Cadence Bank Sells 592 Shares of RTX Co. (NYSE:RTX)

Cadence Bank trimmed its position in RTX Co. (NYSE:RTX) by 0.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 148,248 shares of the company’s stock after selling 592 shares during the quarter. RTX makes up approximately 1.2% of Cadence Bank’s portfolio, making the stock its 19th biggest holding. Cadence Bank’s holdings in RTX were worth $17,155,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. 1620 Investment Advisors Inc. raised its holdings in RTX by 0.7% during the 4th quarter. 1620 Investment Advisors Inc. now owns 12,110 shares of the company’s stock valued at $1,401,000 after buying an additional 79 shares during the period. Fusion Capital LLC increased its position in RTX by 0.5% during the fourth quarter. Fusion Capital LLC now owns 15,156 shares of the company’s stock valued at $1,754,000 after acquiring an additional 80 shares during the last quarter. McDonough Capital Management Inc raised its stake in shares of RTX by 1.6% in the fourth quarter. McDonough Capital Management Inc now owns 5,215 shares of the company’s stock valued at $603,000 after acquiring an additional 80 shares during the period. New England Professional Planning Group Inc. lifted its holdings in shares of RTX by 3.8% in the 4th quarter. New England Professional Planning Group Inc. now owns 2,187 shares of the company’s stock worth $253,000 after acquiring an additional 81 shares during the last quarter. Finally, Pointe Capital Management LLC grew its holdings in RTX by 0.5% during the 4th quarter. Pointe Capital Management LLC now owns 17,691 shares of the company’s stock valued at $2,047,000 after purchasing an additional 81 shares during the last quarter. 86.50% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on RTX shares. Baird R W raised shares of RTX from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 19th. Robert W. Baird upgraded RTX from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $136.00 to $160.00 in a report on Wednesday, March 19th. Deutsche Bank Aktiengesellschaft upgraded RTX from a “hold” rating to a “buy” rating and increased their target price for the stock from $131.00 to $140.00 in a research note on Thursday, January 2nd. Royal Bank of Canada upped their price target on shares of RTX from $140.00 to $150.00 and gave the stock an “outperform” rating in a report on Wednesday, January 29th. Finally, Citigroup lowered their price objective on shares of RTX from $153.00 to $148.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. Four equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, RTX currently has an average rating of “Moderate Buy” and a consensus price target of $165.27.

Insider Activity at RTX

In related news, CEO Christopher T. Calio sold 27,379 shares of the company’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $130.36, for a total transaction of $3,569,126.44. Following the transaction, the chief executive officer now directly owns 81,508 shares of the company’s stock, valued at $10,625,382.88. This represents a 25.14 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Neil G. Mitchill, Jr. sold 16,118 shares of the firm’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $130.35, for a total value of $2,100,981.30. Following the completion of the sale, the chief financial officer now directly owns 59,556 shares of the company’s stock, valued at approximately $7,763,124.60. This represents a 21.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 79,831 shares of company stock valued at $10,309,302 over the last 90 days. Insiders own 0.15% of the company’s stock.

RTX Stock Performance

Shares of NYSE:RTX opened at $128.89 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $172.07 billion, a price-to-earnings ratio of 36.31, a price-to-earnings-growth ratio of 2.11 and a beta of 0.58. The firm has a 50 day moving average of $128.59 and a 200 day moving average of $123.80. RTX Co. has a 52 week low of $99.07 and a 52 week high of $136.17.

RTX (NYSE:RTX) last issued its quarterly earnings data on Tuesday, January 28th. The company reported $1.54 earnings per share for the quarter, topping 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, sell-side analysts predict that RTX Co. will post 6.11 earnings per share for the current fiscal year.

RTX Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Friday, February 21st were given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date was Friday, February 21st. RTX’s payout ratio is currently 70.99%.

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.