RTX (NYSE:RTX) Sets New 52-Week High After Earnings Beat

RTX Co. (NYSE:RTX) reached a new 52-week high on Tuesday following a better than expected earnings announcement. The stock traded as high as $103.89 and last traded at $102.87, with a volume of 2064734 shares traded. The stock had previously closed at $101.56.

The company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.11. The business had revenue of $19.30 billion for the quarter, compared to analysts’ expectations of $18.44 billion. RTX had a return on equity of 10.81% and a net margin of 4.90%. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.22 EPS.

RTX Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Friday, February 23rd were issued a dividend of $0.59 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $2.36 annualized dividend and a dividend yield of 2.34%. RTX’s dividend payout ratio is presently 92.55%.

Analysts Set New Price Targets

Several brokerages have recently commented on RTX. Bank of America increased their price objective on RTX from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday. Robert W. Baird lifted their price objective on RTX from $94.00 to $105.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. TD Cowen lifted their price objective on RTX from $106.00 to $115.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. Royal Bank of Canada lifted their price objective on RTX from $82.00 to $88.00 and gave the company a “sector perform” rating in a research note on Monday, January 22nd. Finally, Wells Fargo & Company reiterated an “overweight” rating and set a $120.00 price objective on shares of RTX in a research note on Monday, April 1st. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $96.27.

Insider Transactions at RTX

In other news, insider Shane G. Eddy sold 35,456 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $91.19, for a total transaction of $3,233,232.64. Following the transaction, the insider now directly owns 6,741 shares in the company, valued at approximately $614,711.79. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Shane G. Eddy sold 35,456 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $91.19, for a total transaction of $3,233,232.64. Following the transaction, the insider now directly owns 6,741 shares in the company, valued at approximately $614,711.79. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Ramsaran Maharajh sold 312 shares of RTX stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $92.17, for a total transaction of $28,757.04. Following the sale, the executive vice president now directly owns 11,676 shares in the company, valued at approximately $1,076,176.92. The disclosure for this sale can be found here. Insiders have sold a total of 37,785 shares of company stock worth $3,448,188 in the last ninety days. Insiders own 0.13% of the company’s stock.

Institutional Trading of RTX

Several institutional investors have recently made changes to their positions in the company. Capital Research Global Investors raised its position in shares of RTX by 23.7% during the 4th quarter. Capital Research Global Investors now owns 90,430,489 shares of the company’s stock valued at $7,608,822,000 after buying an additional 17,351,313 shares during the period. Capital International Investors raised its position in RTX by 20.6% in the fourth quarter. Capital International Investors now owns 65,233,410 shares of the company’s stock valued at $5,488,752,000 after purchasing an additional 11,163,222 shares during the period. Massachusetts Financial Services Co. MA raised its position in RTX by 82.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 15,309,688 shares of the company’s stock valued at $1,288,157,000 after purchasing an additional 6,932,011 shares during the period. Northern Trust Corp raised its position in RTX by 1.9% in the third quarter. Northern Trust Corp now owns 13,726,154 shares of the company’s stock valued at $987,871,000 after purchasing an additional 256,215 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in RTX by 0.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 11,059,286 shares of the company’s stock valued at $784,735,000 after purchasing an additional 60,319 shares during the period. Hedge funds and other institutional investors own 86.50% of the company’s stock.

RTX Trading Down 0.4 %

The company has a market cap of $134.32 billion, a PE ratio of 39.62, a price-to-earnings-growth ratio of 1.84 and a beta of 0.88. The company has a quick ratio of 0.78, a current ratio of 1.07 and a debt-to-equity ratio of 0.68. The business has a 50-day simple moving average of $95.16 and a 200-day simple moving average of $87.21.

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.