RTX (NYSE:RTX) Hits New 12-Month High – Here’s What Happened

Shares of RTX Co. (NYSE:RTX) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $136.40 and last traded at $135.37, with a volume of 4774200 shares. The stock had previously closed at $135.52.

Wall Street Analysts Forecast Growth

RTX has been the topic of several recent research reports. Citigroup dropped their target price on RTX from $153.00 to $148.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Bank of America lifted their price objective on shares of RTX from $145.00 to $155.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Argus raised shares of RTX from a “hold” rating to a “buy” rating in a research note on Tuesday, February 11th. Susquehanna lowered their price objective on shares of RTX from $147.00 to $140.00 and set a “positive” rating for the company in a research note on Wednesday, April 23rd. Finally, DZ Bank upgraded shares of RTX from a “sell” rating to a “hold” rating and set a $129.00 price target on the stock in a research report on Friday, April 25th. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $159.82.

RTX Stock Down 0.1%

The company has a market cap of $180.85 billion, a PE ratio of 38.13, a PEG ratio of 2.11 and a beta of 0.60. The business’s fifty day simple moving average is $128.66 and its two-hundred day simple moving average is $124.20. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.99 and a quick ratio of 0.74.

RTX (NYSE:RTX) last posted its quarterly earnings results on Tuesday, April 22nd. The company reported $1.47 earnings per share for the quarter, topping analysts’ consensus estimates of $1.35 by $0.12. The firm had revenue of $20.31 billion for the quarter, compared to analyst estimates of $19.80 billion. RTX had a net margin of 5.91% and a return on equity of 12.45%. On average, analysts predict that RTX Co. will post 6.11 earnings per share for the current year.

RTX Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be issued a $0.68 dividend. This is a positive change from RTX’s previous quarterly dividend of $0.63. This represents a $2.72 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend is Friday, May 23rd. RTX’s dividend payout ratio is currently 79.77%.

Insiders Place Their Bets

In related news, VP Amy L. Johnson sold 4,146 shares of the stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $127.54, for a total value of $528,780.84. Following the transaction, the vice president now directly owns 9,546 shares of the company’s stock, valued at $1,217,496.84. This trade represents a 30.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Neil G. Mitchill, Jr. sold 16,118 shares of the firm’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $130.35, for a total transaction of $2,100,981.30. Following the transaction, the chief financial officer now directly owns 59,556 shares in the company, valued at $7,763,124.60. The trade was a 21.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 69,946 shares of company stock worth $9,024,856 in the last ninety days. 0.15% of the stock is owned by corporate insiders.

Institutional Trading of RTX

Several hedge funds and other institutional investors have recently made changes to their positions in RTX. Norges Bank acquired a new position in RTX during the fourth quarter worth about $1,745,644,000. Nuveen LLC acquired a new position in RTX during the first quarter valued at approximately $916,739,000. GAMMA Investing LLC lifted its position in shares of RTX by 14,838.5% during the first quarter. GAMMA Investing LLC now owns 4,163,218 shares of the company’s stock worth $551,460,000 after purchasing an additional 4,135,349 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its position in shares of RTX by 43.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 10,508,662 shares of the company’s stock worth $1,216,063,000 after purchasing an additional 3,164,844 shares in the last quarter. Finally, Amundi lifted its position in shares of RTX by 83.1% during the fourth quarter. Amundi now owns 6,288,559 shares of the company’s stock worth $728,964,000 after purchasing an additional 2,854,928 shares in the last quarter. Institutional investors and hedge funds own 86.50% of the company’s stock.

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.