Cadence Bank Has $17.16 Million Position in RTX Co. (NYSE:RTX)

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

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Fairway Wealth LLC bought a new position in shares of RTX during the 4th quarter worth approximately $31,000. Picton Mahoney Asset Management grew its holdings in RTX by 2,944.4% in the fourth quarter. Picton Mahoney Asset Management now owns 274 shares of the company’s stock worth $31,000 after purchasing an additional 265 shares during the period. Millstone Evans Group LLC acquired a new stake in RTX in the fourth quarter worth $39,000. Modus Advisors LLC acquired a new position in shares of RTX during the fourth quarter valued at about $39,000. Finally, Comprehensive Financial Planning Inc. PA acquired a new position in shares of RTX during the fourth quarter valued at about $40,000. Institutional investors own 86.50% of the company’s stock.

RTX Stock Performance

Shares of RTX opened at $128.89 on Friday. The stock has a 50 day moving average of $128.59 and a 200 day moving average of $123.80. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.63. RTX Co. has a 12 month low of $99.07 and a 12 month high of $136.17. The company has a market capitalization of $172.07 billion, a price-to-earnings ratio of 36.31, a PEG ratio of 2.11 and a beta of 0.58.

RTX (NYSE:RTX) last released its earnings results on Tuesday, January 28th. The company reported $1.54 EPS 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%. As a group, sell-side analysts forecast that RTX Co. will post 6.11 earnings per share for the current year.

RTX Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Friday, February 21st were given a dividend of $0.63 per share. 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 dividend payout ratio is currently 70.99%.

Insider Transactions at RTX

In related news, CEO Christopher T. Calio sold 27,379 shares of RTX stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $130.36, for a total value of $3,569,126.44. Following the completion of the sale, the chief executive officer now owns 81,508 shares of the company’s stock, valued at approximately $10,625,382.88. This trade represents a 25.14 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Dantaya M. Williams sold 14,031 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $129.23, for a total transaction of $1,813,226.13. Following the sale, the executive vice president now directly owns 44,415 shares in the company, valued at approximately $5,739,750.45. This trade represents a 24.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 79,831 shares of company stock worth $10,309,302 in the last quarter. Insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RTX. Royal Bank of Canada boosted their target price on RTX from $140.00 to $150.00 and gave the company an “outperform” rating in a research report on Wednesday, January 29th. Morgan Stanley upped their target price on RTX from $130.00 to $135.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 29th. Argus raised shares of RTX from a “hold” rating to a “buy” rating in a research report on Tuesday, February 11th. Baird R W upgraded shares of RTX from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 19th. Finally, UBS Group upgraded shares of RTX from a “neutral” rating to a “buy” rating in a report on Monday, March 24th. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $165.27.

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.