Jefferies Financial Group Comments on Raytheon Technologies Co.’s Q1 2023 Earnings (NYSE:RTX)

Posted by on Apr 24th, 2023

Raytheon Technologies Co. (NYSE:RTX – Get Rating) – Investment analysts at Jefferies Financial Group dropped their Q1 2023 earnings per share estimates for shares of Raytheon Technologies in a research report issued to clients and investors on Thursday, April 20th. Jefferies Financial Group analyst S. Kahyaoglu now forecasts that the company will post earnings of $1.11 per share for the quarter, down from their prior forecast of $1.12. Jefferies Financial Group currently has a “Hold” rating and a $110.00 target price on the stock. The consensus estimate for Raytheon Technologies’ current full-year earnings is $5.01 per share. Jefferies Financial Group also issued estimates for Raytheon Technologies’ Q2 2023 earnings at $1.17 EPS, Q3 2023 earnings at $1.22 EPS and FY2023 earnings at $4.85 EPS.

Raytheon Technologies (NYSE:RTX – Get Rating) last announced its earnings results on Tuesday, January 24th. The company reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.03. Raytheon Technologies had a return on equity of 9.73% and a net margin of 7.75%. The firm had revenue of $18.09 billion for the quarter, compared to the consensus estimate of $18.16 billion. During the same quarter in the previous year, the business earned $1.08 EPS. The company’s revenue was up 6.2% compared to the same quarter last year.

A number of other equities analysts also recently weighed in on RTX. Citigroup boosted their target price on Raytheon Technologies from $104.00 to $106.00 and gave the stock a “neutral” rating in a research note on Thursday, January 26th. Wolfe Research upgraded Raytheon Technologies from a “peer perform” rating to an “outperform” rating and set a $117.00 price objective on the stock in a research note on Wednesday, April 12th. StockNews.com began coverage on Raytheon Technologies in a research note on Thursday, March 16th. They issued a “buy” rating on the stock. Morgan Stanley dropped their price objective on 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, Credit Suisse Group upped their price objective on Raytheon Technologies from $103.00 to $106.00 and gave the company a “neutral” rating in a research note on Wednesday, January 25th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Raytheon Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $111.50.

Raytheon Technologies Price Performance

Shares of NYSE RTX opened at $102.25 on Monday. Raytheon Technologies has a twelve month low of $80.27 and a twelve month high of $108.84. The stock’s 50 day moving average price is $99.23 and its 200-day moving average price is $97.13. The company has a market capitalization of $149.61 billion, a PE ratio of 29.21, a PEG ratio of 2.46 and a beta of 0.99. The company has a quick ratio of 0.81, a current ratio of 1.09 and a debt-to-equity ratio of 0.41.

Raytheon Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 23rd. Shareholders of record on Friday, February 24th were issued a dividend of $0.55 per share. The ex-dividend date was Thursday, February 23rd. This represents a $2.20 dividend on an annualized basis and a yield of 2.15%. Raytheon Technologies’s payout ratio is 62.86%.

Insider Buying and Selling at Raytheon Technologies

In other news, VP Amy L. Johnson sold 3,622 shares of the company’s stock in a transaction on Tuesday, February 28th. The shares were sold at an average price of $98.55, for a total value of $356,948.10. Following the transaction, the vice president now owns 4,061 shares of the company’s stock, valued at $400,211.55. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.11% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Wiley BROS. Aintree Capital LLC bought a new position in shares of Raytheon Technologies in the fourth quarter worth $238,000. High Note Wealth LLC increased its stake in Raytheon Technologies by 6.3% in the third quarter. High Note Wealth LLC now owns 10,041 shares of the company’s stock valued at $922,000 after acquiring an additional 598 shares during the last quarter. Apollon Wealth Management LLC increased its stake in Raytheon Technologies by 5.0% in the third quarter. Apollon Wealth Management LLC now owns 36,088 shares of the company’s stock valued at $2,954,000 after acquiring an additional 1,730 shares during the last quarter. FNY Investment Advisers LLC bought a new position in Raytheon Technologies in the third quarter valued at $163,000. Finally, Hoxton Planning & Management LLC bought a new position in Raytheon Technologies in the fourth quarter valued at $278,000. Institutional investors own 78.83% of the company’s stock.

Raytheon Technologies Company Profile

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Raytheon Technologies Corp. is an aerospace and defense company, which engages in the provision of aerospace and defense systems and services for commercial, military, and government customers. It operates through the following segments: Collins Aerospace Systems (Collins), Pratt and Whitney, Raytheon Intelligence and Space (RIS), and Raytheon Missiles and Defense (RMD).

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Earnings History and Estimates for Raytheon Technologies (NYSE:RTX)

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