Raytheon Technologies (NYSE:RTX) Issues FY23 Earnings Guidance

Raytheon Technologies (NYSE:RTX – Get Rating) issued an update on its FY23 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $4.90-5.05 for the period, compared to the consensus estimate of $5.05. The company issued revenue guidance of $72.0-73.0 billion, compared to the consensus revenue estimate of $72.46 billion. Raytheon Technologies also updated its FY 2023 guidance to $4.90-$5.05 EPS.

Raytheon Technologies Stock Up 2.0 %

NYSE RTX opened at $96.25 on Tuesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.82 and a current ratio of 1.09. Raytheon Technologies has a 52 week low of $80.27 and a 52 week high of $106.02. The stock has a market capitalization of $141.49 billion, a P/E ratio of 32.08, a price-to-earnings-growth ratio of 1.94 and a beta of 1.03. The stock has a fifty day moving average of $98.51 and a 200-day moving average of $93.00.

Raytheon Technologies (NYSE:RTX – Get Rating) last released its quarterly earnings data on Tuesday, October 25th. The company reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.10. Raytheon Technologies had a net margin of 6.76% and a return on equity of 9.36%. The business had revenue of $16.95 billion during the quarter, compared to analysts’ expectations of $17.25 billion. During the same quarter in the prior year, the company earned $1.26 EPS. The firm’s quarterly revenue was up 4.6% on a year-over-year basis. On average, equities research analysts forecast that Raytheon Technologies will post 4.76 EPS for the current year.

Raytheon Technologies declared that its board has initiated a share buyback program on Monday, December 12th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to reacquire up to 4.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Royal Bank of Canada decreased their price objective on Raytheon Technologies from $107.00 to $102.00 and set an outperform rating for the company in a report on Wednesday, October 26th. The Goldman Sachs Group cut shares of Raytheon Technologies from a buy rating to a neutral rating and decreased their price target for the stock from $115.00 to $105.00 in a research note on Friday, January 13th. Citigroup assumed coverage on shares of Raytheon Technologies in a research report on Thursday, December 8th. They issued a neutral rating and a $104.00 price objective on the stock. Morgan Stanley lowered 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 note on Thursday, January 19th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Raytheon Technologies from $102.00 to $107.00 and gave the stock an overweight rating in a research note on Monday, December 12th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $109.14.

Insider Transactions at Raytheon Technologies

In other Raytheon Technologies news, CEO Gregory Hayes sold 4,260 shares of the firm’s stock in a transaction that occurred on Friday, December 2nd. The shares were sold at an average price of $99.16, for a total transaction of $422,421.60. Following the completion of the sale, the chief executive officer now directly owns 453,685 shares in the company, valued at $44,987,404.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Shane G. Eddy sold 3,343 shares of the business’s stock in a transaction that occurred on Thursday, November 3rd. The stock was sold at an average price of $95.53, for a total value of $319,356.79. Following the completion of the sale, the insider now directly owns 24,176 shares in the company, valued at $2,309,533.28. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Gregory Hayes sold 4,260 shares of the company’s stock in a transaction on Friday, December 2nd. The shares were sold at an average price of $99.16, for a total value of $422,421.60. Following the sale, the chief executive officer now owns 453,685 shares of the company’s stock, valued at $44,987,404.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,506 shares of company stock worth $1,012,702. 0.11% of the stock is owned by insiders.

Institutional Investors Weigh In On Raytheon Technologies

Large investors have recently bought and sold shares of the company. National Pension Service boosted its holdings in shares of Raytheon Technologies by 1.0% in the 3rd quarter. National Pension Service now owns 2,092,369 shares of the company’s stock valued at $172,286,000 after purchasing an additional 20,400 shares in the last quarter. Fred Alger Management LLC increased its stake in shares of Raytheon Technologies by 14.6% in the third quarter. Fred Alger Management LLC now owns 18,681 shares of the company’s stock valued at $1,529,000 after buying an additional 2,376 shares during the period. MQS Management LLC acquired a new stake in Raytheon Technologies during the 3rd quarter worth approximately $782,000. MUFG Americas Holdings Corp raised its stake in shares of Raytheon Technologies by 2.1% during the third quarter. MUFG Americas Holdings Corp now owns 80,443 shares of the company’s stock valued at $6,585,000 after acquiring an additional 1,626 shares during the last quarter. Finally, Dearborn Partners LLC lifted its holdings 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 purchasing an additional 1,271 shares during the period. 78.83% of the stock is currently owned by institutional investors and hedge funds.

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.