8 Best Drone Stocks to Buy Now

2. RTX Corporation (NYSE:RTX)

Number of Hedge Fund Holders: 62

RTX Corporation (NYSE: RTX), a firm specializing in aerospace and defense, provides systems and services to clients in the global commercial, military, and government sectors. The company operates through four primary segments: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense. The defense contractors Coyote drone was a favored choice for the U.S. military as a near-term counter-UAS solution.

In Q1 2024, RTX Corporation (NYSE: RTX) reported sales of $19.3 billion, marking a 12% increase from Q1 2023. The company’s earnings growth was even more impressive, with a 32% year-over-year increase, reaching $1.28 per diluted share. Consequently, with profits rising faster than sales, RTX also achieved improved profit margins.

In addition, RTX Corporation (NYSE: RTX) has recently secured several significant contracts, including a $506 million agreement with NASA to develop the Landsat Next Instrument Suite (LandIS), which aims to enhance Earth observation capabilities. Additionally, the aerospace company managed to win a $677 million contract to continue producing AN/SPY-6(V) radars for the U.S. Navy. This marks the third option exercised from the March 2022 hardware, production, and sustainment contract, valued at up to $3 billion over five years. Under this contract, the U.S. Navy will receive seven additional radars, bringing the total number of radars under procurement to 38.

At the end of Q1 2024, 62 hedge funds tracked by Insider Monkey held stakes in RTX Corporation (NYSE:RTX), a slight increase from 61 in the previous quarter. These stakes have a total value of nearly $2.4 billion. With almost 9 million shares, Fisher Asset Management was the company’s leading stakeholder in Q1.