RTX (NYSE:RTX) Reaches New 1-Year High - What's Next?

RTX Co. (NYSE:RTX - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $138.86 and last traded at $138.65, with a volume of 1486232 shares changing hands. The stock had previously closed at $137.50.

Analyst Ratings Changes

Several brokerages have issued reports on RTX. Morgan Stanley raised shares of RTX from an "equal weight" rating to an "overweight" rating and set a $135.00 price objective on the stock in a research note on Wednesday, April 23rd. Argus raised shares of RTX from a "hold" rating to a "buy" rating in a research note on Tuesday, February 11th. Robert W. Baird raised RTX from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $136.00 to $160.00 in a report on Wednesday, March 19th. Wells Fargo & Company upped their price objective on RTX from $136.00 to $144.00 and gave the stock an "overweight" rating in a report on Tuesday, April 15th. Finally, Citigroup dropped their price objective on RTX from $153.00 to $148.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Three equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $159.82.

RTX Price Performance

The company has a debt-to-equity ratio of 0.63, a current ratio of 0.99 and a quick ratio of 0.74. The company has a 50-day moving average price of $129.50 and a 200-day moving average price of $125.61. The firm has a market capitalization of $186.47 billion, a PE ratio of 39.43, a P/E/G ratio of 2.11 and a beta of 0.60.

RTX (NYSE:RTX - Get Free Report) last released its earnings results on Tuesday, April 22nd. The company reported $1.47 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.12. RTX had a return on equity of 12.45% and a net margin of 5.91%. The firm had revenue of $20.31 billion for the quarter, compared to the consensus estimate of $19.80 billion. Sell-side analysts forecast that RTX Co. will post 6.11 EPS for the current year.

RTX Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be paid a dividend of $0.68 per share. The ex-dividend date is Friday, May 23rd. This represents a $2.72 dividend on an annualized basis and a dividend yield of 1.95%. This is an increase from RTX's previous quarterly dividend of $0.63. RTX's dividend payout ratio is currently 79.77%.

Insider Activity

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

Hedge Funds Weigh In On RTX

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of RTX by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 119,836,487 shares of the company's stock valued at $15,873,541,000 after purchasing an additional 1,357,328 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of RTX by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 28,264,502 shares of the company's stock valued at $3,263,610,000 after purchasing an additional 1,000,722 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of RTX by 3.1% in the 4th quarter. Fisher Asset Management LLC now owns 19,047,685 shares of the company's stock valued at $2,204,198,000 after purchasing an additional 576,214 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of RTX by 3.8% in the 4th quarter. Franklin Resources Inc. now owns 16,611,341 shares of the company's stock valued at $1,922,264,000 after purchasing an additional 603,159 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of RTX in the 4th quarter valued at about $1,745,644,000. 86.50% of the stock is owned by institutional investors and hedge funds.

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.