Summit Asset Management LLC Acquires 1,366 Shares of RTX Co. (NYSE:RTX)

Summit Asset Management LLC lifted its stake in shares of RTX Co. (NYSE:RTX) by 15.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,054 shares of the company’s stock after buying an additional 1,366 shares during the period. Summit Asset Management LLC’s holdings in RTX were worth $1,218,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in RTX. Briaud Financial Planning Inc raised its stake in shares of RTX by 64.1% in the second quarter. Briaud Financial Planning Inc now owns 256 shares of the company’s stock valued at $25,000 after buying an additional 100 shares during the period. Lynx Investment Advisory purchased a new stake in RTX during the second quarter valued at about $26,000. Mizuho Securities Co. Ltd. bought a new stake in RTX in the second quarter valued at approximately $32,000. Western Pacific Wealth Management LP bought a new stake in RTX in the third quarter valued at $41,000. Finally, Fairfield Financial Advisors LTD bought a new position in RTX in the second quarter worth about $41,000. Hedge funds and other institutional investors own 86.50% of the company’s stock.

Analyst Upgrades and Downgrades

RTX has been the topic of a number of analyst reports. StockNews.com raised RTX from a “hold” rating to a “buy” rating in a research report on Friday, September 6th. UBS Group lifted their price objective on RTX from $126.00 to $133.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Alembic Global Advisors upgraded shares of RTX from a “neutral” rating to an “overweight” rating and set a $134.00 price target on the stock in a research report on Tuesday, July 30th. Citigroup boosted their price objective on RTX from $122.00 to $132.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Finally, Morgan Stanley raised their price target on RTX from $120.00 to $130.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Ten analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $177.27.

RTX Stock Performance

Shares of RTX opened at $123.75 on Thursday. The company’s fifty day moving average is $122.21 and its two-hundred day moving average is $113.24. The stock has a market capitalization of $164.71 billion, a P/E ratio of 35.36, a P/E/G ratio of 2.18 and a beta of 0.82. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.73 and a current ratio of 0.99. RTX Co. has a 1 year low of $78.00 and a 1 year high of $128.70.

RTX (NYSE:RTX) last issued its quarterly earnings data on Tuesday, October 22nd. The company reported $1.45 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.11. RTX had a net margin of 5.97% and a return on equity of 11.96%. The business had revenue of $20.09 billion during the quarter, compared to analysts’ expectations of $19.84 billion. During the same period last year, the company posted $1.25 EPS. The company’s revenue was up 6.0% on a year-over-year basis. On average, sell-side analysts predict that RTX Co. will post 5.56 earnings per share for the current year.

RTX Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date is Friday, November 15th. RTX’s payout ratio is 72.00%.

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.