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

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

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RTX. MidAtlantic Capital Management Inc. purchased a new position in shares of RTX during the 3rd quarter valued at $29,000. Modus Advisors LLC bought a new position in shares of RTX in the fourth quarter worth about $39,000. Western Pacific Wealth Management LP purchased a new stake in shares of RTX during the third quarter worth about $41,000. Kimelman & Baird LLC bought a new stake in RTX during the 2nd quarter valued at approximately $46,000. Finally, ORG Wealth Partners LLC purchased a new position in RTX in the 3rd quarter worth approximately $50,000. 86.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RTX. Morgan Stanley boosted their price target on shares of RTX from $120.00 to $130.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Barclays upped their price objective on RTX from $108.00 to $130.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Susquehanna reduced their price target on shares of RTX from $150.00 to $139.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. Royal Bank of Canada upgraded shares of RTX from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $130.00 to $140.00 in a research report on Thursday, December 19th. Finally, UBS Group upped their target price on shares of RTX from $126.00 to $133.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. Five research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $158.27.

RTX Stock Down 0.8 %

NYSE:RTX opened at $125.23 on Friday. The stock has a fifty day simple moving average of $118.38 and a 200-day simple moving average of $118.29. The company has a current ratio of 0.99, a quick ratio of 0.73 and a debt-to-equity ratio of 0.62. The company 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 twelve month low of $88.90 and a twelve month high of $128.70.

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

RTX Profile

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.