Pinnacle West Asset Management Inc. Raises Stock Position in RTX Co. (NYSE:RTX)

Pinnacle West Asset Management Inc. grew its holdings in RTX Co. (NYSE:RTX) by 6.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,205 shares of the company’s stock after acquiring an additional 200 shares during the period. Pinnacle West Asset Management Inc.’s holdings in RTX were worth $371,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in RTX. Concord Wealth Partners raised its stake in shares of RTX by 13.3% in the 3rd quarter. Concord Wealth Partners now owns 757 shares of the company’s stock valued at $92,000 after acquiring an additional 89 shares during the period. Orrstown Financial Services Inc. raised its stake in shares of RTX by 129.4% in the 3rd quarter. Orrstown Financial Services Inc. now owns 10,965 shares of the company’s stock valued at $1,329,000 after acquiring an additional 6,185 shares during the period. Pallas Capital Advisors LLC raised its stake in shares of RTX by 30.5% in the 3rd quarter. Pallas Capital Advisors LLC now owns 5,104 shares of the company’s stock valued at $639,000 after acquiring an additional 1,192 shares during the period. abrdn plc raised its stake in shares of RTX by 527.6% in the 3rd quarter. abrdn plc now owns 605,790 shares of the company’s stock valued at $72,852,000 after acquiring an additional 509,261 shares during the period. Finally, Traynor Capital Management Inc. purchased a new position in shares of RTX in the 3rd quarter valued at $245,000. Hedge funds and other institutional investors own 86.50% of the company’s stock.

RTX Trading Up 1.5 %

NYSE RTX opened at $127.30 on Wednesday. RTX Co. has a one year low of $88.95 and a one year high of $132.43. The company has a 50-day simple moving average of $121.84 and a 200-day simple moving average of $121.13. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.74 and a current ratio of 0.99. The firm has a market capitalization of $169.58 billion, a PE ratio of 35.86, a price-to-earnings-growth ratio of 2.11 and a beta of 0.82.

RTX (NYSE:RTX) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $1.54 EPS for the quarter, beating the consensus estimate of $1.35 by $0.19. RTX had a net margin of 5.91% and a return on equity of 12.45%. On average, equities analysts forecast that RTX Co. will post 6.11 earnings per share for the current year.

RTX Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Friday, February 21st will be issued a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 1.98%. The ex-dividend date is Friday, February 21st. RTX’s dividend payout ratio (DPR) is presently 70.99%.

Wall Street Analysts Forecast Growth

RTX has been the topic of several analyst reports. Barclays lifted their price target on shares of RTX from $108.00 to $130.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Argus raised shares of RTX from a “hold” rating to a “buy” rating in a research note on Tuesday, February 11th. Citigroup raised shares of RTX from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $132.00 to $153.00 in a research note on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft raised shares of RTX from a “hold” rating to a “buy” rating and lifted their price target for the stock from $131.00 to $140.00 in a research note on Thursday, January 2nd. Finally, JPMorgan Chase & Co. lifted their price target on shares of RTX from $140.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $163.40.

Insider Activity

In other RTX news, EVP Dantaya M. Williams sold 14,031 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $129.23, for a total transaction of $1,813,226.13. Following the completion of the transaction, the executive vice president now directly owns 44,415 shares of the company’s stock, valued at $5,739,750.45. The trade was a 24.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.13% of the company’s stock.

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.