RTX (NYSE:RTX) Releases Earnings Results, Beats Expectations By $0.11 EPS

RTX (NYSE:RTX) released 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. The business had revenue of $19.30 billion for the quarter, compared to analysts’ expectations of $18.44 billion. RTX had a net margin of 4.64% and a return on equity of 10.34%. The company’s revenue was up 12.1% compared to the same quarter last year. During the same period last year, the business earned $1.22 EPS. RTX updated its FY24 guidance to $5.25-$5.40 EPS and its FY 2024 guidance to 5.250-5.400 EPS.

RTX Stock Performance

RTX traded down $1.13 during trading on Wednesday, hitting $100.25. 3,592,785 shares of the stock were exchanged, compared to its average volume of 8,203,819. 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 1-year low of $68.56 and a 1-year high of $103.89. The stock has a fifty day moving average price of $94.97 and a two-hundred day moving average price of $87.12. The firm has a market capitalization of $133.30 billion, a P/E ratio of 45.07, a PEG ratio of 1.85 and a beta of 0.88.

RTX Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Friday, February 23rd were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend was Thursday, February 22nd. RTX’s payout ratio is currently 105.36%.

Insider Buying and Selling at RTX

In other RTX news, insider Shane G. Eddy sold 35,456 shares of RTX stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $91.19, for a total value of $3,233,232.64. Following the transaction, the insider now directly owns 6,741 shares in the company, valued at $614,711.79. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Shane G. Eddy sold 35,456 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 6,741 shares of the company’s stock, valued at approximately $614,711.79. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Christopher T. Calio sold 367 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was 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 owns 56,707 shares in the company, valued at approximately $5,252,769.41. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,785 shares of company stock worth $3,448,188. 0.13% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Robert W. Baird lifted their price objective on shares of RTX from $94.00 to $105.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $120.00 target price on shares of RTX in a report on Monday, April 1st. TheStreet raised shares of RTX from a “c” rating to a “b-” rating in a report on Tuesday, January 23rd. Bank of America raised shares of RTX from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $78.00 to $100.00 in a research note on Thursday, January 25th. Finally, Barclays increased their target price on shares of RTX from $75.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 30th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $94.00.

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.