Raytheon Technologies (NYSE:RTX) Issues FY 2023 Earnings Guidance

Raytheon Technologies (NYSE:RTXGet Rating) updated its FY 2023 earnings guidance on Tuesday. The company provided EPS guidance of $4.90-$5.05 for the period, compared to the consensus EPS estimate of $5.02. The company issued revenue guidance of $72.00 billion-$73.00 billion, compared to the consensus revenue estimate of $72.37 billion.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. 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. JPMorgan Chase & Co. lifted their price target on shares of Raytheon Technologies from $102.00 to $107.00 and gave the company an overweight rating in a research report on Monday, December 12th. The Goldman Sachs Group lowered shares of Raytheon Technologies from a buy rating to a neutral rating and dropped their price target for the company from $115.00 to $105.00 in a research report on Friday, January 13th. Robert W. Baird dropped their price target on shares of Raytheon Technologies from $117.00 to $106.00 and set an outperform rating on the stock in a research report on Wednesday, October 26th. Finally, Morgan Stanley dropped their price target on shares of Raytheon Technologies from $119.00 to $115.00 and set an overweight rating on the stock in a research report on Thursday, January 19th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Raytheon Technologies presently has an average rating of Moderate Buy and a consensus target price of $109.14.

Raytheon Technologies Stock Up 2.0 %

RTX opened at $96.25 on Tuesday. Raytheon Technologies has a fifty-two week low of $80.27 and a fifty-two week high of $106.02. 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 firm’s fifty day moving average price is $98.51 and its two-hundred day moving average price is $93.00. The company has a market capitalization of $141.49 billion, a P/E ratio of 32.08, a P/E/G ratio of 1.94 and a beta of 1.03.

Raytheon Technologies (NYSE:RTXGet Rating) last issued its earnings results on Tuesday, October 25th. The company reported $1.21 EPS for the quarter, beating the consensus estimate of $1.11 by $0.10. Raytheon Technologies had a net margin of 6.76% and a return on equity of 9.36%. The company had revenue of $16.95 billion for the quarter, compared to the consensus estimate of $17.25 billion. During the same quarter in the previous year, the company earned $1.26 EPS. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year. On average, analysts anticipate that Raytheon Technologies will post 4.76 EPS for the current year.

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

Insider Activity

In related news, EVP Dantaya M. Williams sold 1,206 shares of Raytheon Technologies stock in a transaction dated Thursday, October 27th. The stock was sold at an average price of $92.01, for a total value of $110,964.06. Following the completion of the transaction, the executive vice president now directly owns 10,596 shares of the company’s stock, valued at $974,937.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Dantaya M. Williams sold 1,206 shares of Raytheon Technologies stock in a transaction dated Thursday, October 27th. The stock was sold at an average price of $92.01, for a total value of $110,964.06. Following the completion of the transaction, the executive vice president now directly owns 10,596 shares of the company’s stock, valued at $974,937.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Christopher T. Calio sold 1,697 shares of Raytheon Technologies stock in a transaction dated Monday, October 31st. The shares were sold at an average price of $94.26, for a total value of $159,959.22. Following the completion of the transaction, the chief operating officer now directly owns 44,562 shares of the company’s stock, valued at $4,200,414.12. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,506 shares of company stock worth $1,012,702. Corporate insiders own 0.11% of the company’s stock.

Institutional Trading of Raytheon Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital World Investors raised its holdings in Raytheon Technologies by 32.8% during the 1st quarter. Capital World Investors now owns 9,130,557 shares of the company’s stock worth $904,564,000 after purchasing an additional 2,256,475 shares during the last quarter. Royal Bank of Canada raised its holdings in Raytheon Technologies by 4.7% during the 1st quarter. Royal Bank of Canada now owns 6,575,791 shares of the company’s stock worth $651,464,000 after purchasing an additional 294,366 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Raytheon Technologies by 137.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,110,424 shares of the company’s stock worth $209,080,000 after purchasing an additional 1,220,826 shares during the last quarter. National Pension Service raised its holdings in Raytheon Technologies by 1.0% during the 3rd quarter. National Pension Service now owns 2,092,369 shares of the company’s stock worth $172,286,000 after purchasing an additional 20,400 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in Raytheon Technologies by 0.7% during the 1st quarter. First Trust Advisors LP now owns 835,343 shares of the company’s stock worth $82,757,000 after purchasing an additional 5,569 shares during the last quarter. 78.83% of the stock is owned by institutional investors.

About Raytheon Technologies

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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 and Estimates for Raytheon Technologies (NYSE:RTX)

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