Concentric Capital Strategies LP Cuts Stock Holdings in RTX Co. (NYSE:RTX)

Concentric Capital Strategies LP decreased its stake in RTX Co. (NYSE:RTX) by 81.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 66,365 shares of the company’s stock after selling 292,935 shares during the period. Concentric Capital Strategies LP’s holdings in RTX were worth $8,041,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Ascent Group LLC grew its position in RTX by 487.1% during the third quarter. Ascent Group LLC now owns 14,671 shares of the company’s stock valued at $1,778,000 after acquiring an additional 12,172 shares during the last quarter. Benjamin Edwards Inc. boosted its holdings in RTX by 729.7% in the third quarter. Benjamin Edwards Inc. now owns 80,803 shares of the company’s stock valued at $9,793,000 after acquiring an additional 71,064 shares in the last quarter. Kestra Investment Management LLC bought a new position in RTX in the 3rd quarter worth $1,466,000. Point72 Hong Kong Ltd lifted its position in shares of RTX by 83.5% in the 3rd quarter. Point72 Hong Kong Ltd now owns 82,803 shares of the company’s stock worth $10,032,000 after purchasing an additional 37,671 shares during the period. Finally, Paradigm Capital Management LLC NV bought a new stake in shares of RTX during the 3rd quarter valued at about $203,000. Institutional investors own 86.50% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. TD Cowen raised RTX to a “strong-buy” rating in a research report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft upgraded RTX from a “sell” rating to a “hold” rating and increased their price objective for the stock from $109.00 to $129.00 in a report on Thursday, October 3rd. UBS Group upped their price objective on shares of RTX from $126.00 to $133.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Wells Fargo & Company upgraded RTX from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 21st. Finally, Barclays lifted their price target on RTX from $108.00 to $130.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Eight investment analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $177.27.

RTX Stock Performance

NYSE:RTX opened at $121.83 on Monday. The stock has a 50-day moving average price of $122.34 and a 200 day moving average price of $114.61. The company has a current ratio of 0.99, a quick ratio of 0.73 and a debt-to-equity ratio of 0.62. RTX Co. has a 12-month low of $79.67 and a 12-month high of $128.70. The stock has a market capitalization of $162.16 billion, a P/E ratio of 34.81, a P/E/G ratio of 2.16 and a beta of 0.82.

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, beating analysts’ consensus estimates of $1.34 by $0.11. The company had revenue of $20.09 billion for the quarter, compared to the consensus estimate of $19.84 billion. RTX had a net margin of 5.97% and a return on equity of 11.96%. RTX’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.25 EPS. Equities research analysts forecast that RTX Co. will post 5.56 EPS for the current fiscal year.

RTX Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a dividend of $0.63 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.52 dividend on an annualized basis and a yield of 2.07%. RTX’s payout ratio is 72.00%.

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.