11 Best Aerospace and Defense Stocks to Buy Right Now

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2. RTX Corporation (NYSE:RTX)

Number of Hedge Fund Holders: 72

RTX Corporation (NYSE:RTX) is a specialized aerospace and defense company that provides advanced technology and services to commercial airlines, military forces, and government agencies around the world. It operates through three main segments, including Collins Aerospace, concerned with creating high-tech systems and services for aircraft, Pratt & Whitney, which specializes in designing and manufacturing aircraft engines, and Raytheon which develops systems for detecting and responding to threats, including missiles and air defense systems.

RTX Corporation (NYSE:RTX) has been doing well during the year, thanks to CEO Chris Calio for delivering on the commitments he made to investors upon appointment back in May. Calio had laid out recommendations for each of the three segments and fast-forwarding to third-quarter results progress concerning his commitments remains robust.

For Pratt & Whitney, the management was supposed to execute a geared turbofan (GTF) fleet management plan, the progress of which remains on track as engines are being removed and inspections are ongoing. The CEO had also indicated his commitment to improving the defense business (Raytheon) and the segment reported a record $16.6 billion in orders during the third quarter of fiscal 2024. The total backlog of the company now stands at $60 billion, considerably improved from the previous year.

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