5 Best Military Drone Stocks To Invest In

3. RTX Corporation (NYSE:RTX)

Number of Hedge Fund Holders: 56

Ranked 3rd in our list of the best military drone stocks to invest in, RTX Corporation (NYSE:RTX) is one of the largest US defense contractors. It develops a small unmanned aircraft system, Coyote. The US military chose the Coyote drone for a near-term counter-UAS solution. The defense contractor also sells its products to commercial, military, and government clients internationally. In Q3, it posted earnings of $1.25 per share that beat analysts’ projection of $1.19. During the Q3 earnings call, RTX Corporation (NYSE:RTX)’s Chairman and CEO Greg Hayes told investors that the US State Department approved to sell Patriot air and missile defense systems to Spain that may include roughly $1 billion of Raytheon content. The company was recently awarded a $118 million US Army contract for drone target sensors.

Out of 910 hedge funds profiled by Insider Monkey, 56 had stakes in RTX Corporation (NYSE:RTX). The largest stakeholder was Ken Griffin’s Citadel Investment Group which owned about 2.8 million stakes of the firm that were valued at $276.1 million.