Skandinaviska Enskilda Banken AB publ Buys New Holdings in RTX Corporation (NYSE:RTX)

Key Points

• Skandinaviska Enskilda Banken AB acquired a new stake in RTX Corporation, purchasing 423,018 shares valued at approximately $56 million during Q1.
• Several other hedge funds increased their positions in RTX, with Norges Bank adding a stake worth about $1.74 billion, showcasing strong institutional interest.
• RTX recently announced a quarterly dividend of $0.68 per share, representing an annual yield of 1.75%, alongside positive quarterly earnings results that exceeded analyst estimates.

Skandinaviska Enskilda Banken AB publ acquired a new position in RTX Corporation (NYSE:RTX - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 423,018 shares of the company's stock, valued at approximately $56,025,000.

Other hedge funds have also modified their holdings of the company. MorganRosel Wealth Management LLC acquired a new stake in RTX in the 1st quarter valued at $26,000. 10Elms LLP purchased a new position in RTX during the fourth quarter valued at $29,000. Greenline Partners LLC acquired a new stake in shares of RTX in the fourth quarter valued at about $34,000. Mpwm Advisory Solutions LLC purchased a new stake in shares of RTX during the fourth quarter worth about $43,000. Finally, Capital A Wealth Management LLC purchased a new stake in shares of RTX during the fourth quarter worth about $45,000. 86.50% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other RTX news, EVP Ramsaran Maharajh sold 1,462 shares of RTX stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $152.26, for a total value of $222,604.12. Following the completion of the transaction, the executive vice president directly owned 13,184 shares of the company's stock, valued at $2,007,395.84. The trade was a 9.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Amy L. Johnson sold 4,146 shares of the business's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $127.54, for a total transaction of $528,780.84. Following the sale, the vice president owned 9,546 shares in the company, valued at $1,217,496.84. This trade represents a 30.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,530 shares of company stock worth $3,080,191 over the last ninety days. Corporate insiders own 0.15% of the company's stock.

Analysts Set New Price Targets

RTX has been the topic of several research analyst reports. Susquehanna lifted their price objective on RTX from $160.00 to $175.00 and gave the stock a "positive" rating in a report on Wednesday. Bank of America raised their target price on RTX from $150.00 to $175.00 and gave the company a "buy" rating in a research report on Wednesday. The Goldman Sachs Group lifted their price target on RTX from $114.00 to $126.00 and gave the stock a "neutral" rating in a research note on Monday, June 23rd. Wells Fargo & Company boosted their price target on RTX from $136.00 to $144.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 15th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $170.00 price objective (up previously from $165.00) on shares of RTX in a report on Wednesday. Six investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $154.88.

RTX Trading Up 1.1%

RTX stock traded up $1.64 during midday trading on Friday, hitting $156.86. 4,727,235 shares of the company's stock were exchanged, compared to its average volume of 4,909,235. RTX Corporation has a 1-year low of $112.27 and a 1-year high of $157.33. 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 market capitalization of $209.96 billion, a PE ratio of 34.47, a P/E/G ratio of 2.89 and a beta of 0.64. The business has a 50-day simple moving average of $143.48 and a two-hundred day simple moving average of $132.93.

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, topping 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 business had revenue of $21.58 billion during the quarter, compared to analysts' expectations of $20.68 billion. During the same period in the prior year, the business posted $1.41 EPS. The company's revenue was up 9.4% compared to the same quarter last year. On average, sell-side analysts predict that RTX Corporation will post 6.11 EPS for the current fiscal year.

RTX Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders 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 yield of 1.73%. RTX's payout ratio is 59.78%.

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.