Chemung Canal Trust Co. Cuts Stock Holdings in RTX Co. (NYSE:RTX)

Chemung Canal Trust Co. lessened its holdings in RTX Co. (NYSE:RTX) by 4.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 13,612 shares of the company’s stock after selling 623 shares during the period. Chemung Canal Trust Co.’s holdings in RTX were worth $1,575,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. AQR Capital Management LLC raised its stake in shares of RTX by 23.2% during the 2nd quarter. AQR Capital Management LLC now owns 366,824 shares of the company’s stock worth $36,825,000 after acquiring an additional 69,112 shares in the last quarter. Drucker Wealth 3.0 LLC purchased a new position in shares of RTX in the 2nd quarter valued at approximately $307,000. Dark Forest Capital Management LP purchased a new stake in RTX during the 2nd quarter worth approximately $248,000. MBB Public Markets I LLC increased its stake in RTX by 2,154.5% during the 2nd quarter. MBB Public Markets I LLC now owns 94,712 shares of the company’s stock valued at $9,508,000 after purchasing an additional 90,511 shares in the last quarter. Finally, Mark Asset Management LP raised its holdings in shares of RTX by 22.8% in the second quarter. Mark Asset Management LP now owns 109,692 shares of the company’s stock worth $11,012,000 after buying an additional 20,358 shares during the last quarter. 86.50% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on RTX shares. Morgan Stanley lifted their price target on RTX from $120.00 to $130.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Susquehanna decreased their price objective on shares of RTX from $150.00 to $139.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Wells Fargo & Company increased their price objective on shares of RTX from $140.00 to $151.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 8th. Deutsche Bank Aktiengesellschaft raised shares of RTX from a “hold” rating to a “buy” rating and upped their price target for the company from $131.00 to $140.00 in a report on Thursday, January 2nd. Finally, Citigroup raised RTX from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $132.00 to $153.00 in a report on Tuesday. Five investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $158.27.

RTX Stock Down 0.8 %

Shares of NYSE RTX opened at $125.23 on Friday. The firm has a market cap of $166.69 billion, a price-to-earnings ratio of 35.78, a price-to-earnings-growth ratio of 1.99 and a beta of 0.81. RTX Co. has a 52-week low of $88.90 and a 52-week high of $128.70. The company’s 50-day simple moving average is $118.38 and its 200-day simple moving average is $118.29. 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 issued its quarterly earnings results on Tuesday, October 22nd. The company reported $1.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.11. The firm had revenue of $20.09 billion for the quarter, compared to analyst estimates of $19.84 billion. RTX had a return on equity of 11.96% and a net margin of 5.97%. The business’s revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.25 earnings per share. Equities analysts predict that RTX Co. will post 5.56 EPS for the current fiscal year.

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.