Associated Banc Corp Makes New Investment in RTX Corporation $RTX

Key Points

• Associated Banc Corp initiated a position in RTX, acquiring 150,462 shares worth approximately $27.9 million in the third quarter.
• RTX reported quarterly earnings of $2.26 per share, beating the $1.78 consensus estimate, while revenue rose 11.1% year over year to $24.96 billion.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $231.24; two RTX executives also reported share sales.

Associated Banc Corp acquired a new stake in shares of RTX Corporation (NYSE:RTX - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 150,462 shares of the company's stock, valued at approximately $27,933,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in RTX. Pine Valley Investments Ltd Liability Co grew its position in RTX by 63.2% during the first quarter. Pine Valley Investments Ltd Liability Co now owns 33,877 shares of the company's stock valued at $6,535,000 after acquiring an additional 13,118 shares during the last quarter. Rokos Capital Management LLP raised its stake in shares of RTX by 804.3% during the first quarter. Rokos Capital Management LLP now owns 556,152 shares of the company's stock worth $107,265,000 after acquiring an additional 494,652 shares in the last quarter. Legal & General Group Plc purchased a new position in shares of RTX during the second quarter worth approximately $1,267,256,000. Eastern Bank lifted its holdings in shares of RTX by 112.0% in the 3rd quarter. Eastern Bank now owns 177,392 shares of the company's stock worth $32,933,000 after acquiring an additional 93,725 shares during the last quarter. Finally, Corient Private Wealth LP lifted its holdings in shares of RTX by 2,669.1% in the 2nd quarter. Corient Private Wealth LP now owns 1,399,904 shares of the company's stock worth $265,604,000 after acquiring an additional 1,349,350 shares during the last quarter. 86.50% of the stock is currently owned by hedge funds and other institutional investors.

More RTX News

Here are the key news stories impacting RTX this week:

• Positive Sentiment: Raytheon, an RTX business, won a phase-one DARPA contract to develop all-optical signal processing for the PICASSO program. The technology is intended to help military operators detect and respond to threats faster, adding to RTX’s defense-technology pipeline, though the initial award is an early-stage development contract. Article: RTX's Raytheon to develop new optical signal processing capability
• Positive Sentiment: A commentary highlighted potential longer-term demand for RTX’s Patriot, radar, and counter-drone systems as militaries replenish weapons and expand air defenses. This is an industry-demand thesis rather than a newly announced order for RTX. Article: Why I’m Watching This Missile Defense Giant as America Rearms for Drone Warfare
• Neutral Sentiment: Wall Street analysts were described as cautiously optimistic, reflecting RTX’s past outperformance but not signaling a clear near-term change in expectations. Article: Are Wall Street Analysts Bullish on RTX Corporation Stock?
• Negative Sentiment: EVP Dantaya Williams sold 9,071 shares for about $1.83 million, reducing her holdings by roughly 35%. Insider sales can weigh on sentiment, although the filing alone does not establish the reason for the transaction. SEC filing for the insider transaction

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RTX. Robert W. Baird set a $240.00 price objective on shares of RTX in a research note on Friday, July 24th. Susquehanna lifted their target price on shares of RTX from $235.00 to $245.00 and gave the stock a "positive" rating in a research report on Friday, July 24th. Sanford C. Bernstein lowered their price target on shares of RTX from $223.00 to $214.00 and set a "market perform" rating for the company in a research note on Thursday, October 15th. Argus set a $245.00 price target on shares of RTX and gave the company a "buy" rating in a research report on Thursday, July 30th. Finally, Citigroup reaffirmed a "buy" rating on shares of RTX in a research note on Wednesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $231.24.

RTX Stock Performance

NYSE:RTX opened at $203.70 on Wednesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.81 and a current ratio of 1.05. RTX Corporation has a fifty-two week low of $166.74 and a fifty-two week high of $226.88. The firm has a market cap of $274.88 billion, a PE ratio of 33.07, a price-to-earnings-growth ratio of 2.26 and a beta of 0.30. The business has a 50 day moving average price of $194.55 and a 200-day moving average price of $195.62.

RTX (NYSE:RTX - Get Free Report) last issued its earnings results on Tuesday, October 20th. The company reported $2.26 EPS for the quarter, topping the consensus estimate of $1.78 by $0.48. RTX had a net margin of 8.75% and a return on equity of 14.89%. The company had revenue of $24.96 billion for the quarter, compared to the consensus estimate of $24.11 billion. During the same period in the previous year, the firm earned $1.70 earnings per share. The firm's revenue for the quarter was up 11.1% on a year-over-year basis. Equities research analysts predict that RTX Corporation will post 7.67 earnings per share for the current year.

RTX Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Friday, November 20th will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Friday, November 20th. RTX's dividend payout ratio (DPR) is 47.40%.

Insider Transactions at RTX

In other news, EVP Dantaya M. Williams sold 9,071 shares of the stock in a transaction dated Friday, October 30th. The shares were sold at an average price of $201.70, for a total transaction of $1,829,620.70. Following the completion of the sale, the executive vice president directly owned 16,930 shares in the company, valued at approximately $3,414,781. This represents a 34.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Ramsaran Maharajh sold 13,655 shares of the 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 sale, the executive vice president owned 13,184 shares of the company's stock, valued at approximately $2,952,161.28. This represents a 50.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.10% of the stock is currently owned by insiders.

RTX Profile

RTX Corporation NYSE: RTX is an aerospace and defense company that develops and manufactures products and systems for commercial aviation, business aviation, military aircraft and government customers. Its portfolio includes aircraft engines, avionics, flight-control systems, cabin interiors, communications equipment, air and missile defense systems, precision weapons, radars and advanced sensors.

The company operates through three principal businesses: Collins Aerospace, which supplies aerospace systems and components; Pratt & Whitney, which designs and produces aircraft engines and related services; and Raytheon, which provides defense and intelligence technologies.

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