Raytheon Technologies (NYSE:RTX) Releases Earnings Results, Beats Estimates By $0.14 EPS

Raytheon Technologies (NYSE:RTXGet Rating) released its quarterly earnings results on Tuesday. The company reported $1.15 EPS for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.14, MarketWatch Earnings reports. Raytheon Technologies had a net margin of 6.00% and a return on equity of 8.78%. The company had revenue of $15.72 billion for the quarter, compared to analyst estimates of $15.83 billion. During the same quarter last year, the firm posted $0.90 earnings per share. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. Raytheon Technologies updated its FY 2022 guidance to $4.600-$4.800 EPS and its FY22 guidance to $4.60-4.80 EPS.

Shares of Raytheon Technologies stock traded up $0.03 during trading on Wednesday, reaching $99.22. The company’s stock had a trading volume of 329,196 shares, compared to its average volume of 6,360,426. The stock has a 50-day moving average price of $99.48 and a two-hundred day moving average price of $92.33. The company has a current ratio of 1.19, a quick ratio of 0.93 and a debt-to-equity ratio of 0.42. Raytheon Technologies has a one year low of $79.00 and a one year high of $106.02. The stock has a market capitalization of $147.86 billion, a P/E ratio of 38.59, a price-to-earnings-growth ratio of 2.08 and a beta of 1.24.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 16th. Investors of record on Friday, May 20th will be issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.22%. This is a boost from Raytheon Technologies’s previous quarterly dividend of $0.51. The ex-dividend date is Thursday, May 19th. Raytheon Technologies’s payout ratio is currently 79.38%.

A number of equities analysts have recently commented on RTX shares. Argus lifted their price target on shares of Raytheon Technologies from $100.00 to $112.00 in a research report on Wednesday. Morgan Stanley raised their price objective on shares of Raytheon Technologies from $118.00 to $124.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 2nd. Barclays raised their price objective on shares of Raytheon Technologies from $100.00 to $107.00 and gave the stock an “overweight” rating in a research note on Thursday, March 10th. Robert W. Baird raised their price objective on shares of Raytheon Technologies from $100.00 to $106.00 in a research note on Wednesday, January 26th. Finally, Wolfe Research raised their price objective on shares of Raytheon Technologies from $110.00 to $111.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 16th. Three equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Raytheon Technologies presently has an average rating of “Buy” and a consensus target price of $107.94.

In related news, EVP Michael R. Dumais sold 7,443 shares of Raytheon Technologies stock in a transaction dated Monday, February 28th. The stock was sold at an average price of $101.45, for a total value of $755,092.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Wesley D. Kremer sold 15,083 shares of the business’s stock in a transaction dated Thursday, February 17th. The stock was sold at an average price of $93.92, for a total value of $1,416,595.36. The disclosure for this sale can be found here. Insiders sold 34,749 shares of company stock valued at $3,344,416 over the last ninety days. 0.11% of the stock is currently owned by company insiders.

A number of large investors have recently made changes to their positions in RTX. NewEdge Advisors LLC grew its position in shares of Raytheon Technologies by 72.8% during the 4th quarter. NewEdge Advisors LLC now owns 86,806 shares of the company’s stock worth $7,470,000 after buying an additional 36,581 shares during the period. Kingsview Wealth Management LLC grew its position in shares of Raytheon Technologies by 12.6% during the 4th quarter. Kingsview Wealth Management LLC now owns 24,657 shares of the company’s stock worth $2,122,000 after buying an additional 2,750 shares during the period. Carroll Investors Inc acquired a new position in shares of Raytheon Technologies during the 4th quarter worth about $43,000. Zullo Investment Group Inc. acquired a new position in shares of Raytheon Technologies during the 4th quarter worth about $287,000. Finally, Bank Julius Baer & Co. Ltd Zurich grew its position in shares of Raytheon Technologies by 14.4% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 99,104 shares of the company’s stock worth $8,529,000 after buying an additional 12,474 shares during the period. 78.57% of the stock is owned by hedge funds and other institutional investors.

About Raytheon Technologies (Get Rating)

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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