Raytheon Technologies (NYSE:RTX) Issues Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Raytheon Technologies (NYSE:RTXGet Rating) posted its quarterly earnings data on Tuesday. The company reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.03, Briefing.com reports. The firm had revenue of $18.09 billion for the quarter, compared to analysts’ expectations of $18.16 billion. Raytheon Technologies had a return on equity of 9.36% and a net margin of 6.76%. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.08 EPS. Raytheon Technologies updated its FY 2023 guidance to $4.90-$5.05 EPS and its FY23 guidance to $4.90-5.05 EPS.

Raytheon Technologies Price Performance

RTX stock opened at $99.47 on Wednesday. Raytheon Technologies has a 1 year low of $80.27 and a 1 year high of $108.84. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.09 and a quick ratio of 0.82. The stock has a market cap of $146.23 billion, a price-to-earnings ratio of 33.16, a P/E/G ratio of 1.98 and a beta of 1.03. The company has a 50 day simple moving average of $98.58 and a 200 day simple moving average of $93.04.

Analysts Set New Price Targets

RTX has been the subject of several analyst reports. The Goldman Sachs Group cut shares of Raytheon Technologies from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $115.00 to $105.00 in a research note on Friday, January 13th. Credit Suisse Group lifted their price target on shares of Raytheon Technologies from $83.00 to $103.00 and gave the company a “neutral” rating in a research report on Thursday, January 12th. Wolfe Research assumed coverage on Raytheon Technologies in a research note on Monday, October 10th. They set a “peer perform” rating on the stock. JPMorgan Chase & Co. lifted their price objective on Raytheon Technologies from $102.00 to $107.00 and gave the company an “overweight” rating in a report on Monday, December 12th. Finally, Citigroup began coverage on Raytheon Technologies in a research report on Thursday, December 8th. They issued a “neutral” rating and a $104.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $109.14.

Raytheon Technologies announced that its Board of Directors has initiated a stock repurchase plan on Monday, December 12th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 4.1% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Raytheon Technologies

In other news, EVP Dantaya M. Williams sold 1,206 shares of the company’s stock in a transaction on Thursday, October 27th. The shares were sold at an average price of $92.01, for a total transaction of $110,964.06. Following the completion of the transaction, the executive vice president now directly owns 10,596 shares in the company, valued at $974,937.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Shane G. Eddy sold 3,343 shares of Raytheon Technologies stock in a transaction that occurred on Thursday, November 3rd. The shares were sold at an average price of $95.53, for a total transaction of $319,356.79. Following the sale, the insider now directly owns 24,176 shares in the company, valued at approximately $2,309,533.28. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Dantaya M. Williams sold 1,206 shares of the company’s stock in a transaction that occurred on Thursday, October 27th. The shares were sold at an average price of $92.01, for a total transaction of $110,964.06. Following the completion of the transaction, the executive vice president now owns 10,596 shares of the company’s stock, valued at $974,937.96. The disclosure for this sale can be found here. Insiders have sold 10,506 shares of company stock worth $1,012,702 over the last quarter. Corporate insiders own 0.11% of the company’s stock.

Institutional Trading of Raytheon Technologies

Several institutional investors have recently modified their holdings of RTX. National Pension Service raised its position in shares of Raytheon Technologies by 1.0% during the third quarter. National Pension Service now owns 2,092,369 shares of the company’s stock worth $172,286,000 after acquiring an additional 20,400 shares during the last quarter. Fred Alger Management LLC raised its holdings in Raytheon Technologies by 14.6% during the 3rd quarter. Fred Alger Management LLC now owns 18,681 shares of the company’s stock worth $1,529,000 after purchasing an additional 2,376 shares during the last quarter. MQS Management LLC bought a new position in Raytheon Technologies during the 3rd quarter worth approximately $782,000. MUFG Americas Holdings Corp lifted its position in shares of Raytheon Technologies by 2.1% in the 3rd quarter. MUFG Americas Holdings Corp now owns 80,443 shares of the company’s stock worth $6,585,000 after purchasing an additional 1,626 shares during the period. Finally, Dearborn Partners LLC increased its position in shares of Raytheon Technologies by 1.6% during the third quarter. Dearborn Partners LLC now owns 82,383 shares of the company’s stock worth $6,744,000 after buying an additional 1,271 shares during the period. Institutional investors own 78.83% of the company’s stock.

Raytheon Technologies Company Profile

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Raytheon Technologies Corporation, an aerospace and defense company, provides systems and services for the commercial, military, and government customers worldwide. It operates through four segments: 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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