State of Michigan Retirement System Sells 30,200 Shares of RTX Co. (NYSE:RTX)

State of Michigan Retirement System trimmed its holdings in shares of RTX Co. (NYSE:RTX) by 7.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 402,032 shares of the company’s stock after selling 30,200 shares during the quarter. State of Michigan Retirement System’s holdings in RTX were worth $39,210,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Bear Mountain Capital Inc. bought a new stake in RTX during the 4th quarter worth approximately $25,000. Planned Solutions Inc. bought a new stake in shares of RTX in the 4th quarter valued at $30,000. Financial Gravity Asset Management Inc. boosted its stake in shares of RTX by 352.0% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 443 shares of the company’s stock valued at $32,000 after purchasing an additional 345 shares during the last quarter. Tennessee Valley Asset Management Partners bought a new stake in shares of RTX in the 4th quarter valued at $38,000. Finally, Fairman Group LLC bought a new stake in shares of RTX in the 4th quarter valued at $38,000. 86.50% of the stock is owned by institutional investors.

RTX Stock Up 0.9 %

RTX traded up $0.86 during trading on Tuesday, hitting $100.41. 8,249,352 shares of the company’s stock were exchanged, compared to its average volume of 7,574,484. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.68. The business’s 50 day moving average is $104.38 and its two-hundred day moving average is $95.78. RTX Co. has a fifty-two week low of $68.56 and a fifty-two week high of $108.65. The stock has a market cap of $133.50 billion, a P/E ratio of 39.04, a PEG ratio of 1.76 and a beta of 0.82.

RTX (NYSE:RTX) last announced its earnings results on Tuesday, April 23rd. The company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.23 by $0.11. The company had revenue of $19.30 billion during the quarter, compared to the consensus estimate of $18.44 billion. RTX had a net margin of 4.90% and a return on equity of 10.81%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.22 earnings per share. As a group, equities analysts expect that RTX Co. will post 5.39 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, September 5th. Stockholders of record on Friday, August 16th will be issued a $0.63 dividend. The ex-dividend date is Friday, August 16th. This represents a $2.52 annualized dividend and a dividend yield of 2.51%. RTX’s dividend payout ratio is currently 98.82%.

Analyst Ratings Changes

RTX has been the topic of a number of analyst reports. Wells Fargo & Company upped their price objective on shares of RTX from $119.00 to $141.00 and gave the company an “overweight” rating in a research note on Friday, May 17th. Barclays boosted their target price on shares of RTX from $90.00 to $100.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 30th. Citigroup boosted their target price on shares of RTX from $95.00 to $110.00 and gave the company a “neutral” rating in a research report on Wednesday, April 24th. StockNews.com upgraded shares of RTX from a “hold” rating to a “buy” rating in a research report on Thursday, June 27th. Finally, TD Cowen boosted their target price on shares of RTX from $106.00 to $115.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $98.33.

Insider Activity at RTX

In related news, insider Stephen J. Timm sold 19,880 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $105.72, for a total transaction of $2,101,713.60. Following the completion of the transaction, the insider now owns 149,050 shares in the company, valued at $15,757,566. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other RTX news, CEO Gregory Hayes sold 89,762 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $101.44, for a total transaction of $9,105,457.28. Following the completion of the transaction, the chief executive officer now owns 636,759 shares in the company, valued at $64,592,832.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Stephen J. Timm sold 19,880 shares of the stock in a transaction dated 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 transaction, 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. Over the last 90 days, insiders sold 119,937 shares of company stock worth $12,256,952. 0.13% of the stock is owned by company insiders.

RTX 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.