Lockheed Martin Investment Management Co. Buys New Position in RTX Corporation $RTX

Key Points

• Lockheed Martin Investment Management opened a new RTX position in Q3, buying 55,370 shares valued at about $10.3 million; RTX represents 0.7% of its portfolio. Institutional investors collectively own 86.5% of the stock.
• RTX is reportedly planning to increase Tomahawk and AMRAAM missile production by as much as fourfold by 2030, while Raytheon also completed a third successful test of its DeepStrike JR3 rocket for a U.S. Army program.
• RTX reported quarterly adjusted earnings of $2.26 per share, beating estimates of $1.78, and revenue rose 11.1% year over year to $24.96 billion. Analysts’ consensus rating is “Moderate Buy,” with a $231.24 average price target.

Lockheed Martin Investment Management Co. purchased a new stake in RTX Corporation (NYSE:RTX - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 55,370 shares of the company's stock, valued at approximately $10,279,000. RTX accounts for approximately 0.7% of Lockheed Martin Investment Management Co.'s holdings, making the stock its 28th largest holding.

A number of other large investors have also modified their holdings of RTX. Montis Financial LLC grew its position in shares of RTX by 5.6% during the third quarter. Montis Financial LLC now owns 4,219 shares of the company's stock worth $783,000 after buying an additional 223 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc raised its holdings in RTX by 12.5% in the third quarter. AEGON ASSET MANAGEMENT UK Plc now owns 387,611 shares of the company's stock valued at $71,960,000 after acquiring an additional 42,930 shares in the last quarter. Consolidated Investment Group LLC raised its holdings in RTX by 19.7% in the third quarter. Consolidated Investment Group LLC now owns 21,300 shares of the company's stock valued at $3,954,000 after acquiring an additional 3,500 shares in the last quarter. Kestra Investment Management LLC lifted its stake in RTX by 2.4% in the third quarter. Kestra Investment Management LLC now owns 4,443 shares of the company's stock worth $825,000 after acquiring an additional 105 shares during the last quarter. Finally, AlphaCore Capital LLC purchased a new position in RTX in the third quarter worth approximately $7,574,000. Hedge funds and other institutional investors own 86.50% of the company's stock.

Key Stories Impacting RTX

Here are the key news stories impacting RTX this week:

• Positive Sentiment: RTX is reportedly planning to increase Tomahawk and AMRAAM missile production as much as fourfold by 2030. If carried out, the expansion could help the company capture more defense demand, though the report describes a plan rather than completed production growth. Tomahawk and AMRAAM production report
• Positive Sentiment: Raytheon completed a third successful flight test of its DeepStrike JR3 rocket for the U.S. Army’s Joint Reduced Range Rocket program. The test demonstrated the system’s capabilities and may strengthen Raytheon’s position as the Army evaluates a replacement for its training rocket; it does not itself confirm a contract award. Raytheon JR3 flight test announcement

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Weiss Ratings upgraded shares of RTX from a "buy (b)" rating to a "buy (a-)" rating in a report on Thursday, October 22nd. Rothschild & Co Redburn raised their price objective on shares of RTX from $180.00 to $215.00 and gave the company a "neutral" rating in a report on Wednesday, July 29th. Wells Fargo & Company lifted their price objective on shares of RTX from $200.00 to $230.00 and gave the stock an "equal weight" rating in a research report on Friday, July 24th. Susquehanna increased their price objective on RTX from $235.00 to $245.00 and gave the company a "positive" rating in a report on Friday, July 24th. Finally, TD Cowen cut their price objective on shares of RTX from $240.00 to $225.00 and set a "buy" rating on the stock in a report on Friday, October 9th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $231.24.

RTX Trading Up 3.6%

NYSE:RTX opened at $196.35 on Tuesday. The stock's 50 day simple moving average is $193.15 and its 200-day simple moving average is $195.52. RTX Corporation has a 12-month low of $166.74 and a 12-month high of $226.88. The company has a current ratio of 1.05, a quick ratio of 0.81 and a debt-to-equity ratio of 0.44. The firm has a market cap of $264.96 billion, a P/E ratio of 31.87, a PEG ratio of 2.21 and a beta of 0.30.

RTX (NYSE:RTX - Get Free Report) last announced its quarterly earnings data on Tuesday, October 20th. The company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.48. The company had revenue of $24.96 billion for the quarter, compared to analysts' expectations of $24.11 billion. RTX had a net margin of 8.75% and a return on equity of 14.89%. RTX's revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.70 EPS. Equities analysts anticipate that RTX Corporation will post 7.68 EPS for the current year.

RTX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Friday, November 20th will be given a $0.73 dividend. The ex-dividend date is Friday, November 20th. This represents a $2.92 dividend on an annualized basis and a yield of 1.5%. RTX's dividend payout ratio (DPR) is presently 47.40%.

Insider Transactions at RTX

In other news, EVP Dantaya M. Williams sold 9,071 shares of the stock in a transaction that occurred on Friday, October 30th. The stock was sold at an average price of $201.70, for a total transaction of $1,829,620.70. Following the completion of the transaction, the executive vice president directly owned 16,930 shares of the company's stock, valued at approximately $3,414,781. This represents a 34.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Ramsaran Maharajh sold 13,655 shares of the firm's stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $223.92, for a total value of $3,057,627.60. Following the completion of the sale, the executive vice president directly owned 13,184 shares of the company's stock, valued at $2,952,161.28. This represents a 50.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.10% of the stock is owned by company insiders.

About RTX

RTX Corporation is an aerospace and defense company whose businesses include Collins Aerospace, Pratt & Whitney and Raytheon. The company serves commercial aviation, military and government customers around the world.

Collins Aerospace develops aircraft systems and components, including avionics, communications, flight controls and cabin equipment. Pratt & Whitney designs and manufactures aircraft engines and provides related maintenance services. Raytheon develops defense systems and technologies, including air and missile defense, sensors and precision weapons.

RTX was formed in 2020 through the combination of Raytheon Company and United Technologies Corporation.

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