RTX (NYSE:RTX) Hits New 12-Month High on Earnings Beat

RTX Co. (NYSE:RTX)’s share price hit a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $128.70 and last traded at $127.25, with a volume of 403606 shares trading hands. The stock had previously closed at $125.90.

The company reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.11. The company had revenue of $20.09 billion during the quarter, compared to analysts’ expectations of $19.84 billion. RTX had a net margin of 5.97% and a return on equity of 11.96%. RTX’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same period last year, the business earned $1.25 EPS.

RTX Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date is Friday, November 15th. RTX’s dividend payout ratio (DPR) is presently 72.00%.

Analyst Ratings Changes

RTX has been the subject of a number of recent analyst reports. Alembic Global Advisors upgraded shares of RTX from a “neutral” rating to an “overweight” rating and set a $134.00 target price for the company in a research note on Tuesday, July 30th. Bank of America raised shares of RTX from a “neutral” rating to a “buy” rating and raised their price target for the stock from $110.00 to $140.00 in a research report on Wednesday, July 31st. Melius Research raised their price target on shares of RTX from $490.00 to $493.00 in a research report on Wednesday, July 24th. The Goldman Sachs Group raised their price target on shares of RTX from $94.00 to $104.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Finally, Susquehanna raised their price target on shares of RTX from $140.00 to $150.00 and gave the stock a “positive” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $168.56.

Insider Activity

In other news, Chairman Gregory Hayes sold 134,887 shares of RTX stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $117.74, for a total transaction of $15,881,595.38. Following the completion of the transaction, the chairman now directly owns 566,723 shares of the company’s stock, valued at $66,725,966.02. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Chairman Gregory Hayes sold 134,887 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $117.74, for a total value of $15,881,595.38. Following the completion of the sale, the chairman now owns 566,723 shares of the company’s stock, valued at approximately $66,725,966.02. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Christopher T. Calio sold 4,235 shares of the business’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $114.00, for a total transaction of $482,790.00. Following the completion of the sale, the chief executive officer now directly owns 88,509 shares of the company’s stock, valued at approximately $10,090,026. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 178,333 shares of company stock valued at $20,861,880 in the last three months. 0.13% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RTX

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital Research Global Investors raised its position in shares of RTX by 4.2% in the first quarter. Capital Research Global Investors now owns 94,191,735 shares of the company’s stock valued at $9,186,520,000 after buying an additional 3,761,246 shares during the last quarter. Capital International Investors raised its holdings in RTX by 4.8% in the 1st quarter. Capital International Investors now owns 68,394,575 shares of the company’s stock valued at $6,670,523,000 after acquiring an additional 3,161,165 shares during the last quarter. Marshall Wace LLP lifted its stake in RTX by 1,247.1% in the 2nd quarter. Marshall Wace LLP now owns 2,053,706 shares of the company’s stock worth $206,172,000 after purchasing an additional 1,901,256 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of RTX by 11,235.6% during the 3rd quarter. International Assets Investment Management LLC now owns 1,701,013 shares of the company’s stock worth $206,095,000 after purchasing an additional 1,686,007 shares during the last quarter. Finally, Hsbc Holdings PLC grew its position in shares of RTX by 47.9% in the second quarter. Hsbc Holdings PLC now owns 2,448,780 shares of the company’s stock valued at $246,300,000 after purchasing an additional 792,830 shares in the last quarter. Hedge funds and other institutional investors own 86.50% of the company’s stock.

RTX Stock Performance

The firm has a fifty day moving average of $121.27 and a 200 day moving average of $110.91. The stock has a market cap of $169.22 billion, a price-to-earnings ratio of 36.35, a PEG ratio of 2.21 and a beta of 0.82. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.99 and a quick ratio of 0.73.

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.