CI Investments Inc. Boosts Stock Position in RTX Corporation $RTX

Key Points

• CI Investments Inc. dramatically increased its RTX stake by 3,270.6% in the first quarter, ending with 315,590 shares valued at about $60.9 million. Institutional ownership remains high overall, with hedge funds and institutions holding 86.5% of RTX shares.
• RTX posted a strong quarterly earnings beat, reporting EPS of $1.78 versus the $1.52 consensus and revenue of $22.08 billion, ahead of expectations. Revenue rose 8.7% year over year, and analysts now expect full-year EPS of 6.92.
• The company continues to reward shareholders and attract analyst support, declaring a quarterly dividend of $0.73 per share and a 1.5% yield. Wall Street’s consensus rating is “Moderate Buy,” with a target price of $211.38.

CI Investments Inc. lifted its position in RTX Corporation (NYSE:RTX - Free Report) by 3,270.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 315,590 shares of the company's stock after purchasing an additional 306,227 shares during the quarter. CI Investments Inc.'s holdings in RTX were worth $60,877,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Alpha Cubed Investments LLC increased its holdings in RTX by 0.3% in the 4th quarter. Alpha Cubed Investments LLC now owns 14,720 shares of the company's stock worth $2,700,000 after buying an additional 50 shares during the period. LeConte Wealth Management LLC lifted its stake in RTX by 2.3% during the 4th quarter. LeConte Wealth Management LLC now owns 2,247 shares of the company's stock valued at $412,000 after acquiring an additional 51 shares during the period. Rydar Equities Inc. lifted its stake in RTX by 0.4% during the 4th quarter. Rydar Equities Inc. now owns 13,524 shares of the company's stock valued at $2,480,000 after acquiring an additional 52 shares during the period. Schulhoff & Co. Inc. boosted its holdings in shares of RTX by 1.7% in the 4th quarter. Schulhoff & Co. Inc. now owns 3,188 shares of the company's stock valued at $585,000 after acquiring an additional 52 shares during the last quarter. Finally, Howard Capital Management Inc. increased its stake in shares of RTX by 0.4% in the fourth quarter. Howard Capital Management Inc. now owns 12,340 shares of the company's stock worth $2,263,000 after acquiring an additional 53 shares during the period. Institutional investors and hedge funds own 86.50% of the company's stock.

RTX Stock Performance

RTX opened at $193.63 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.02 and a quick ratio of 0.78. The firm has a fifty day moving average price of $185.24 and a 200 day moving average price of $191.81. RTX Corporation has a 1 year low of $143.56 and a 1 year high of $214.50. The stock has a market cap of $260.76 billion, a P/E ratio of 36.33, a P/E/G ratio of 2.66 and a beta of 0.30.

RTX (NYSE:RTX - Get Free Report) last announced its quarterly earnings results on Tuesday, April 21st. The company reported $1.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.52 by $0.26. RTX had a net margin of 8.03% and a return on equity of 13.50%. The firm had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $21.38 billion. During the same period in the prior year, the firm posted $1.47 earnings per share. The firm's quarterly revenue was up 8.7% compared to the same quarter last year. Equities research analysts anticipate that RTX Corporation will post 6.92 earnings per share for the current year.

RTX Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 14th will be paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 14th. RTX's dividend payout ratio is presently 54.78%.

More RTX News

Here are the key news stories impacting RTX this week:

• Positive Sentiment: Raytheon UK, part of RTX, won a £2 billion, 15-year British Army collective training contract, adding a large long-term defense revenue stream. RTX (RTX) Could Be 10% Undervalued After The British Army Training Contract
• Positive Sentiment: RTX’s Raytheon unit received a $1.8 billion contract extension for SPY-6 radar production and sustainment for the U.S. Navy, reinforcing defense demand and backlog strength. RTX's Raytheon awarded $1.8 billion hardware production and sustainment contract for SPY-6 family of radars
• Positive Sentiment: Pratt & Whitney Canada announced a C$275 million investment in its Longueuil facility, with government support, which should help expand manufacturing capacity and long-term production efficiency. RTX's Pratt & Whitney Canada to invest $275 million CAD in Longueuil facility, with support from the Canadian and Quebec governments
• Positive Sentiment: Pratt & Whitney GTF engines were selected for 15 additional Tigerair Taiwan A321neo aircraft, and BOC Aviation confirmed an order for up to 220 GTF engines, both of which add to future engine sales and services revenue. RTX's Pratt & Whitney GTF™ engines to power 15 additional Tigerair Taiwan A320neo family aircraft BOC Aviation confirms order for up to 220 engines from RTX's Pratt & Whitney
• Positive Sentiment: British Airways selected RTX’s Pratt & Whitney GTF engines for up to 63 A320neo aircraft, with a long-term maintenance agreement that should support recurring aftermarket revenue. British Airways selects RTX's Pratt & Whitney GTF™ engines to power up to 63 Airbus A320neo aircraft
• Positive Sentiment: RTX also announced a nacelle MRO joint venture in Abu Dhabi with Etihad Engineering, expanding its maintenance footprint in a growing market. RTX's Collins Aerospace and Etihad Engineering create nacelle MRO joint venture
• Neutral Sentiment: RTX heads into upcoming Q2 earnings with analysts expecting revenue and EPS growth, supported by a strong backlog and continued aerospace/defense demand. Should You Buy, Hold or Sell RTX Stock Ahead of Q2 Earnings?

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RTX. Dbs Bank raised shares of RTX from a "hold" rating to a "moderate buy" rating in a report on Wednesday, June 10th. Citigroup reaffirmed a "buy" rating on shares of RTX in a research report on Wednesday, June 17th. Erste Group Bank lowered RTX from a "buy" rating to a "hold" rating in a research note on Monday, April 27th. Melius Research raised RTX from a "hold" rating to a "buy" rating in a report on Thursday, April 2nd. Finally, Jefferies Financial Group restated a "buy" rating on shares of RTX in a research note on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $211.38.

RTX Profile

RTX NYSE: RTX is a U.S.-based aerospace and defense company that designs, manufactures and services advanced systems for commercial, military and governmental customers worldwide. The company was created through the 2020 combination of Raytheon Company and United Technologies Corporation and later adopted the RTX name, positioning itself as a diversified provider across the aerospace and defense value chain.

RTX's operations span a broad set of capabilities. Its commercial aerospace businesses include Pratt & Whitney aircraft engines and Collins Aerospace systems, which supply propulsion, avionics, aerostructures, interiors and integrated aircraft systems.

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