RTX Co. (NYSE:RTX) Sees Significant Drop in Short Interest

RTX Co. (NYSE:RTX) was the recipient of a large drop in short interest in May. As of May 31st, there was short interest totalling 25,390,000 shares, a drop of 23.6% from the May 15th total of 33,240,000 shares. Approximately 1.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 7,520,000 shares, the days-to-cover ratio is presently 3.4 days.

Wall Street Analyst Weigh In

RTX has been the subject of a number of recent analyst reports. Barclays raised their price target on shares of RTX from $90.00 to $100.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 30th. Bank of America lifted their target price on shares of RTX from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, April 24th. Citigroup lifted their target price on shares of RTX from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, April 24th. Robert W. Baird lifted their target price on shares of RTX from $94.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Finally, Susquehanna lifted their target price on shares of RTX from $110.00 to $119.00 and gave the company a “positive” rating in a report on Wednesday, April 24th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $98.33.

RTX Stock Down 0.8 %

Shares of RTX stock traded down $0.80 during trading on Friday, hitting $104.23. 4,917,244 shares of the stock were exchanged, compared to its average volume of 5,096,944. The stock has a market cap of $138.57 billion, a price-to-earnings ratio of 40.87, a price-to-earnings-growth ratio of 1.84 and a beta of 0.83. The firm’s 50-day moving average price is $104.00 and its 200 day moving average price is $93.99. RTX has a 12-month low of $68.56 and a 12-month high of $108.65. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.07 and a quick ratio of 0.79.

RTX (NYSE:RTX) last released its quarterly earnings data on Tuesday, April 23rd. The company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.11. The business had revenue of $19.30 billion during the quarter, compared to analysts’ expectations of $18.44 billion. RTX had a net margin of 4.90% and a return on equity of 10.81%. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.22 EPS. As a group, analysts forecast that RTX will post 5.39 earnings per share for the current fiscal year.

RTX Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 16th will be given a dividend of $0.63 per share. The ex-dividend date is Friday, August 16th. This represents a $2.52 annualized dividend and a dividend yield of 2.42%. RTX’s dividend payout ratio (DPR) is currently 98.82%.

Insider Activity at RTX

In other RTX news, CEO Gregory Hayes sold 89,762 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $101.44, for a total value of $9,105,457.28. Following the transaction, the chief executive officer now directly owns 636,759 shares of the company’s stock, valued at approximately $64,592,832.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other RTX news, CEO Gregory Hayes sold 89,762 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $101.44, for a total value of $9,105,457.28. Following the transaction, the chief executive officer now directly owns 636,759 shares of the company’s stock, valued at approximately $64,592,832.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Stephen J. Timm sold 19,880 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $105.72, for a total transaction of $2,101,713.60. Following the sale, the insider now owns 149,050 shares of the company’s stock, valued at approximately $15,757,566. The disclosure for this sale can be found here. In the last three months, insiders have sold 119,937 shares of company stock valued at $12,256,952. 0.13% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On RTX

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Keynote Financial Services LLC purchased a new stake in RTX in the first quarter valued at $3,044,000. Mosaic Family Wealth Partners LLC lifted its position in RTX by 5.5% in the first quarter. Mosaic Family Wealth Partners LLC now owns 3,992 shares of the company’s stock valued at $389,000 after acquiring an additional 209 shares during the last quarter. OMC Financial Services LTD purchased a new stake in shares of RTX in the first quarter valued at about $459,000. EverSource Wealth Advisors LLC raised its holdings in shares of RTX by 41.7% in the first quarter. EverSource Wealth Advisors LLC now owns 10,558 shares of the company’s stock valued at $1,072,000 after buying an additional 3,108 shares during the last quarter. Finally, Hamilton Wealth LLC purchased a new stake in shares of RTX in the first quarter valued at about $417,000. 86.50% of the stock is owned by hedge funds and other institutional investors.

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.