Fort Pitt Capital Group LLC Sells 18,294 Shares of RTX Co. (NYSE:RTX)

Fort Pitt Capital Group LLC lessened its stake in shares of RTX Co. (NYSE:RTX) by 2.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 690,739 shares of the company’s stock after selling 18,294 shares during the period. RTX comprises approximately 2.4% of Fort Pitt Capital Group LLC’s investment portfolio, making the stock its 21st biggest holding. Fort Pitt Capital Group LLC owned approximately 0.05% of RTX worth $83,690,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Lincoln National Corp raised its stake in RTX by 8.6% in the first quarter. Lincoln National Corp now owns 45,712 shares of the company’s stock worth $4,458,000 after buying an additional 3,634 shares in the last quarter. Gilbert & Cook Inc. bought a new position in RTX in the first quarter worth approximately $216,000. Graypoint LLC raised its stake in RTX by 2.9% in the first quarter. Graypoint LLC now owns 14,800 shares of the company’s stock worth $1,443,000 after buying an additional 414 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in RTX by 6.4% in the first quarter. Daiwa Securities Group Inc. now owns 138,518 shares of the company’s stock worth $13,510,000 after buying an additional 8,368 shares in the last quarter. Finally, Summit Financial Wealth Advisors LLC raised its stake in RTX by 1.0% in the first quarter. Summit Financial Wealth Advisors LLC now owns 110,556 shares of the company’s stock worth $10,783,000 after buying an additional 1,044 shares in the last quarter. Institutional investors own 86.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on RTX shares. JPMorgan Chase & Co. boosted their price objective on shares of RTX from $110.00 to $130.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. TD Cowen raised RTX to a “strong-buy” rating in a research report on Tuesday, October 8th. Bank of America raised RTX from a “neutral” rating to a “buy” rating and upped their price target for the stock from $110.00 to $140.00 in a research report on Wednesday, July 31st. Susquehanna upped their price target on RTX from $140.00 to $150.00 and gave the stock a “positive” rating in a research report on Wednesday, October 23rd. Finally, Melius Research upped their price target on RTX from $490.00 to $493.00 in a research report on Wednesday, July 24th. Ten analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $177.27.

RTX Price Performance

NYSE:RTX opened at $118.75 on Friday. RTX Co. has a one year low of $78.00 and a one year high of $128.70. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.73 and a current ratio of 0.99. The firm has a market cap of $158.06 billion, a price-to-earnings ratio of 33.93, a PEG ratio of 2.14 and a beta of 0.82. The firm’s fifty day moving average is $122.13 and its two-hundred day moving average is $112.02.

RTX (NYSE:RTX) last posted its quarterly earnings results on Tuesday, October 22nd. The company reported $1.45 EPS for the quarter, beating the consensus estimate of $1.34 by $0.11. RTX had a net margin of 5.97% and a return on equity of 11.96%. The company had revenue of $20.09 billion for the quarter, compared to analyst estimates of $19.84 billion. During the same period in the prior year, the company earned $1.25 earnings per share. The firm’s revenue was up 6.0% on a year-over-year basis. Research analysts expect that RTX Co. will post 5.56 EPS for the current year.

RTX Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be issued a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 2.12%. The ex-dividend date is Friday, November 15th. RTX’s payout ratio is 72.00%.

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.