Convergence Investment Partners LLC Reduces Stock Holdings in RTX Co. (NYSE:RTX)

Convergence Investment Partners LLC decreased its holdings in RTX Co. (NYSE:RTX - Free Report) by 33.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,546 shares of the company's stock after selling 7,719 shares during the quarter. Convergence Investment Partners LLC's holdings in RTX were worth $1,799,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its stake in RTX by 1.9% in the third quarter. Geode Capital Management LLC now owns 27,263,780 shares of the company's stock worth $3,290,622,000 after purchasing an additional 508,344 shares during the period. Fisher Asset Management LLC boosted its holdings in shares of RTX by 4.8% during the 3rd quarter. Fisher Asset Management LLC now owns 18,471,471 shares of the company's stock valued at $2,238,004,000 after buying an additional 852,183 shares in the last quarter. FMR LLC grew its position in shares of RTX by 8.7% in the 3rd quarter. FMR LLC now owns 6,102,848 shares of the company's stock worth $739,421,000 after buying an additional 490,109 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of RTX by 2.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,886,614 shares of the company's stock worth $713,222,000 after acquiring an additional 140,697 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in RTX by 0.9% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,963,067 shares of the company's stock valued at $342,886,000 after acquiring an additional 25,407 shares during the period. Hedge funds and other institutional investors own 86.50% of the company's stock.

Insiders Place Their Bets

In other RTX news, EVP Dantaya M. Williams sold 14,031 shares of the firm's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $129.23, for a total transaction of $1,813,226.13. Following the completion of the sale, the executive vice president now owns 44,415 shares of the company's stock, valued at $5,739,750.45. This trade represents a 24.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.13% of the company's stock.

Analyst Upgrades and Downgrades

RTX has been the topic of several research analyst reports. UBS Group upped their target price on shares of RTX from $128.00 to $142.00 and gave the company a "neutral" rating in a research note on Wednesday, January 29th. StockNews.com cut shares of RTX from a "buy" rating to a "hold" rating in a report on Friday, February 14th. Citigroup raised shares of RTX from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $132.00 to $153.00 in a research report on Tuesday, January 21st. JPMorgan Chase & Co. increased their price target on RTX from $140.00 to $150.00 and gave the company an "overweight" rating in a report on Wednesday, January 29th. Finally, Royal Bank of Canada lifted their price objective on RTX from $140.00 to $150.00 and gave the stock an "outperform" rating in a report on Wednesday, January 29th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, RTX currently has an average rating of "Moderate Buy" and an average target price of $163.07.

RTX Stock Performance

RTX stock traded down $1.88 during midday trading on Friday, hitting $123.23. 4,845,158 shares of the stock traded hands, compared to its average volume of 4,781,505. RTX Co. has a 1-year low of $88.90 and a 1-year high of $132.43. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.99 and a quick ratio of 0.74. The stock's fifty day simple moving average is $121.38 and its 200-day simple moving average is $120.83. The firm has a market cap of $164.16 billion, a P/E ratio of 34.71, a PEG ratio of 2.12 and a beta of 0.82.

RTX (NYSE:RTX - Get Free Report) last announced its earnings results on Tuesday, January 28th. The company reported $1.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.35 by $0.19. RTX had a return on equity of 12.45% and a net margin of 5.91%. On average, analysts expect that RTX Co. will post 6.11 earnings per share for the current year.

RTX Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Friday, February 21st will be issued a $0.63 dividend. The ex-dividend date of this dividend is Friday, February 21st. This represents a $2.52 dividend on an annualized basis and a yield of 2.04%. RTX's payout ratio is 70.99%.

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.