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

RTX Co. (NYSE:RTX)’s share price hit a new 52-week high during mid-day trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $103.89 and last traded at $102.87, with a volume of 2064734 shares changing hands. The stock had previously closed at $101.56.

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

RTX Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Friday, February 23rd were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend was Thursday, February 22nd. RTX’s dividend payout ratio (DPR) is 92.55%.

Analysts Set New Price Targets

Several research firms have commented on RTX. Susquehanna upped their target price on shares of RTX from $110.00 to $119.00 and gave the stock a “positive” rating in a research report on Wednesday. Barclays upped their target price on shares of RTX from $75.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 30th. TD Cowen upped their target price on shares of RTX from $106.00 to $115.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 19th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $120.00 price target on shares of RTX in a research note on Monday, April 1st. Finally, Royal Bank of Canada upped their price target on shares of RTX from $82.00 to $88.00 and gave the stock a “sector perform” rating in a research note on Monday, January 22nd. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, RTX presently has an average rating of “Hold” and a consensus price target of $96.27.

Insider Activity at RTX

In related news, COO Christopher T. Calio sold 367 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $92.63, for a total value of $33,995.21. Following the completion of the sale, the chief operating officer now owns 56,707 shares in the company, valued at approximately $5,252,769.41. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other RTX news, EVP Ramsaran Maharajh sold 312 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $92.17, for a total value of $28,757.04. Following the transaction, the executive vice president now owns 11,676 shares in the company, valued at approximately $1,076,176.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Christopher T. Calio sold 367 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $92.63, for a total transaction of $33,995.21. Following the completion of the transaction, the chief operating officer now owns 56,707 shares in the company, valued at approximately $5,252,769.41. The disclosure for this sale can be found here. In the last 90 days, insiders sold 37,785 shares of company stock worth $3,448,188. 0.13% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Capital Research Global Investors increased its stake 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 worth $7,608,822,000 after purchasing an additional 17,351,313 shares during the last quarter. Capital International Investors raised its holdings in RTX by 20.6% in the 4th quarter. Capital International Investors now owns 65,233,410 shares of the company’s stock worth $5,488,752,000 after acquiring an additional 11,163,222 shares during the period. Massachusetts Financial Services Co. MA lifted its position in RTX by 82.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 15,309,688 shares of the company’s stock worth $1,288,157,000 after acquiring an additional 6,932,011 shares during the last quarter. Northern Trust Corp grew its position in shares of 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 last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of RTX by 0.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 11,059,286 shares of the company’s stock worth $784,735,000 after purchasing an additional 60,319 shares during the period. Institutional investors and hedge funds own 86.50% of the company’s stock.

RTX Stock Down 0.4 %

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

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.