Granite Bay Wealth Management LLC Decreases Stock Holdings in RTX Co. (NYSE:RTX)

Granite Bay Wealth Management LLC reduced its holdings in shares of RTX Co. (NYSE:RTX) by 98.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,853 shares of the company’s stock after selling 125,799 shares during the quarter. Granite Bay Wealth Management LLC’s holdings in RTX were worth $225,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Capital Research Global Investors increased its position in RTX by 4.2% during the 1st quarter. Capital Research Global Investors now owns 94,191,735 shares of the company’s stock valued at $9,186,520,000 after buying an additional 3,761,246 shares in the last quarter. Capital International Investors increased its holdings in shares of RTX by 4.8% in the first quarter. Capital International Investors now owns 68,394,575 shares of the company’s stock valued at $6,670,523,000 after purchasing an additional 3,161,165 shares during the period. Clearbridge Investments LLC increased its holdings in shares of RTX by 2.0% in the first quarter. Clearbridge Investments LLC now owns 10,938,655 shares of the company’s stock valued at $1,066,847,000 after purchasing an additional 213,331 shares during the period. Legal & General Group Plc increased its holdings in shares of RTX by 4.4% in the second quarter. Legal & General Group Plc now owns 8,577,770 shares of the company’s stock valued at $861,122,000 after purchasing an additional 362,340 shares during the period. Finally, Ameriprise Financial Inc. increased its holdings in shares of RTX by 5.2% in the second quarter. Ameriprise Financial Inc. now owns 8,284,944 shares of the company’s stock valued at $831,740,000 after purchasing an additional 408,551 shares during the period. 86.50% of the stock is owned by institutional investors and hedge funds.

Insider Activity at RTX

In other RTX news, insider Shane G. Eddy sold 6,741 shares of the firm’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $114.76, for a total transaction of $773,597.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Shane G. Eddy sold 6,741 shares of RTX stock in a transaction on Friday, July 26th. The stock was sold at an average price of $114.76, for a total value of $773,597.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Dantaya M. Williams sold 17,570 shares of RTX stock in a transaction on Friday, July 26th. The shares were sold at an average price of $114.87, for a total value of $2,018,265.90. Following the completion of the sale, the executive vice president now directly owns 38,855 shares of the company’s stock, valued at $4,463,273.85. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 178,333 shares of company stock valued at $20,861,880. 0.13% of the stock is currently owned by insiders.

RTX Price Performance

NYSE:RTX opened at $123.67 on Friday. RTX Co. has a one year low of $68.56 and a one year high of $125.53. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.73 and a current ratio of 0.99. The stock has a market cap of $164.42 billion, a PE ratio of 48.50, a P/E/G ratio of 2.12 and a beta of 0.82. The stock has a 50 day moving average price of $118.69 and a 200 day moving average price of $108.07.

RTX (NYSE:RTX) last posted its quarterly earnings results on Thursday, July 25th. The company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.30 by $0.11. RTX had a return on equity of 11.37% and a net margin of 3.12%. The firm had revenue of $19.72 billion during the quarter, compared to analysts’ expectations of $19.29 billion. During the same quarter last year, the firm earned $1.29 earnings per share. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. Equities research analysts expect that RTX Co. will post 5.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Susquehanna increased their price objective on RTX from $119.00 to $140.00 and gave the company a “positive” rating in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft raised RTX from a “sell” rating to a “hold” rating and raised their target price for the stock from $109.00 to $129.00 in a report on Thursday. TD Cowen raised their target price on RTX from $115.00 to $142.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Bank of America raised RTX from a “neutral” rating to a “buy” rating and raised their target price for the stock from $110.00 to $140.00 in a report on Wednesday, July 31st. Finally, Alembic Global Advisors upgraded RTX from a “neutral” rating to an “overweight” rating and set a $134.00 price target on the stock in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, RTX has a consensus rating of “Hold” and a consensus target price of $161.13.

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.