Marvin & Palmer Associates Inc. Purchases New Shares in RTX Corporation (NYSE:RTX)

Key Points

• Marvin & Palmer Associates Inc. acquired 22,532 shares of RTX Corporation in the first quarter, valued at approximately $2,985,000, making it the firm's 13th largest position.
• RTX Corporation announced a quarterly dividend of $0.68 per share, representing an annualized yield of 1.73% and a payout ratio of 59.78%.
• Analysts have recently increased their price targets for RTX, with JPMorgan raising theirs from $145.00 to $175.00 and Citigroup from $148.00 to $182.00, reflecting a consensus rating of "Moderate Buy."

Marvin & Palmer Associates Inc. purchased a new stake in shares of RTX Corporation (NYSE:RTX - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 22,532 shares of the company's stock, valued at approximately $2,985,000. RTX makes up about 4.5% of Marvin & Palmer Associates Inc.'s investment portfolio, making the stock its 13th biggest position.

A number of other hedge funds also recently bought and sold shares of RTX. MorganRosel Wealth Management LLC purchased a new stake in RTX during the 1st quarter valued at $26,000. 10Elms LLP purchased a new stake in RTX during the 4th quarter valued at $29,000. Greenline Partners LLC purchased a new stake in RTX during the 4th quarter valued at $34,000. Mpwm Advisory Solutions LLC purchased a new stake in RTX during the 4th quarter valued at $43,000. Finally, Capital A Wealth Management LLC purchased a new stake in RTX during the 4th quarter valued at $45,000. Hedge funds and other institutional investors own 86.50% of the company's stock.

RTX Price Performance

RTX opened at $156.86 on Monday. RTX Corporation has a 12-month low of $112.27 and a 12-month high of $157.33. The business's fifty day simple moving average is $143.48 and its 200-day simple moving average is $133.04. The company has a market capitalization of $209.96 billion, a price-to-earnings ratio of 34.47, a PEG ratio of 2.89 and a beta of 0.64. 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 (NYSE:RTX - Get Free Report) last issued its quarterly earnings data 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 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 the consensus estimate of $20.68 billion. During the same quarter last year, the company earned $1.41 earnings per share. The firm's revenue for the quarter was up 9.4% compared to the same quarter last year. On average, equities research analysts anticipate that RTX Corporation will post 6.11 earnings per share for the current fiscal year.

RTX Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 15th will be given a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a yield of 1.73%. RTX's payout ratio is currently 59.78%.

Insider Activity at RTX

In other RTX news, VP Amy L. Johnson sold 4,146 shares of the stock in a transaction dated Tuesday, May 6th. The stock was 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 in the company, valued at approximately $1,217,496.84. This trade represents a 30.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Ramsaran Maharajh sold 1,462 shares of the stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $152.26, for a total value of $222,604.12. Following the completion of the sale, the executive vice president owned 13,184 shares of the company's stock, valued at approximately $2,007,395.84. This trade represents a 9.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 22,530 shares of company stock valued at $3,080,191 over the last quarter. 0.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on RTX. JPMorgan Chase & Co. increased their price target on RTX from $145.00 to $175.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. DZ Bank raised RTX from a "sell" rating to a "hold" rating and set a $129.00 price objective on the stock in a research report on Friday, April 25th. Bank of America upped their price objective on RTX from $150.00 to $175.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Citigroup upped their price objective on RTX from $148.00 to $182.00 and gave the company a "buy" rating in a research report on Monday, July 14th. Finally, UBS Group upped 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. Six research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $155.69.

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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