Hennessy Advisors Inc. has reduced its stake in RTX Co. (NYSE: RTX) by 21.9% during the first quarter, according to its latest filings with the SEC. Following the sale of 12,700 shares, Hennessy now holds 45,200 shares, valued at approximately $5.99 million.
Other hedge funds have also adjusted their positions in RTX. For instance, 10Elms LLP acquired a stake worth about $29,000 in the fourth quarter, and Fairway Wealth LLC initiated a position valued at approximately $31,000. Notably, Picton Mahoney Asset Management significantly increased its holding in RTX by 2,944.4%, now owning 274 shares worth $31,000. Other firms like Greenline Partners LLC and Millstone Evans Group LLC also recently added new stakes in the firm.
Analysts have recently set various price targets for RTX stocks. UBS Group raised its target from $133 to $138, giving the stock a “buy” rating. Wells Fargo upped their estimate from $136 to $144, maintaining an “overweight” rating. Meanwhile, DZ Bank upgraded shares from “sell” to “hold” with a new price target of $129. Overall, the stock has received strong endorsements with a consensus rating of “buy” from fifteen analysts and a target price of $159.82.
On the trading front, RTX shares rose by $0.74 to reach $146.43. The trading volume was notable, with 7,972,254 shares exchanged compared to the average volume of about 5.4 million. RTX maintains strong financials with a market capitalization of $195.62 billion and a P/E ratio of 41.25. The stock’s performance has also been robust, showing a twelve-month low of $99.07 and a high of $149.10.
In its latest quarterly earnings report, RTX exceeded analysts’ expectations with an EPS of $1.47, surpassing the forecast of $1.35. The company’s revenue for the quarter was $20.31 billion, outperforming expectations of $19.80 billion.
Additionally, RTX recently announced an increase in its quarterly dividend to $0.68 from the previous $0.63, showcasing its commitment to returning value to shareholders.
Recent insider trading has seen executives sell shares, with EVP Dantaya M. Williams selling 16,922 shares for over $2.3 million, and VP Amy L. Johnson selling 4,146 shares for around $528,780.
RTX Corporation operates as a key player in the aerospace and defense sectors, serving various customers on a global scale. With a diversified portfolio, including Collins Aerospace, Pratt & Whitney, and Raytheon, the company is well-positioned for continued growth.
Overall, RTX shows promising signs of stability and growth, with robust analyst ratings and positive adjustments from institutional investors reflecting confidence in the company’s future prospects.