Bangor Savings Bank Decreases Holdings in RTX Co. (NYSE:RTX)

Bangor Savings Bank trimmed its holdings in shares of RTX Co. (NYSE:RTX) by 3.0% in the first quarter, Holdings Channel reports. The firm owned 24,860 shares of the company’s stock after selling 772 shares during the period. Bangor Savings Bank’s holdings in RTX were worth $3,293,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in RTX by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 118,479,159 shares of the company’s stock worth $13,710,408,000 after buying an additional 1,252,448 shares in the last quarter. Geode Capital Management LLC lifted its holdings in RTX by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 28,264,502 shares of the company’s stock worth $3,263,610,000 after buying an additional 1,000,722 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in RTX by 3.1% in the 4th quarter. Fisher Asset Management LLC now owns 19,047,685 shares of the company’s stock worth $2,204,198,000 after buying an additional 576,214 shares in the last quarter. Franklin Resources Inc. lifted its holdings in RTX by 3.8% in the 4th quarter. Franklin Resources Inc. now owns 16,611,341 shares of the company’s stock worth $1,922,264,000 after buying an additional 603,159 shares in the last quarter. Finally, Norges Bank acquired a new position in RTX in the 4th quarter worth $1,745,644,000. 86.50% of the stock is owned by hedge funds and other institutional investors.

RTX Price Performance

RTX opened at $139.21 on Friday. The firm has a market cap of $185.98 billion, a price-to-earnings ratio of 39.21, a price-to-earnings-growth ratio of 2.11 and a beta of 0.60. RTX Co. has a fifty-two week low of $99.07 and a fifty-two week high of $140.65. The company’s 50-day moving average price is $129.63 and its 200 day moving average price is $125.80. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.63.

RTX (NYSE:RTX) last posted its earnings results on Tuesday, April 22nd. The company reported $1.47 EPS for the quarter, topping the consensus estimate of $1.35 by $0.12. RTX had a net margin of 5.91% and a return on equity of 12.45%. The firm had revenue of $20.31 billion during the quarter, compared to analysts’ expectations of $19.80 billion. As a group, sell-side analysts expect that RTX Co. will post 6.11 earnings per share for the current year.

RTX Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be given a $0.68 dividend. This is a boost from RTX’s previous quarterly dividend of $0.63. The ex-dividend date is Friday, May 23rd. This represents a $2.72 annualized dividend and a yield of 1.95%. RTX’s dividend payout ratio is 79.77%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on RTX shares. Royal Bank of Canada cut their target price on shares of RTX from $150.00 to $140.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 23rd. Argus upgraded shares of RTX from a “hold” rating to a “buy” rating in a research note on Tuesday, February 11th. UBS Group upped their target price on shares of RTX from $133.00 to $138.00 and gave the company a “buy” rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. cut their target price on shares of RTX from $150.00 to $145.00 and set an “overweight” rating on the stock in a research note on Monday, April 28th. Finally, Cowen restated a “buy” rating on shares of RTX in a research note on Friday, May 23rd. Three equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $159.82.

Insiders Place Their Bets

In other RTX news, EVP Dantaya M. Williams sold 16,922 shares of the company’s stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $137.62, for a total value of $2,328,805.64. Following the completion of the transaction, the executive vice president now owns 16,538 shares in the company, valued at approximately $2,275,959.56. This represents a 50.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Amy L. Johnson sold 4,146 shares of the company’s stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $127.54, for a total transaction of $528,780.84. Following the completion of the transaction, the vice president now owns 9,546 shares of the company’s stock, valued at approximately $1,217,496.84. This trade represents a 30.28% decrease in their position. The disclosure for this sale can be found here. 0.15% of the stock is owned by 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.