Horizon Bancorp Inc. IN Increases Stake in RTX Corporation $RTX

Key Points

• Horizon Bancorp Inc. increased its stake in RTX Corporation by 93.1% during the second quarter, accumulating a total of 3,823 shares valued at approximately $558,000.
• Research analysts have raised their price targets on RTX shares, with JPMorgan Chase & Co. setting a new target of $175.00 and Citigroup increasing theirs to $182.00, indicating positive sentiment for the stock.
• RTX reported earnings of $1.56 per share for the most recent quarter, surpassing analyst expectations and achieving a revenue of $21.58 billion, which was up 9.4% year over year.

Horizon Bancorp Inc. IN grew its position in RTX Corporation (NYSE:RTX - Free Report) by 93.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,823 shares of the company's stock after acquiring an additional 1,843 shares during the quarter. Horizon Bancorp Inc. IN's holdings in RTX were worth $558,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Bay Capital Advisors LLC purchased a new position in RTX in the 1st quarter worth about $224,000. Dynamic Advisor Solutions LLC increased its stake in RTX by 8.4% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 34,657 shares of the company's stock worth $4,591,000 after buying an additional 2,686 shares during the period. Brookwood Investment Group LLC purchased a new position in RTX in the 1st quarter worth about $1,288,000. LBP AM SA increased its stake in RTX by 17.7% in the 1st quarter. LBP AM SA now owns 279,179 shares of the company's stock worth $36,980,000 after buying an additional 41,990 shares during the period. Finally, Arizona State Retirement System increased its stake in RTX by 1.4% in the 1st quarter. Arizona State Retirement System now owns 390,617 shares of the company's stock worth $51,741,000 after buying an additional 5,356 shares during the period. Hedge funds and other institutional investors own 86.50% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on RTX shares. JPMorgan Chase & Co. raised their price target on shares of RTX from $145.00 to $175.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. Citigroup increased their target price on shares of RTX from $148.00 to $182.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Jefferies Financial Group reiterated a "hold" rating on shares of RTX in a report on Monday, July 21st. Bank of America increased their target price on shares of RTX from $150.00 to $175.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Finally, Sanford C. Bernstein increased their target price on shares of RTX from $157.00 to $181.00 and gave the stock a "market perform" rating in a report on Monday. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $164.13.

RTX Stock Down 3.8%

NYSE:RTX opened at $162.08 on Friday. RTX Corporation has a fifty-two week low of $112.27 and a fifty-two week high of $170.85. The stock has a market capitalization of $216.95 billion, a P/E ratio of 35.62, a P/E/G ratio of 3.11 and a beta of 0.66. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.75 and a current ratio of 1.01. The company's 50-day simple moving average is $158.98 and its 200-day simple moving average is $144.80.

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

Insiders Place Their Bets

In other news, insider Shane G. Eddy sold 25,968 shares of the firm's stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $159.79, for a total value of $4,149,426.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Kevin G. Dasilva sold 8,704 shares of the firm's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $156.20, for a total transaction of $1,359,564.80. Following the completion of the sale, the vice president owned 30,004 shares in the company, valued at $4,686,624.80. This represents a 22.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,635 shares of company stock worth $8,947,010. Insiders own 0.15% of the company's stock.

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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