Mechanics Bank Trust Department Grows Stake in RTX Co. (NYSE:RTX)

Mechanics Bank Trust Department grew its holdings in shares of RTX Co. (NYSE:RTX) by 7.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,568 shares of the company’s stock after purchasing an additional 675 shares during the period. Mechanics Bank Trust Department’s holdings in RTX were worth $937,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. IAG Wealth Partners LLC acquired a new stake in RTX in the first quarter worth about $27,000. Quarry LP purchased a new position in shares of RTX in the 1st quarter valued at approximately $28,000. Pin Oak Investment Advisors Inc. boosted its stake in RTX by 60.5% in the 4th quarter. Pin Oak Investment Advisors Inc. now owns 353 shares of the company’s stock worth $36,000 after purchasing an additional 133 shares in the last quarter. Rebalance LLC purchased a new stake in RTX during the 4th quarter worth approximately $36,000. Finally, Tanglewood Legacy Advisors LLC acquired a new position in RTX during the 4th quarter valued at approximately $41,000. Institutional investors and hedge funds own 79.06% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on RTX. StockNews.com lowered shares of RTX from a “buy” rating to a “hold” rating in a report on Monday, September 11th. Bank of America lowered RTX from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $95.00 to $75.00 in a report on Thursday. Argus downgraded RTX from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Robert W. Baird cut their price target on shares of RTX from $115.00 to $100.00 in a report on Wednesday, July 26th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of RTX from $100.00 to $87.00 and set an “overweight” rating for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $95.88.

RTX Price Performance

NYSE:RTX opened at $75.80 on Friday. The company has a quick ratio of 0.81, a current ratio of 1.10 and a debt-to-equity ratio of 0.44. RTX Co. has a 52 week low of $73.62 and a 52 week high of $108.84. The stock’s 50-day moving average price is $87.19 and its 200-day moving average price is $94.05. The stock has a market capitalization of $110.33 billion, a PE ratio of 20.11, a price-to-earnings-growth ratio of 1.92 and a beta of 0.97.

RTX (NYSE:RTX) last announced its earnings results on Tuesday, July 25th. The company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.11. RTX had a return on equity of 9.98% and a net margin of 7.88%. The business had revenue of $18.32 billion during the quarter, compared to the consensus estimate of $17.68 billion. During the same period in the prior year, the company posted $1.16 EPS. The business’s quarterly revenue was up 12.3% on a year-over-year basis. As a group, equities analysts expect that RTX Co. will post 4.99 EPS for the current fiscal year.

RTX Company Profile

RTX Corporation, an aerospace and defense company, provides systems and services for the commercial, military, and government customers worldwide. It operates through four segments: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense. The Collins Aerospace Systems segment offers aerospace and defense products, and aftermarket service solutions for aircraft manufacturers and airlines, as well as regional, business, and general aviation; and for defense and commercial space operations.