Cornerstone Advisors LLC Grows Stake in RTX Co. (NYSE:RTX)

Cornerstone Advisors LLC increased its position in RTX Co. (NYSE:RTX) by 2.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,700 shares of the company’s stock after purchasing an additional 2,400 shares during the period. Cornerstone Advisors LLC’s holdings in RTX were worth $10,989,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Napa Wealth Management bought a new position in RTX in the 3rd quarter valued at approximately $1,307,000. Manning & Napier Advisors LLC purchased a new position in shares of RTX in the second quarter worth $30,837,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of RTX by 16.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 78,994 shares of the company’s stock valued at $9,510,000 after purchasing an additional 11,354 shares in the last quarter. Kennebec Savings Bank purchased a new stake in shares of RTX during the third quarter valued at $953,000. Finally, Robeco Institutional Asset Management B.V. increased its holdings in RTX by 36.5% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 365,221 shares of the company’s stock worth $44,250,000 after buying an additional 97,749 shares in the last quarter. 86.50% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on RTX shares. Barclays upped their target price on shares of RTX from $108.00 to $130.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Susquehanna increased their price objective on shares of RTX from $140.00 to $150.00 and gave the company a “positive” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. lifted their target price on shares of RTX from $110.00 to $130.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Wells Fargo & Company decreased their target price on shares of RTX from $491.00 to $467.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 24th. Finally, Bank of America upgraded RTX from a “neutral” rating to a “buy” rating and raised their price target for the stock from $110.00 to $140.00 in a research note on Wednesday, July 31st. Nine research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $177.27.

RTX Stock Performance

Shares of NYSE RTX opened at $119.14 on Thursday. The company has a market cap of $158.58 billion, a P/E ratio of 34.04, a P/E/G ratio of 2.11 and a beta of 0.82. RTX Co. has a 52-week low of $78.00 and a 52-week high of $128.70. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.73 and a current ratio of 0.99. The firm’s fifty day moving average is $122.13 and its two-hundred day moving average is $113.84.

RTX (NYSE:RTX) last posted its earnings results on Tuesday, October 22nd. The company reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.11. The company had revenue of $20.09 billion for the quarter, compared to the consensus estimate of $19.84 billion. RTX had a return on equity of 11.96% and a net margin of 5.97%. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.25 earnings per share. As a group, analysts anticipate that RTX Co. will post 5.56 EPS for the current fiscal year.

RTX Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date is Friday, November 15th. RTX’s dividend payout ratio (DPR) is 72.00%.

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.