RTX (NYSE:RTX) Updates FY24 Earnings Guidance

RTX (NYSE:RTX) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $5.25-$5.40 for the period, compared to the consensus earnings per share estimate of $5.40. The company issued revenue guidance of $78.0-$79.0 billion, compared to the consensus revenue estimate of $78.84 billion. RTX also updated its FY 2024 guidance to 5.250-5.400 EPS.

RTX Stock Performance

RTX stock traded up $1.31 during mid-day trading on Tuesday, reaching $102.87. 2,064,734 shares of the stock traded hands, compared to its average volume of 8,166,255. The stock has a market capitalization of $136.78 billion, a PE ratio of 45.35, a price-to-earnings-growth ratio of 1.85 and a beta of 0.88. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.04 and a quick ratio of 0.78. RTX has a 12-month low of $68.56 and a 12-month high of $103.89. The business’s 50-day moving average is $94.76 and its 200-day moving average is $86.89.

RTX (NYSE:RTX) last posted its quarterly earnings data on Tuesday, January 23rd. The company reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.04. The company had revenue of $19.93 billion during the quarter, compared to analysts’ expectations of $19.74 billion. RTX had a return on equity of 10.34% and a net margin of 4.64%. RTX’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.27 earnings per share. As a group, sell-side analysts predict that RTX will post 5.39 EPS for the current fiscal year.

RTX Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Friday, February 23rd were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend was Thursday, February 22nd. RTX’s payout ratio is 105.36%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RTX. Wells Fargo & Company restated an overweight rating and issued a $120.00 price target on shares of RTX in a research report on Monday, April 1st. Royal Bank of Canada upped their price target on RTX from $82.00 to $88.00 and gave the stock a sector perform rating in a research report on Monday, January 22nd. UBS Group increased their target price on RTX from $93.00 to $96.00 and gave the stock a neutral rating in a research report on Wednesday, January 24th. Barclays increased their target price on RTX from $75.00 to $90.00 and gave the stock an equal weight rating in a research report on Tuesday, January 30th. Finally, TheStreet upgraded RTX from a c rating to a b- rating in a research report on Tuesday, January 23rd. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, RTX currently has an average rating of Hold and an average price target of $93.40.

Insider Activity

In other news, insider Shane G. Eddy sold 35,456 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 6,741 shares of the company’s stock, valued at approximately $614,711.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Shane G. Eddy sold 35,456 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 6,741 shares of the company’s stock, valued at approximately $614,711.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Christopher T. Calio sold 367 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $92.63, for a total value of $33,995.21. Following the completion of the sale, the chief operating officer now directly owns 56,707 shares of the company’s stock, valued at $5,252,769.41. The disclosure for this sale can be found here. Insiders sold 37,785 shares of company stock valued at $3,448,188 in the last ninety days. Insiders own 0.13% of the company’s stock.

About RTX

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.