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Sept 18 (Reuters) - RTX Corp RTX.N:
RTX'S COLLINS AEROSPACE RECEIVES FIRST-EVER FAA APPROVAL TO INCREASE COCKPIT PROCESSING POWER
Source text for Eikon: (Full Story)
Further company coverage: RTX.N
RTX (RTX) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.
Over the past month, shares of this an aerospace and defense company have returned +0.7%, compared to the Zacks S&P 500 composite's +1.6% change. During this period, the Zacks Aerospace - Defense industry, which RTX falls in, has lost 0.9%. The key question now is: What could be the stock's future direction?
While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.
Earnings Estimate Revisions
Rather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
RTX is expected to post earnings of $1.33 per share for the current quarter, representing a year-over-year change of +6.4%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.1%.
For the current fiscal year, the consensus earnings estimate of $5.45 points to a change of +7.7% from the prior year. Over the last 30 days, this estimate has changed +0.2%.
For the next fiscal year, the consensus earnings estimate of $6.43 indicates a change of +17.9% from what RTX is expected to report a year ago. Over the past month, the estimate has remained unchanged.
With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for RTX.
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Projected Revenue Growth
Even though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.
For RTX, the consensus sales estimate for the current quarter of $19.95 billion indicates a year-over-year change of +5.3%. For the current and next fiscal years, $79.63 billion and $83.55 billion estimates indicate +7% and +4.9% changes, respectively.
Last Reported Results and Surprise History
RTX reported revenues of $19.72 billion in the last reported quarter, representing a year-over-year change of +7.7%. EPS of $1.41 for the same period compares with $1.29 a year ago.
Compared to the Zacks Consensus Estimate of $19.31 billion, the reported revenues represent a surprise of +2.15%. The EPS surprise was +9.3%.
The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.
Valuation
No investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.
While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S) and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.
As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
RTX is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Conclusion
The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about RTX. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
Zacks Investment Research
The S&P 500 Index today is up by +0.62%, the Dow Jones Industrials Index is up by +0.44%, and the Nasdaq 100 Index is up by +0.83%.
Stocks today are moderately higher, with the S&P 500 climbing to a 2-month high, the Dow Jones Industrials posting a new record high, and the Nasdaq 100 rising to a 2-1/2 week high. Today's positive corporate and economic news has boosted optimism in the US economic outlook and is pushing stocks higher. Intel is up more than +6% after the chipmaker won new business from Amazon.com. Also, Microsoft is up more than +1% after it raised its quarterly dividend by 10% and announced a new $60 billion stock repurchase program. Stocks maintained moderate gains after strength in today’s US retail sales and manufacturing production reports supported the outlook for a soft landing.
Aug retail sales unexpectedly rose +0.1% m/m, stronger than expectations of a -0.2% m/m decline. However, Aug retail sales ex-autos rose only +0.1% m/m, slightly weaker than expectations of +0.2% m/m.
US Aug manufacturing production rose +0.9% m/m, stronger than expectations of +0.2% m/m and the largest increase in 6 months.
The US Sep NAHB housing market index rose +2 to 41, right on expectations.
The markets will look to the 2-day FOMC meeting that begins today to see whether policymakers will decide that a -25 bp cut in the fed funds target range would be adequate for a US economy that has shown signs of losing momentum or whether they will decide on a larger -50 bp rate cut instead. Post-meeting comments from Fed Chair Powell on Wednesday will also be scrutinized regarding the Fed’s future policy intentions.
The markets are discounting the chances at 100% for a -25 bp rate cut for the Tue/Wed FOMC meeting and at 64% for a -50 bp rate cut at that meeting.
Overseas stock markets today are mixed. The Euro Stoxx 50 climbed to a 1-1/2 week high and is up +0.79%. China's Shanghai Composite was closed for the Mid-Autumn Festival holiday. Japan's Nikkei Stock 225 closed down -1.03%.
