RTX (NYSE:RTX) Releases FY 2023 Earnings Guidance

RTX (NYSE:RTX) updated its FY 2023 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $4.95-$5.05 for the period, compared to the consensus estimate of $5.01. The company issued revenue guidance of $67.50 billion-$68.50 billion, compared to the consensus revenue estimate of $73.60 billion. RTX also updated its FY23 guidance to $4.95-5.05 EPS.

RTX Stock Down 2.7 %

NYSE RTX opened at $81.25 on Monday. The stock’s 50 day moving average is $89.41 and its 200 day moving average is $94.84. The company has a current ratio of 1.10, a quick ratio of 0.81 and a debt-to-equity ratio of 0.44. RTX has a 12 month low of $80.27 and a 12 month high of $108.84. The stock has a market cap of $118.26 billion, a PE ratio of 22.14, a P/E/G ratio of 2.14 and a beta of 0.97.

RTX (NYSE:RTX) last posted its quarterly earnings results on Tuesday, July 25th. The company reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.11. RTX had a return on equity of 9.98% and a net margin of 7.88%. The company had revenue of $18.32 billion for the quarter, compared to analysts’ expectations of $17.68 billion. During the same period in the previous year, the firm earned $1.16 EPS. The firm’s revenue was up 12.3% compared to the same quarter last year. Research analysts predict that RTX will post 5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RTX has been the topic of a number of research analyst reports. Robert W. Baird lowered their price target on RTX from $115.00 to $100.00 in a report on Wednesday, July 26th. Bank of America cut RTX from a buy rating to a neutral rating and decreased their price objective for the stock from $120.00 to $95.00 in a report on Thursday, July 27th. Melius cut RTX from an overweight rating to a neutral rating and set a $92.00 price objective on the stock. in a report on Monday. Susquehanna decreased their price objective on RTX from $117.00 to $110.00 in a report on Wednesday, July 26th. Finally, Royal Bank of Canada decreased their price objective on RTX from $110.00 to $105.00 in a report on Wednesday, July 26th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Hold and an average target price of $103.38.

Hedge Funds Weigh In On RTX

Hedge funds have recently bought and sold shares of the business. Cibc World Markets Corp grew its position in shares of RTX by 70.1% during the 1st quarter. Cibc World Markets Corp now owns 90,728 shares of the company’s stock worth $8,988,000 after buying an additional 37,375 shares in the last quarter. Royal London Asset Management Ltd. grew its position in shares of RTX by 0.6% during the 1st quarter. Royal London Asset Management Ltd. now owns 532,222 shares of the company’s stock worth $52,733,000 after buying an additional 2,915 shares in the last quarter. Federated Hermes Inc. grew its position in shares of RTX by 7.9% during the 1st quarter. Federated Hermes Inc. now owns 14,012 shares of the company’s stock worth $1,388,000 after buying an additional 1,031 shares in the last quarter. Equitable Holdings Inc. grew its position in shares of RTX by 19.2% during the 1st quarter. Equitable Holdings Inc. now owns 11,200 shares of the company’s stock worth $1,110,000 after buying an additional 1,803 shares in the last quarter. Finally, Wsfs Capital Management LLC bought a new position in shares of RTX during the 1st quarter worth $207,000. Institutional investors own 79.06% 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 worldwide. It operates through four segments: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense. The Collins Aerospace Systems segment offers aerospace and defense products, and aftermarket service solutions for aircraft manufacturers and airlines, as well as regional, business, and general aviation; and for defense and commercial space operations.