Summit Financial Wealth Advisors LLC Raises Stake in RTX Co. (NYSE:RTX)

Summit Financial Wealth Advisors LLC lifted its stake in shares of RTX Co. (NYSE:RTX) by 0.2% during the 3rd quarter, Holdings Channel reports. The fund owned 108,195 shares of the company’s stock after buying an additional 217 shares during the quarter. RTX comprises 2.5% of Summit Financial Wealth Advisors LLC’s portfolio, making the stock its 12th largest holding. Summit Financial Wealth Advisors LLC’s holdings in RTX were worth $13,109,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Fisher Asset Management LLC increased its stake in RTX by 4.8% during the third quarter. Fisher Asset Management LLC now owns 18,471,471 shares of the company’s stock worth $2,238,004,000 after acquiring an additional 852,183 shares during the last quarter. Legal & General Group Plc increased its position in shares of RTX by 4.4% during the 2nd quarter. Legal & General Group Plc now owns 8,577,770 shares of the company’s stock worth $861,122,000 after purchasing an additional 362,340 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in 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 buying an additional 408,551 shares during the period. Dimensional Fund Advisors LP boosted its stake in RTX by 5.9% during the second quarter. Dimensional Fund Advisors LP now owns 7,444,471 shares of the company’s stock worth $747,347,000 after buying an additional 417,789 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in shares of RTX by 1.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,937,660 shares of the company’s stock valued at $355,927,000 after acquiring an additional 38,930 shares during the last quarter. Hedge funds and other institutional investors own 86.50% of the company’s stock.

RTX Trading Down 1.8 %

Shares of NYSE:RTX opened at $118.65 on Tuesday. The company has a market cap of $157.93 billion, a PE ratio of 33.90, a P/E/G ratio of 2.14 and a beta of 0.82. The company’s 50 day moving average is $122.16 and its two-hundred day moving average is $114.26. RTX Co. has a 52 week low of $79.13 and a 52 week high of $128.70. The company has a current ratio of 0.99, a quick ratio of 0.73 and a debt-to-equity ratio of 0.62.

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

RTX Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors 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 yield of 2.12%. The ex-dividend date of this dividend is Friday, November 15th. RTX’s dividend payout ratio (DPR) is 72.00%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Alembic Global Advisors raised shares of RTX from a “neutral” rating to an “overweight” rating and set a $134.00 price objective for the company in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upgraded RTX from a “sell” rating to a “hold” rating and raised their price target for the stock from $109.00 to $129.00 in a research report on Thursday, October 3rd. Morgan Stanley boosted their price objective on RTX from $120.00 to $130.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. The Goldman Sachs Group lifted their target price on RTX from $94.00 to $104.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Finally, Citigroup increased their price target on shares of RTX from $122.00 to $132.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Eight investment analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $177.27.

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.