Acumen Wealth Advisors LLC Purchases 5,926 Shares of RTX Corporation $RTX

Acumen Wealth Advisors LLC boosted its holdings in shares of RTX Corporation (NYSE:RTX) by 1,089.3% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 6,470 shares of the company’s stock after acquiring an additional 5,926 shares during the period. Acumen Wealth Advisors LLC’s holdings in RTX were worth $1,248,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. CI Investments Inc. grew its position in RTX by 3,270.6% during the first quarter. CI Investments Inc. now owns 315,590 shares of the company’s stock valued at $60,877,000 after buying an additional 306,227 shares during the period. Chase Investment Counsel Corp purchased a new stake in RTX during the first quarter valued at about $411,000. Himension Capital Singapore PTE. LTD. bought a new position in RTX during the first quarter worth about $2,224,000. Meiji Yasuda America Inc purchased a new position in shares of RTX in the first quarter worth about $4,939,000. Finally, Danica Pension Livsforsikringsaktieselskab bought a new position in shares of RTX in the first quarter worth $18,014,000. Institutional investors and hedge funds own 86.50% of the company’s stock.

RTX Price Performance

NYSE RTX opened at $193.63 on Wednesday. The business’s fifty day moving average price is $185.24 and its 200-day moving average price is $191.81. The stock has a market capitalization of $260.76 billion, a price-to-earnings ratio of 36.33, a PEG ratio of 2.66 and a beta of 0.30. RTX Corporation has a 1-year low of $143.56 and a 1-year high of $214.50. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.02 and a quick ratio of 0.78.

RTX (NYSE:RTX) last issued its quarterly earnings results on Tuesday, April 21st. The company reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.52 by $0.26. RTX had a net margin of 8.03% and a return on equity of 13.50%. The business had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $21.38 billion. During the same quarter in the previous year, the firm earned $1.47 earnings per share. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. On average, equities analysts predict that RTX Corporation will post 6.92 earnings per share for the current year.

RTX Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 14th will be given a $0.73 dividend. The ex-dividend date is Friday, August 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.5%. RTX’s dividend payout ratio (DPR) is currently 54.78%.

Analysts Set New Price Targets

Several research analysts have commented on RTX shares. UBS Group cut their price target on shares of RTX from $209.00 to $199.00 and set a “neutral” rating for the company in a report on Wednesday, April 22nd. Weiss Ratings cut shares of RTX from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, June 11th. Dbs Bank upgraded shares of RTX from a “hold” rating to a “moderate buy” rating in a research report on Wednesday, June 10th. Morgan Stanley decreased their price target on RTX from $235.00 to $220.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 22nd. Finally, Jefferies Financial Group reissued a “buy” rating on shares of RTX in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, RTX has a consensus rating of “Moderate Buy” and an average price target of $211.38.

Key Headlines Impacting RTX

Here are the key news stories impacting RTX this week:

• Positive Sentiment: Raytheon UK, part of RTX, won a £2 billion, 15-year British Army collective training contract, adding a large long-term defense revenue stream. RTX (RTX) Could Be 10% Undervalued After The British Army Training Contract
• Positive Sentiment: RTX’s Raytheon unit received a $1.8 billion contract extension for SPY-6 radar production and sustainment for the U.S. Navy, reinforcing defense demand and backlog strength. RTX’s Raytheon awarded $1.8 billion hardware production and sustainment contract for SPY-6 family of radars
• Positive Sentiment: Pratt & Whitney Canada announced a C$275 million investment in its Longueuil facility, with government support, which should help expand manufacturing capacity and long-term production efficiency. RTX’s Pratt & Whitney Canada to invest $275 million CAD in Longueuil facility, with support from the Canadian and Quebec governments
• Positive Sentiment: Pratt & Whitney GTF engines were selected for 15 additional Tigerair Taiwan A321neo aircraft, and BOC Aviation confirmed an order for up to 220 GTF engines, both of which add to future engine sales and services revenue. RTX’s Pratt & Whitney GTF™ engines to power 15 additional Tigerair Taiwan A320neo family aircraft BOC Aviation confirms order for up to 220 engines from RTX’s Pratt & Whitney
• Positive Sentiment: British Airways selected RTX’s Pratt & Whitney GTF engines for up to 63 A320neo aircraft, with a long-term maintenance agreement that should support recurring aftermarket revenue. British Airways selects RTX’s Pratt & Whitney GTF™ engines to power up to 63 Airbus A320neo aircraft
• Positive Sentiment: RTX also announced a nacelle MRO joint venture in Abu Dhabi with Etihad Engineering, expanding its maintenance footprint in a growing market. RTX’s Collins Aerospace and Etihad Engineering create nacelle MRO joint venture
• Neutral Sentiment: RTX heads into upcoming Q2 earnings with analysts expecting revenue and EPS growth, supported by a strong backlog and continued aerospace/defense demand. Should You Buy, Hold or Sell RTX Stock Ahead of Q2 Earnings?

RTX Profile

RTX (NYSE: RTX) is a U.S.-based aerospace and defense company that designs, manufactures and services advanced systems for commercial, military and governmental customers worldwide. The company was created through the 2020 combination of Raytheon Company and United Technologies Corporation and later adopted the RTX name, positioning itself as a diversified provider across the aerospace and defense value chain.

RTX’s operations span a broad set of capabilities. Its commercial aerospace businesses include Pratt & Whitney aircraft engines and Collins Aerospace systems, which supply propulsion, avionics, aerostructures, interiors and integrated aircraft systems.