Summit Asset Management LLC Has $2.37 Million Stock Position in RTX Corporation (NYSE:RTX)

Summit Asset Management LLC grew its holdings in RTX Corporation (NYSE:RTX - Free Report) by 65.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,916 shares of the company's stock after purchasing an additional 7,062 shares during the period. Summit Asset Management LLC's holdings in RTX were worth $2,373,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Guardian Wealth Advisors LLC NC increased its holdings in shares of RTX by 1.7% in the 4th quarter. Guardian Wealth Advisors LLC NC now owns 4,978 shares of the company's stock valued at $576,000 after acquiring an additional 82 shares during the period. Foster Victor Wealth Advisors LLC boosted its holdings in shares of RTX by 2.1% in the 1st quarter. Foster Victor Wealth Advisors LLC now owns 3,934 shares of the company's stock valued at $505,000 after buying an additional 82 shares in the last quarter. Weatherly Asset Management L. P. grew its position in shares of RTX by 0.4% in the 1st quarter. Weatherly Asset Management L. P. now owns 20,888 shares of the company's stock worth $2,767,000 after buying an additional 82 shares during the last quarter. CLG LLC raised its stake in shares of RTX by 2.3% during the 1st quarter. CLG LLC now owns 3,686 shares of the company's stock worth $488,000 after acquiring an additional 83 shares in the last quarter. Finally, 49 Wealth Management LLC grew its stake in RTX by 3.3% during the 4th quarter. 49 Wealth Management LLC now owns 2,609 shares of the company's stock worth $302,000 after buying an additional 84 shares during the last quarter. Institutional investors own 86.50% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Cowen reiterated a "buy" rating on shares of RTX in a research note on Friday, May 23rd. The Goldman Sachs Group raised their target price on RTX from $114.00 to $126.00 and gave the stock a "neutral" rating in a report on Monday, June 23rd. Royal Bank Of Canada decreased their price target on RTX from $150.00 to $140.00 and set an "outperform" rating for the company in a report on Wednesday, April 23rd. Benchmark raised shares of RTX from a "hold" rating to a "buy" rating and set a $140.00 target price on the stock in a research note on Wednesday, May 14th. Finally, Jefferies Financial Group reaffirmed a "hold" rating on shares of RTX in a research note on Monday. Seven research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $164.28.

RTX Price Performance

Shares of NYSE:RTX traded down $2.30 during midday trading on Tuesday, hitting $149.26. 10,721,093 shares of the stock were exchanged, compared to its average volume of 5,298,373. RTX Corporation has a twelve month low of $103.62 and a twelve month high of $153.39. 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 company has a 50 day moving average price of $141.35 and a 200-day moving average price of $131.70. The stock has a market cap of $199.41 billion, a P/E ratio of 43.77, a PEG ratio of 2.82 and a beta of 0.64.

RTX (NYSE:RTX - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The company reported $1.56 EPS for the quarter, beating analysts' consensus estimates of $1.45 by $0.11. The business had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.68 billion. RTX had a return on equity of 12.71% and a net margin of 5.63%. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.41 earnings per share. On average, research analysts forecast that RTX Corporation will post 6.11 earnings per share for the current year.

RTX Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 15th will be paid a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 1.82%. RTX's dividend payout ratio is presently 79.77%.

Insider Activity

In other news, VP Amy L. Johnson sold 4,146 shares of the business's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $127.54, for a total transaction of $528,780.84. Following the transaction, the vice president directly owned 9,546 shares of the company's stock, valued at approximately $1,217,496.84. The trade was a 30.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Dantaya M. Williams sold 16,922 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $137.62, for a total value of $2,328,805.64. Following the sale, the executive vice president owned 16,538 shares of the company's stock, valued at $2,275,959.56. This represents a 50.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.15% of the company's stock.

RTX 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.