Summit Global Investments Makes New $614,000 Investment in RTX Co. (NYSE:RTX)

Summit Global Investments acquired a new position in shares of RTX Co. (NYSE:RTX) in the fourth quarter, HoldingsChannel reports. The fund acquired 5,303 shares of the company’s stock, valued at approximately $614,000.

A number of other institutional investors have also made changes to their positions in the stock. Pacer Advisors Inc. grew its holdings in RTX by 3.9% during the third quarter. Pacer Advisors Inc. now owns 98,965 shares of the company’s stock valued at $11,991,000 after purchasing an additional 3,676 shares during the period. Eagle Asset Management Inc. grew its holdings in shares of RTX by 6.4% in the 3rd quarter. Eagle Asset Management Inc. now owns 63,507 shares of the company’s stock valued at $7,846,000 after buying an additional 3,818 shares during the period. Stonebrook Private Inc. acquired a new position in shares of RTX in the 3rd quarter valued at $229,000. Cerity Partners LLC grew its holdings in shares of RTX by 11.6% in the 3rd quarter. Cerity Partners LLC now owns 680,484 shares of the company’s stock valued at $82,448,000 after buying an additional 70,838 shares during the period. Finally, Kingsview Wealth Management LLC grew its stake in RTX by 79.0% in the third quarter. Kingsview Wealth Management LLC now owns 49,732 shares of the company’s stock valued at $6,026,000 after acquiring an additional 21,953 shares during the period. 86.50% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RTX has been the subject of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on RTX from $140.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Wells Fargo & Company boosted their price objective on RTX from $151.00 to $156.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. StockNews.com cut shares of RTX from a “buy” rating to a “hold” rating in a report on Friday, February 14th. Royal Bank of Canada upped their price target on shares of RTX from $140.00 to $150.00 and gave the company an “outperform” rating in a report on Wednesday, January 29th. Finally, UBS Group raised shares of RTX from a “neutral” rating to a “buy” rating and upped their target price for the stock from $142.00 to $147.00 in a research note on Monday, February 24th. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $166.40.

RTX Stock Performance

RTX opened at $132.35 on Monday. RTX Co. has a 52-week low of $95.27 and a 52-week high of $135.74. The firm has a market capitalization of $176.70 billion, a PE ratio of 37.28, a PEG ratio of 2.11 and a beta of 0.78. 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 business’s 50-day simple moving average is $127.15 and its 200 day simple moving average is $122.56.

RTX (NYSE:RTX) last announced its quarterly earnings data on Tuesday, January 28th. The company reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.19. RTX had a return on equity of 12.45% and a net margin of 5.91%. As a group, sell-side analysts expect that RTX Co. will post 6.11 earnings per share for the current fiscal year.

RTX Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Friday, February 21st were issued a $0.63 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.90%. RTX’s payout ratio is 70.99%.

Insider Activity

In other RTX news, EVP Dantaya M. Williams sold 14,031 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $129.23, for a total value of $1,813,226.13. Following the sale, the executive vice president now owns 44,415 shares in the company, valued at $5,739,750.45. This represents a 24.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Troy D. Brunk sold 2,872 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $125.95, for a total value of $361,728.40. Following the completion of the sale, the insider now owns 5,272 shares in the company, valued at approximately $664,008.40. This trade represents a 35.27 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 79,831 shares of company stock valued at $10,309,302. 0.15% of the stock is owned by company insiders.

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.