RTX (NYSE:RTX) Announces Earnings Results

RTX (NYSE:RTX) announced its quarterly earnings results on Tuesday. The company reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.11, Briefing.com reports. RTX had a return on equity of 10.34% and a net margin of 4.64%. The firm had revenue of $19.30 billion for the quarter, compared to analysts’ expectations of $18.44 billion. During the same period in the prior year, the business posted $1.22 earnings per share. The business’s revenue was up 12.1% compared to the same quarter last year. RTX updated its FY24 guidance to $5.25-$5.40 EPS and its FY 2024 guidance to 5.250-5.400 EPS.

RTX Price Performance

Shares of NYSE:RTX traded down $1.19 during trading on Wednesday, reaching $100.19. 3,288,702 shares of the company traded hands, compared to its average volume of 8,200,042. The company’s 50 day moving average is $94.97 and its two-hundred day moving average is $87.12. The firm has a market capitalization of $133.22 billion, a PE ratio of 45.07, a PEG ratio of 1.85 and a beta of 0.88. The company has a quick ratio of 0.78, a current ratio of 1.04 and a debt-to-equity ratio of 0.69. RTX has a 52 week low of $68.56 and a 52 week high of $103.89.

RTX Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Friday, February 23rd were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $2.36 dividend on an annualized basis and a dividend yield of 2.36%. RTX’s payout ratio is 105.36%.

Analyst Ratings Changes

Several brokerages have recently commented on RTX. Robert W. Baird increased their target price on RTX from $94.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. TD Cowen raised their target price on RTX from $106.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. Royal Bank of Canada lifted their price objective on RTX from $82.00 to $88.00 and gave the company a “sector perform” rating in a report on Monday, January 22nd. Wells Fargo & Company reissued an “overweight” rating and issued a $120.00 target price on shares of RTX in a research report on Monday, April 1st. Finally, UBS Group lifted their target price on RTX from $93.00 to $96.00 and gave the company a “neutral” rating in a research report on Wednesday, January 24th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $94.00.

Insider Activity

In related news, insider Shane G. Eddy sold 35,456 shares of the company’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $91.19, for a total transaction of $3,233,232.64. Following the completion of the sale, the insider now directly owns 6,741 shares in the company, valued at approximately $614,711.79. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CFO Neil G. Mitchill, Jr. sold 1,545 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $92.36, for a total transaction of $142,696.20. Following the completion of the sale, the chief financial officer now directly owns 49,894 shares in the company, valued at approximately $4,608,209.84. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Shane G. Eddy sold 35,456 shares of the company’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $91.19, for a total value of $3,233,232.64. Following the sale, the insider now owns 6,741 shares of the company’s stock, valued at $614,711.79. The disclosure for this sale can be found here. In the last three months, insiders sold 37,785 shares of company stock worth $3,448,188. 0.13% of the stock is currently owned by company insiders.

RTX Company Profile

RTX Corporation, an aerospace and defense company, provides systems and services for the commercial, military, and government customers in the United States and internationally. It operates through three segments: Collins Aerospace, Pratt & Whitney, and Raytheon. The Collins Aerospace Systems segment offers aerospace and defense products, and aftermarket service solutions for civil and military aircraft manufacturers and commercial airlines, as well as regional, business, and general aviation, defense, and commercial space operations.