Lord Abbett & CO. LLC Has $84.34 Million Stake in RTX Corporation (NYSE:RTX)

Key Points

• Lord Abbett & CO. LLC increased its stake in RTX Corporation by 21.6%, owning 636,739 shares valued at approximately $84.34 million as of the latest quarter.
• Analysts have upgraded RTX's stock ratings, with expectations for a consensus price target of $158.67, reflecting a bullish sentiment among market experts.
• RTX announced a quarterly dividend of $0.68 per share, translating to an annualized yield of 1.7%, with a payout ratio of 59.78%.

Lord Abbett & CO. LLC grew its position in RTX Corporation (NYSE:RTX - Free Report) by 21.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 636,739 shares of the company's stock after purchasing an additional 112,976 shares during the period. Lord Abbett & CO. LLC's holdings in RTX were worth $84,342,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of RTX. MorganRosel Wealth Management LLC acquired a new stake in shares of RTX in the first quarter valued at approximately $26,000. 10Elms LLP bought a new position in RTX in the fourth quarter valued at $29,000. Greenline Partners LLC acquired a new stake in RTX in the 4th quarter valued at $34,000. Mpwm Advisory Solutions LLC bought a new stake in RTX during the 4th quarter worth about $43,000. Finally, McClarren Financial Advisors Inc. acquired a new position in shares of RTX during the 1st quarter worth about $44,000. 86.50% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on RTX shares. Benchmark upgraded RTX from a "hold" rating to a "buy" rating and set a $140.00 target price on the stock in a report on Wednesday, May 14th. DZ Bank upgraded RTX from a "sell" rating to a "hold" rating and set a $129.00 price objective on the stock in a research note on Friday, April 25th. The Goldman Sachs Group increased their price objective on RTX from $114.00 to $126.00 and gave the company a "neutral" rating in a report on Monday, June 23rd. Jefferies Financial Group reaffirmed a "hold" rating on shares of RTX in a research report on Monday, July 21st. Finally, Morgan Stanley lifted their price objective on shares of RTX from $165.00 to $180.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $158.67.

RTX Stock Performance

NYSE:RTX opened at $155.53 on Thursday. The company has a current ratio of 1.01, a quick ratio of 0.75 and a debt-to-equity ratio of 0.60. The stock has a 50 day simple moving average of $148.92 and a 200 day simple moving average of $136.01. RTX Corporation has a 1-year low of $112.27 and a 1-year high of $158.79. The stock has a market cap of $208.18 billion, a P/E ratio of 34.18, a PEG ratio of 2.86 and a beta of 0.69.

RTX (NYSE:RTX - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The company reported $1.56 earnings per share (EPS) 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 company had revenue of $21.58 billion during the quarter, compared to analysts' expectations of $20.68 billion. During the same quarter in the previous year, the business posted $1.41 earnings per share. RTX's quarterly revenue was up 9.4% on a year-over-year basis. Research analysts anticipate that RTX Corporation will post 6.11 earnings per share for the current year.

RTX Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 15th will be given a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 1.7%. RTX's payout ratio is 59.78%.

Insider Buying and Selling

In other RTX news, EVP Dantaya M. Williams sold 16,922 shares of the firm's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $137.62, for a total transaction of $2,328,805.64. Following the transaction, the executive vice president owned 16,538 shares in the company, valued at $2,275,959.56. This trade represents a 50.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Philip J. Jasper sold 12,847 shares of the company's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $157.82, for a total value of $2,027,513.54. Following the sale, the insider owned 17,684 shares of the company's stock, valued at approximately $2,790,888.88. The trade was a 42.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 47,589 shares of company stock valued at $7,126,389 in the last quarter. Corporate insiders own 0.15% of the company's stock.

About RTX

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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