RTX (NYSE:RTX) Shares Down 1.1% – Here’s What Happened

RTX Co. (NYSE:RTX) was down 1.1% during mid-day trading on Tuesday . The stock traded as low as $123.73 and last traded at $124.08. Approximately 805,072 shares traded hands during trading, a decline of 88% from the average daily volume of 6,712,189 shares. The stock had previously closed at $125.43.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RTX. Melius Research increased their price target on shares of RTX from $490.00 to $493.00 in a report on Wednesday, July 24th. TD Cowen raised shares of RTX to a “strong-buy” rating in a report on Tuesday, October 8th. Susquehanna increased their target price on shares of RTX from $140.00 to $150.00 and gave the stock a “positive” rating in a research report on Wednesday, October 23rd. Bank of America upgraded shares of RTX from a “neutral” rating to a “buy” rating and increased their target price for the stock from $110.00 to $140.00 in a research report on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft raised shares of RTX from a “sell” rating to a “hold” rating and boosted their target price for the stock from $109.00 to $129.00 in a research note on Thursday, October 3rd. Ten equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, RTX has an average rating of “Hold” and an average target price of $177.27.

RTX Stock Performance

The stock has a market cap of $161.04 billion, a price-to-earnings ratio of 47.65, a PEG ratio of 2.17 and a beta of 0.82. The stock’s fifty day moving average is $122.07 and its 200-day moving average is $111.82. The company has a quick ratio of 0.73, a current ratio of 0.99 and a debt-to-equity ratio of 0.62.

RTX (NYSE:RTX) last released its quarterly earnings results on Tuesday, October 22nd. The company reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.11. RTX had a net margin of 5.97% and a return on equity of 11.96%. The company had revenue of $20.09 billion during the quarter, compared to analysts’ expectations of $19.84 billion. During the same quarter in the prior year, the company earned $1.25 earnings per share. The business’s quarterly revenue was up 6.0% compared to the same quarter last year. On average, analysts forecast that RTX Co. will post 5.57 EPS for the current year.

RTX Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend is Friday, November 15th. RTX’s payout ratio is 98.82%.

Institutional Trading of RTX

Several institutional investors and hedge funds have recently added to or reduced their stakes in RTX. Capital Research Global Investors raised its position in shares of RTX by 4.2% in the first quarter. Capital Research Global Investors now owns 94,191,735 shares of the company’s stock valued at $9,186,520,000 after purchasing an additional 3,761,246 shares during the period. Capital International Investors grew its stake in RTX by 4.8% during the first quarter. Capital International Investors now owns 68,394,575 shares of the company’s stock worth $6,670,523,000 after buying an additional 3,161,165 shares in the last quarter. Clearbridge Investments LLC grew its stake in RTX by 2.0% during the first quarter. Clearbridge Investments LLC now owns 10,938,655 shares of the company’s stock worth $1,066,847,000 after buying an additional 213,331 shares in the last quarter. Legal & General Group Plc grew its stake in RTX by 4.4% during the second quarter. Legal & General Group Plc now owns 8,577,770 shares of the company’s stock worth $861,122,000 after buying an additional 362,340 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in shares of RTX by 5.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 8,284,944 shares of the company’s stock valued at $831,740,000 after purchasing an additional 408,551 shares in the last quarter. 86.50% of the stock is owned by institutional investors.

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.