ProVise Management Group LLC Trims Stake in RTX Co. (NYSE:RTX)

ProVise Management Group LLC lowered its holdings in RTX Co. (NYSE:RTX) by 0.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,753 shares of the company’s stock after selling 213 shares during the quarter. ProVise Management Group LLC’s holdings in RTX were worth $7,030,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. MidAtlantic Capital Management Inc. purchased a new stake in RTX in the third quarter valued at $29,000. Fairway Wealth LLC purchased a new stake in RTX in the fourth quarter valued at $31,000. Picton Mahoney Asset Management raised its position in RTX by 2,944.4% in the fourth quarter. Picton Mahoney Asset Management now owns 274 shares of the company’s stock valued at $31,000 after purchasing an additional 265 shares during the period. Modus Advisors LLC purchased a new stake in RTX in the fourth quarter valued at $39,000. Finally, Comprehensive Financial Planning Inc. PA purchased a new stake in shares of RTX in the 4th quarter valued at $40,000. Hedge funds and other institutional investors own 86.50% of the company’s stock.

RTX Trading Up 0.4 %

NYSE:RTX opened at $132.57 on Wednesday. The stock has a 50-day simple moving average of $126.04 and a 200-day simple moving average of $122.30. The stock has a market cap of $176.99 billion, a P/E ratio of 37.34, a P/E/G ratio of 2.11 and a beta of 0.78. RTX Co. has a 1 year low of $94.03 and a 1 year high of $135.36. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.74 and a current ratio of 0.99.

RTX (NYSE:RTX) last released its quarterly earnings data on Tuesday, January 28th. The company reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate 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, analysts anticipate 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. Stockholders of record on Friday, February 21st will be issued a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend is Friday, February 21st. RTX’s payout ratio is currently 70.99%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on RTX from $140.00 to $150.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Bank of America boosted their price objective on RTX from $145.00 to $155.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Wells Fargo & Company boosted their price objective on RTX from $151.00 to $156.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Argus upgraded RTX from a “hold” rating to a “buy” rating in a report on Tuesday, February 11th. Finally, Deutsche Bank Aktiengesellschaft upgraded RTX from a “hold” rating to a “buy” rating and boosted their price objective for the company from $131.00 to $140.00 in a report on Thursday, January 2nd. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $163.40.

Insider Activity

In other RTX news, insider Troy D. Brunk sold 2,872 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $125.95, for a total transaction of $361,728.40. Following the completion of the sale, the insider now directly owns 5,272 shares of the company’s stock, valued at $664,008.40. This represents a 35.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Christopher T. Calio sold 27,379 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $130.36, for a total value of $3,569,126.44. Following the sale, the chief executive officer now directly owns 81,508 shares of the company’s stock, valued at approximately $10,625,382.88. This represents a 25.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 79,831 shares of company stock valued at $10,309,302. Insiders own 0.13% of the company’s stock.

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.