Raytheon Technologies (RTX) Dips More Than Broader Markets: What You Should Know

Raytheon Technologies (RTX) closed at $93.30 in the latest trading session, marking a -0.51% move from the prior day. This change lagged the S&P 500's 0.07% loss on the day. At the same time, the Dow added 0.27%, and the tech-heavy Nasdaq gained 0.02%.Heading into today, shares of the an aerospace and defense company had lost 1.41% over the past month, outpacing the Aerospace sector's loss of 3.69% and the S&P 500's loss of 7.99% in that time.Raytheon Technologies will be looking to display strength as it nears its next earnings release. In that report, analysts expect Raytheon Technologies to post earnings of $1.13 per share. This would mark year-over-year growth of 9.71%. Our most recent consensus estimate is calling for quarterly revenue of $16.46 billion, up 3.68% from the year-ago period.For the full year, our Zacks Consensus Estimates are projecting earnings of $4.77 per share and revenue of $68.09 billion, which would represent changes of +11.71% and +5.75%, respectively, from the prior year.Any recent changes to analyst estimates for Raytheon Technologies should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Raytheon Technologies is holding a Zacks Rank of #4 (Sell) right now.Looking at its valuation, Raytheon Technologies is holding a Forward P/E ratio of 19.65. This represents a discount compared to its industry's average Forward P/E of 20.61.Investors should also note that RTX has a PEG ratio of 1.87 right now. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Aerospace - Defense Equipment was holding an average PEG ratio of 2.04 at yesterday's closing price.The Aerospace - Defense Equipment industry is part of the Aerospace sector. This group has a Zacks Industry Rank of 89, putting it in the top 36% of all 250+ industries.The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Raytheon Technologies Corporation (RTX): Free Stock Analysis Report To read this article on Zacks.com click here.
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