CI Investments Inc. increased its holdings in shares of RTX Corporation (NYSE:RTX – Free Report) by 3,270.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 315,590 shares of the company’s stock after buying an additional 306,227 shares during the period. CI Investments Inc.’s holdings in RTX were worth $60,877,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently added to or reduced their stakes in the company. Chase Investment Counsel Corp purchased a new stake in RTX in the 1st quarter worth $411,000. Himension Capital Singapore PTE. LTD. purchased a new position in RTX during the first quarter valued at $2,224,000. Meiji Yasuda America Inc acquired a new stake in shares of RTX in the first quarter valued at about $4,939,000. Danica Pension Livsforsikringsaktieselskab acquired a new stake in shares of RTX in the first quarter valued at about $18,014,000. Finally, Burling Wealth Partners LLC increased its stake in shares of RTX by 4.2% during the first quarter. Burling Wealth Partners LLC now owns 46,082 shares of the company’s stock worth $8,889,000 after purchasing an additional 1,872 shares in the last quarter. Institutional investors and hedge funds own 86.50% of the company’s stock.
Key Stories Impacting RTX
Here are the key news stories impacting RTX this week:
- Positive Sentiment: Raytheon UK, part of RTX, won a £2 billion, 15-year British Army collective training contract, adding a large long-term defense revenue stream. RTX (RTX) Could Be 10% Undervalued After The British Army Training Contract
- Positive Sentiment: RTX’s Raytheon unit received a $1.8 billion contract extension for SPY-6 radar production and sustainment for the U.S. Navy, reinforcing defense demand and backlog strength. RTX’s Raytheon awarded $1.8 billion hardware production and sustainment contract for SPY-6 family of radars
- Positive Sentiment: Pratt & Whitney Canada announced a C$275 million investment in its Longueuil facility, with government support, which should help expand manufacturing capacity and long-term production efficiency. RTX’s Pratt & Whitney Canada to invest $275 million CAD in Longueuil facility, with support from the Canadian and Quebec governments
- Positive Sentiment: Pratt & Whitney GTF engines were selected for 15 additional Tigerair Taiwan A321neo aircraft, and BOC Aviation confirmed an order for up to 220 GTF engines, both of which add to future engine sales and services revenue. RTX’s Pratt & Whitney GTF™ engines to power 15 additional Tigerair Taiwan A320neo family aircraft BOC Aviation confirms order for up to 220 engines from RTX’s Pratt & Whitney
- Positive Sentiment: British Airways selected RTX’s Pratt & Whitney GTF engines for up to 63 A320neo aircraft, with a long-term maintenance agreement that should support recurring aftermarket revenue. British Airways selects RTX’s Pratt & Whitney GTF™ engines to power up to 63 Airbus A320neo aircraft
- Positive Sentiment: RTX also announced a nacelle MRO joint venture in Abu Dhabi with Etihad Engineering, expanding its maintenance footprint in a growing market. RTX’s Collins Aerospace and Etihad Engineering create nacelle MRO joint venture
- Neutral Sentiment: RTX heads into upcoming Q2 earnings with analysts expecting revenue and EPS growth, supported by a strong backlog and continued aerospace/defense demand. Should You Buy, Hold or Sell RTX Stock Ahead of Q2 Earnings?
RTX Price Performance
RTX (NYSE:RTX – Get Free Report) last posted its earnings results on Tuesday, April 21st. The company reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.52 by $0.26. RTX had a net margin of 8.03% and a return on equity of 13.50%. The company had revenue of $22.08 billion for the quarter, compared to analyst estimates of $21.38 billion. During the same period in the previous year, the business posted $1.47 EPS. RTX’s revenue was up 8.7% on a year-over-year basis. Sell-side analysts anticipate that RTX Corporation will post 6.92 earnings per share for the current year.
RTX Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 14th will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 14th. RTX’s payout ratio is presently 54.78%.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on RTX. Citigroup reaffirmed a “buy” rating on shares of RTX in a research note on Wednesday, June 17th. Wells Fargo & Company initiated coverage on RTX in a report on Wednesday, April 1st. They set an “equal weight” rating and a $200.00 target price for the company. Wall Street Zen downgraded RTX from a “strong-buy” rating to a “buy” rating in a research report on Sunday, April 26th. Morgan Stanley lowered their price target on RTX from $235.00 to $220.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 22nd. Finally, Erste Group Bank cut RTX from a “buy” rating to a “hold” rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $211.38.
View Our Latest Research Report on RTX
RTX Profile
RTX (NYSE: RTX) is a U.S.-based aerospace and defense company that designs, manufactures and services advanced systems for commercial, military and governmental customers worldwide. The company was created through the 2020 combination of Raytheon Company and United Technologies Corporation and later adopted the RTX name, positioning itself as a diversified provider across the aerospace and defense value chain.
RTX’s operations span a broad set of capabilities. Its commercial aerospace businesses include Pratt & Whitney aircraft engines and Collins Aerospace systems, which supply propulsion, avionics, aerostructures, interiors and integrated aircraft systems.
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