Covenant Asset Management LLC Grows Stake in RTX Corporation $RTX

Key Points

• Covenant Asset Management LLC increased its stake in RTX Corporation by 31.5% in Q2, owning 8,390 shares now valued at approximately $1.23 million.
• RTX reported better-than-expected earnings with an EPS of $1.56, above the consensus estimate of $1.45, and achieved quarterly revenue of $21.58 billion.
• Several brokerages have upgraded their price targets for RTX, with UBS raising it to $177.00 and Citigroup to $182.00, reflecting a positive outlook on the stock.

Covenant Asset Management LLC lifted its position in RTX Corporation (NYSE:RTX - Free Report) by 31.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,390 shares of the company's stock after purchasing an additional 2,010 shares during the quarter. Covenant Asset Management LLC's holdings in RTX were worth $1,225,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Bay Capital Advisors LLC purchased a new stake in RTX in the first quarter valued at approximately $224,000. Dynamic Advisor Solutions LLC raised its position in shares of RTX by 8.4% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 34,657 shares of the company's stock valued at $4,591,000 after buying an additional 2,686 shares in the last quarter. Brookwood Investment Group LLC bought a new stake in shares of RTX during the 1st quarter worth $1,288,000. LBP AM SA grew its position in RTX by 17.7% in the first quarter. LBP AM SA now owns 279,179 shares of the company's stock worth $36,980,000 after acquiring an additional 41,990 shares in the last quarter. Finally, Arizona State Retirement System increased its stake in RTX by 1.4% in the first quarter. Arizona State Retirement System now owns 390,617 shares of the company's stock valued at $51,741,000 after acquiring an additional 5,356 shares during the last quarter. Institutional investors own 86.50% of the company's stock.

RTX Price Performance

RTX stock opened at $163.50 on Monday. The stock has a market capitalization of $218.85 billion, a price-to-earnings ratio of 35.93, a PEG ratio of 3.01 and a beta of 0.67. The firm's 50-day moving average price is $156.93 and its two-hundred day moving average price is $142.84. The company has a current ratio of 1.01, a quick ratio of 0.75 and a debt-to-equity ratio of 0.60. RTX Corporation has a 12-month low of $112.27 and a 12-month high of $165.35.

RTX (NYSE:RTX - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The company reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.11. RTX had a return on equity of 12.89% and a net margin of 7.35%.The company had revenue of $21.58 billion for the quarter, compared to analysts' expectations of $20.68 billion. During the same period last year, the firm earned $1.41 earnings per share. RTX's quarterly revenue was up 9.4% on a year-over-year basis. RTX has set its FY 2025 guidance at 5.800-5.950 EPS. As a group, equities analysts predict that RTX Corporation will post 6.11 earnings per share for the current year.

Insider Activity at RTX

In related news, insider Troy D. Brunk sold 7,654 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $155.20, for a total transaction of $1,187,900.80. Following the completion of the transaction, the insider owned 16,442 shares in the company, valued at $2,551,798.40. This represents a 31.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ramsaran Maharajh sold 1,462 shares of RTX stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $152.26, for a total transaction of $222,604.12. Following the completion of the sale, the executive vice president owned 13,184 shares in the company, valued at approximately $2,007,395.84. This trade represents a 9.98% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,635 shares of company stock valued at $8,947,010 over the last 90 days. Company insiders own 0.15% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RTX. UBS Group increased their price objective on RTX from $166.00 to $177.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Royal Bank Of Canada reissued an "outperform" rating and set a $170.00 price target (up from $165.00) on shares of RTX in a research note on Wednesday, July 23rd. Susquehanna upped their price objective on shares of RTX from $160.00 to $175.00 and gave the company a "positive" rating in a research note on Wednesday, July 23rd. Citigroup boosted their price target on shares of RTX from $148.00 to $182.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. Finally, The Goldman Sachs Group upped their price target on shares of RTX from $114.00 to $126.00 and gave the company a "neutral" rating in a research report on Monday, June 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $158.87.

RTX Company Profile

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.

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