. Following the completion of the transaction, the chief executive officer now directly owns 88,509 shares of the company’s stock, valued at approximately $10,090,026. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Christopher T. Calio sold 4,235 shares of RTX stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $114.00, for a total transaction of $482,790.00. Following the completion of the transaction, the chief executive officer now directly owns 88,509 shares of the company’s stock, valued at approximately $10,090,026. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Gregory Hayes sold 134,887 shares of RTX stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $117.74, for a total transaction of $15,881,595.38. Following the transaction, the chairman now directly owns 566,723 shares of the company’s stock, valued at $66,725,966.02. The disclosure for this sale can be found here. Insiders sold 178,333 shares of company stock valued at $20,861,880 in the last three months. Corporate insiders own 0.13% of the company’s stock.

RTX Price Performance

NYSE RTX traded up $0.45 on Monday, reaching $116.60. The company had a trading volume of 8,486,690 shares, compared to its average volume of 7,349,135. The company has a quick ratio of 0.73, a current ratio of 0.99 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $155.11 billion, a PE ratio of 45.73, a price-to-earnings-growth ratio of 2.05 and a beta of 0.82. The firm’s 50 day moving average price is $106.44 and its 200 day moving average price is $100.46. RTX Co. has a 12 month low of $68.56 and a 12 month high of $118.30.

RTX (NYSE:RTX) last announced its quarterly earnings results on Thursday, July 25th. The company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.11. RTX had a net margin of 3.12% and a return on equity of 11.37%. The company had revenue of $19.72 billion for the quarter, compared to the consensus estimate of $19.29 billion. During the same period in the previous year, the firm posted $1.29 EPS. RTX’s revenue for the quarter was up 7.7% compared to the same quarter last year. As a group, equities analysts predict that RTX Co. will post 5.44 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 5th. Shareholders of record on Friday, August 16th will be paid a $0.63 dividend. The ex-dividend date is Friday, August 16th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.16%. RTX’s payout ratio is currently 98.82%.

Wall Street Analysts Forecast Growth

RTX has been the topic of several recent research reports. TD Cowen increased their price target on shares of RTX from $115.00 to $142.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Wells Fargo & Company decreased 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 report on Wednesday, July 24th. Susquehanna increased their price target on shares of RTX from $119.00 to $140.00 and gave the stock a “positive” rating in a research report on Friday, July 26th. UBS Group increased their price target on shares of RTX from $103.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 24th. Finally, The Goldman Sachs Group increased their price target on shares of RTX from $94.00 to $104.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $153.47.

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.