RTX Corporation $RTX Shares Newly Acquired by Welch & Forbes LLC

Key Points

• Welch & Forbes acquired 1,052,357 RTX shares in the third quarter, valued at about $195.4 million. The position represents 2.3% of its portfolio and makes RTX its 10th-largest holding.
• RTX reported quarterly earnings of $2.26 per share, beating estimates of $1.78, while revenue rose 11.1% year over year to $24.96 billion.
• RTX is reportedly planning to increase Tomahawk and AMRAAM missile production by as much as fourfold by 2030. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $231.24.

Welch & Forbes LLC acquired a new stake in RTX Corporation (NYSE:RTX - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,052,357 shares of the company's stock, valued at approximately $195,370,000. RTX makes up approximately 2.3% of Welch & Forbes LLC's investment portfolio, making the stock its 10th biggest holding. Welch & Forbes LLC owned 0.08% of RTX as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of RTX in the 2nd quarter valued at about $20,970,571,000. State Street Corp boosted its holdings in RTX by 3.1% during the second quarter. State Street Corp now owns 95,417,318 shares of the company's stock worth $18,103,528,000 after buying an additional 2,828,056 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in RTX by 5.0% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,693,939 shares of the company's stock worth $1,649,501,000 after buying an additional 411,356 shares in the last quarter. Dimensional Fund Advisors LP grew its position in RTX by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 7,649,112 shares of the company's stock worth $1,475,296,000 after buying an additional 95,726 shares during the period. Finally, Amundi grew its position in RTX by 4.0% during the second quarter. Amundi now owns 7,768,207 shares of the company's stock worth $1,473,862,000 after buying an additional 295,964 shares during the period. Institutional investors and hedge funds own 86.50% of the company's stock.

Key RTX News

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

RTX Stock Up 3.6%

Shares of NYSE RTX opened at $196.35 on Tuesday. The firm's 50-day moving average is $193.15 and its two-hundred day moving average is $195.52. The company has a market capitalization of $264.96 billion, a PE ratio of 31.87, a price-to-earnings-growth ratio of 2.21 and a beta of 0.30. RTX Corporation has a 12-month low of $166.74 and a 12-month high of $226.88. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.05 and a quick ratio of 0.81.

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

RTX Dividend Announcement

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

Wall Street Analysts Forecast Growth

RTX has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft downgraded shares of RTX from a "buy" rating to a "hold" rating and set a $208.00 price target for the company. in a research report on Tuesday, October 13th. Weiss Ratings upgraded RTX from a "buy (b)" rating to a "buy (a-)" rating in a report on Thursday, October 22nd. BNP Paribas Exane raised their price objective on RTX from $220.00 to $265.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Royal Bank Of Canada reduced their price objective on RTX from $250.00 to $235.00 and set an "outperform" rating for the company in a report on Thursday, October 15th. Finally, Rothschild & Co Redburn boosted their target price on RTX from $180.00 to $215.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 29th. One equities 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 issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $231.24.

Insider Buying and Selling at RTX

In related news, EVP Ramsaran Maharajh sold 13,655 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $223.92, for a total transaction of $3,057,627.60. Following the sale, the executive vice president owned 13,184 shares of the company's stock, valued at $2,952,161.28. This trade represents a 50.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Dantaya Williams sold 9,071 shares of RTX stock in a transaction dated Friday, October 30th. The stock was sold at an average price of $201.70, for a total value of $1,829,620.70. Following the sale, the executive vice president 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 SEC filing for this sale provides additional information. 0.10% of the stock is owned by corporate insiders.

RTX Company Profile

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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