Federated Hermes Inc. Increases Stock Position in RTX Corporation (NYSE:RTX)

Key Points

• Federated Hermes Inc. increased its position in RTX Corporation by 24.9%, owning a total of 281,859 shares worth approximately $37.34 million as of the latest SEC filing.
• RTX reported earnings of $1.56 per share for the last quarter, exceeding analysts' expectations, with revenue reaching $21.58 billion, a year-over-year increase of 9.4%.
• The company declared a quarterly dividend of $0.68 per share, resulting in an annualized dividend of $2.72 and a yield of 1.72%, with a payout ratio of 59.78%.

Federated Hermes Inc. lifted its holdings in shares of RTX Corporation (NYSE:RTX - Free Report) by 24.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 281,859 shares of the company's stock after buying an additional 56,226 shares during the period. Federated Hermes Inc.'s holdings in RTX were worth $37,335,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Brighton Jones LLC lifted its position in RTX by 24.3% in the fourth quarter. Brighton Jones LLC now owns 17,018 shares of the company's stock valued at $1,969,000 after purchasing an additional 3,332 shares during the period. Revolve Wealth Partners LLC lifted its position in RTX by 3.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 4,873 shares of the company's stock valued at $564,000 after purchasing an additional 159 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in RTX by 51.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 262,074 shares of the company's stock valued at $30,327,000 after purchasing an additional 88,604 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new stake in RTX in the fourth quarter valued at about $590,000. Finally, Diametric Capital LP acquired a new stake in RTX in the fourth quarter valued at about $302,000. Institutional investors and hedge funds own 86.50% of the company's stock.

Insider Activity

In other RTX news, VP Amy L. Johnson sold 4,146 shares of RTX stock in a transaction that occurred 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 completion of the sale, the vice president directly owned 9,546 shares of the company's stock, valued at approximately $1,217,496.84. The trade was a 30.28% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Ramsaran Maharajh sold 1,462 shares of RTX stock in a transaction that occurred on Wednesday, July 23rd. The stock was 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 directly owned 13,184 shares of the company's stock, valued at $2,007,395.84. The trade was a 9.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 31,234 shares of company stock valued at $4,439,755 over the last quarter. Insiders own 0.15% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on RTX shares. UBS Group raised their price objective on shares of RTX from $166.00 to $177.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. JPMorgan Chase & Co. lifted their price target on shares of RTX from $145.00 to $175.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Susquehanna lifted their price target on shares of RTX from $160.00 to $175.00 and gave the company a "positive" rating in a research report on Wednesday, July 23rd. Bank of America lifted their price target on shares of RTX from $150.00 to $175.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Finally, Wells Fargo & Company lifted their price target on shares of RTX from $136.00 to $144.00 and gave the company an "overweight" rating in a research report on Tuesday, April 15th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $158.67.

RTX Price Performance

Shares of RTX traded down $0.65 during mid-day trading on Friday, reaching $156.92. 4,418,299 shares of the company's stock were exchanged, compared to its average volume of 4,749,872. The company has a quick ratio of 0.75, a current ratio of 1.01 and a debt-to-equity ratio of 0.60. The company has a 50-day simple moving average of $145.69 and a two-hundred day simple moving average of $134.20. RTX Corporation has a 52-week low of $112.27 and a 52-week high of $158.79. The company has a market cap of $210.04 billion, a price-to-earnings ratio of 34.49, a PEG ratio of 2.90 and a beta of 0.68.

RTX (NYSE:RTX - Get Free Report) last released its earnings results on Tuesday, July 22nd. The company reported $1.56 EPS for the quarter, topping the consensus estimate of $1.45 by $0.11. The firm had revenue of $21.58 billion during the quarter, compared to analysts' expectations of $20.68 billion. RTX had a net margin of 7.35% and a return on equity of 12.89%. RTX's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.41 EPS. On average, sell-side analysts predict that RTX Corporation will post 6.11 EPS for the current fiscal year.

RTX Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 15th will be paid a $0.68 dividend. This represents a $2.72 annualized dividend and a yield of 1.7%. RTX's payout ratio is currently 59.78%.

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.