Raytheon Technologies (NYSE:RTX) Posts Earnings Results, Beats Expectations By $0.05 EPS

Raytheon Technologies (NYSE:RTX) announced its quarterly earnings results on Monday. The company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.05, MarketWatch Earnings reports. The business had revenue of $16.42 billion for the quarter, compared to analysts’ expectations of $16.07 billion. Raytheon Technologies had a positive return on equity of 8.35% and a negative net margin of 3.77%. The business’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.16 EPS.

Shares of RTX traded down $1.70 during mid-day trading on Wednesday, reaching $65.50. The company’s stock had a trading volume of 11,334,483 shares, compared to its average volume of 7,682,613. The business has a fifty day moving average of $70.29 and a 200 day moving average of $64.26. The company has a market cap of $99.48 billion, a price-to-earnings ratio of -56.47, a price-to-earnings-growth ratio of 1.67 and a beta of 1.39. Raytheon Technologies has a 1 year low of $40.72 and a 1 year high of $93.47. The company has a quick ratio of 0.95, a current ratio of 1.22 and a debt-to-equity ratio of 0.45.

In other news, Chairman Thomas A. Kennedy acquired 19,059 shares of the business’s stock in a transaction that occurred on Thursday, October 29th. The stock was acquired at an average cost of $52.47 per share, for a total transaction of $1,000,025.73. Following the completion of the acquisition, the chairman now owns 362,541 shares in the company, valued at $19,022,526.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dinesh C. Paliwal acquired 9,532 shares of the business’s stock in a transaction that occurred on Thursday, October 29th. The shares were purchased at an average price of $52.41 per share, with a total value of $499,572.12. Following the completion of the acquisition, the director now owns 7,860 shares of the company’s stock, valued at approximately $411,942.60. The disclosure for this purchase can be found here. Insiders bought 29,591 shares of company stock valued at $1,552,168 in the last 90 days. Corporate insiders own 0.18% of the company’s stock.

Several analysts recently commented on RTX shares. Credit Suisse Group lowered their target price on Raytheon Technologies from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 28th. DZ Bank upgraded Raytheon Technologies from a “hold” rating to a “buy” rating and set a $86.00 target price on the stock in a research report on Thursday, December 17th. Finally, JPMorgan Chase & Co. raised their target price on Raytheon Technologies from $79.00 to $85.00 and gave the company an “overweight” rating in a research report on Tuesday, December 15th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $86.78.

Raytheon Technologies announced that its board has initiated a share buyback plan on Monday, December 7th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the company to buy up to 4.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Raytheon Technologies Company Profile

Raytheon Technologies Corporation, an aerospace and defense company, provides advanced systems and services for commercial, military, and government customers worldwide. It operates in four businesses: Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense.

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Earnings History for Raytheon Technologies (NYSE:RTX)

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