Welch & Forbes LLC Buys 1,052,357 Shares of RTX Corporation $RTX

Welch & Forbes LLC bought a new position in shares of RTX Corporation (NYSE:RTX) during the 3rd quarter, Holdings Channel.com reports. The firm bought 1,052,357 shares of the company’s stock, valued at approximately $195,370,000. RTX makes up 2.3% of Welch & Forbes LLC’s investment portfolio, making the stock its 10th biggest position.

Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of RTX during the 2nd quarter valued at about $20,970,571,000. State Street Corp lifted its holdings in shares of RTX by 3.1% during the 2nd quarter. State Street Corp now owns 95,417,318 shares of the company’s stock worth $18,103,528,000 after acquiring an additional 2,828,056 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of RTX by 5.0% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,693,939 shares of the company’s stock worth $1,649,501,000 after acquiring an additional 411,356 shares during the last quarter. Amundi boosted its position in shares of RTX by 4.0% in the second quarter. Amundi now owns 7,768,207 shares of the company’s stock worth $1,473,862,000 after acquiring an additional 295,964 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of RTX in the second quarter worth approximately $1,456,256,000. 86.50% of the stock is owned by institutional investors and hedge funds.

RTX Price Performance

RTX opened at $196.35 on Tuesday. RTX Corporation has a 52-week low of $166.74 and a 52-week high of $226.88. The company has a 50 day moving average of $193.15 and a two-hundred day moving average of $195.52. The company has a market cap of $264.96 billion, a P/E ratio of 31.87, a P/E/G ratio of 2.21 and a beta of 0.30. The company has a quick ratio of 0.81, a current ratio of 1.05 and a debt-to-equity ratio of 0.44.

RTX (NYSE:RTX) last issued its earnings results on Tuesday, October 20th. The company reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.48. The business had revenue of $24.96 billion for the quarter, compared to the consensus estimate of $24.11 billion. RTX had a net margin of 8.75% and a return on equity of 14.89%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.70 EPS. On average, analysts expect that RTX Corporation will post 7.68 earnings per share for the current year.

RTX Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Friday, November 20th will be given a $0.73 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $2.92 annualized dividend and a yield of 1.5%. RTX’s dividend payout ratio (DPR) is 47.40%.

Insider Transactions at RTX

In other RTX news, EVP Ramsaran Maharajh sold 13,655 shares of the business’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $223.92, for a total transaction of $3,057,627.60. Following the transaction, the executive vice president owned 13,184 shares in the company, valued at $2,952,161.28. The trade was a 50.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Dantaya Williams sold 9,071 shares of the company’s stock in a transaction dated Friday, October 30th. The stock was sold at an average price of $201.70, for a total value of $1,829,620.70. Following the completion of the sale, the executive vice president directly owned 16,930 shares of the company’s stock, valued at $3,414,781. The trade was a 34.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.10% of the company’s stock.

RTX News Roundup

Here are the key news stories impacting RTX this week:

• Positive Sentiment: RTX is reportedly planning to increase Tomahawk and AMRAAM missile production as much as fourfold by 2030. If carried out, the expansion could help the company capture more defense demand, though the report describes a plan rather than completed production growth. Tomahawk and AMRAAM production report
• Positive Sentiment: Raytheon completed a third successful flight test of its DeepStrike JR3 rocket for the U.S. Army’s Joint Reduced Range Rocket program. The test demonstrated the system’s capabilities and may strengthen Raytheon’s position as the Army evaluates a replacement for its training rocket; it does not itself confirm a contract award. Raytheon JR3 flight test announcement

Wall Street Analyst Weigh In

RTX has been the subject of a number of recent analyst reports. Rothschild & Co Redburn boosted their target price on shares of RTX from $180.00 to $215.00 and gave the company a “neutral” rating in a report on Wednesday, July 29th. Wells Fargo & Company increased their price target on shares of RTX from $200.00 to $230.00 and gave the stock an “equal weight” rating in a research note on Friday, July 24th. Robert W. Baird set a $240.00 price target on shares of RTX in a report on Friday, July 24th. DA Davidson boosted their price objective on shares of RTX from $192.00 to $219.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. Finally, TD Cowen dropped their price objective on RTX from $240.00 to $225.00 and set a “buy” rating for the company in a report on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $231.24.

About RTX

RTX Corporation is an aerospace and defense company whose businesses include Collins Aerospace, Pratt & Whitney and Raytheon. The company serves commercial aviation, military and government customers around the world.

Collins Aerospace develops aircraft systems and components, including avionics, communications, flight controls and cabin equipment. Pratt & Whitney designs and manufactures aircraft engines and provides related maintenance services. Raytheon develops defense systems and technologies, including air and missile defense, sensors and precision weapons.

RTX was formed in 2020 through the combination of Raytheon Company and United Technologies Corporation.