Interest Rates
December 10-year T-notes (ZNZ24) today are down -6 ticks. The 10-year T-note yield is up +1.9 bp at 3.636%. Dec T-notes today gave up early gains and are slightly lower, and the 10-year T-note yield rebounded from a 15-month low of 3.595% and is moderately higher. The stronger-than-expected US retail sales and manufacturing production reports weighed on T-note prices. Also, strength in stocks today has reduced safe-haven demand for T-notes.
T-notes today initially moved higher on heightened speculation the Fed will cut interest rates by -50 bp at this week’s 2-day FOMC meeting. Swap markets showed the chances of a -50 bp rate cut rose to 64% today from 52% last Friday.
European government bond yields today are moving higher. The 10-year German bund yield is up +2.0 bp at 2.142%. The 10-year UK gilt yield rebounded from a 7-1/2 month low of 3.729% and is up +1.9 bp at 3.778%.
The German Sep ZEW survey expectations of economic growth index fell -15.6 to an 11-month low of 3.6, weaker than expectations of 17.0.
ECB Governing Council member Simkus said the likelihood of an October interest rate cut by the ECB is "very small."
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 32% for the October 17 meeting.
US Stock Movers
Intel is up more than +6% to lead gainers in the S&P 500, Dow Jones Industrials and Nasdaq 100 after the chipmaker landed Amazon.com’s AWS as a customer for its chip manufacturing business.
HP Enterprise is up more than +5% after Bank of America Global Research upgraded the stock to buy from neutral with a price target of $24.
Airbnb is up more than +4% after Uber won its fight against a state government claim in Australia that ruled its payments to drivers were not wages, which bolstered speculation other businesses with similar payment arrangements to Uber’s may benefit from its win in a long-standing payroll tax dispute.
AppLovin is up more than +5% after UBS upgraded the stock to buy from neutral with a price target of $145.
Insulet is up more than +3% after Piper Sandler raised its price target on the stock to $285 from $230.
GE Vernova is up more than +3% after Bank of America Global Research upgraded the stock to buy from neutral with a price target of $300.
Dell Technologies is up more than +1% after Mizuho Securities initiated coverage on the stock with a recommendation of outperform and a price target of $135.
Microsoft is up more than +1% after it raised its quarterly dividend by 10% and announced a new $60 billion stock repurchase program.
Accenture Plc is down more than -4% to lead losers in the S&P 500 after Bloomberg News reported the company plans to push back the bulk of its staff promotions by six months as a weak outlook is curbing IT spending.
Atlassian is down more than -2% to lead losers in the Nasdaq 100 on signs of insider selling after an SEC filing showed CEO Cannon-Brookes sold $1.31 million shares last Friday.
Defense companies are under pressure today on a Bloomberg report that said some of Ukraine’s allies are contemplating how to negotiate a cease-fire between Russia and Ukraine. As a result, L3Harris Technologies , Lockheed Martin , Northrop Grumman , General Dynamics , and RTX Corp are down more than -1%.
S&P Global Inc is down more than -1% after the stock was removed from Bank of America Global Research’s US number 1 list.
Acushnet Holdings is down more than -2% after Jeffries downgraded the stock to hold from buy.
Earnings Reports (9/17/2024)
Ferguson Enterprises Inc (FERG).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
The S&P 500 Index today is up by +0.43%, the Dow Jones Industrials Index is up by +0.29%, and the Nasdaq 100 Index is up by +0.65%.
Stocks today are moderately higher, with the S&P 500 climbing to a 2-month high, the Dow Jones Industrials posting a new record high, and the Nasdaq 100 rising to a 2-week high. Positive corporate and economic news today is pushing stocks higher. Intel is up more than +2% after the chipmaker won new business from Amazon.com. Also, Microsoft is up more than +1% after it raised its quarterly dividend by 10% and announced a new $60 billion stock repurchase program. Stocks maintained moderate gains after strength in today’s US retail sales and manufacturing production reports support the outlook for a soft landing.
Aug retail sales unexpectedly rose +0.1% m/m, stronger than expectations of a -0.2% m/m decline. However, Aug retail sales ex-autos rose only +0.1% m/m, slightly weaker than expectations of +0.2% m/m.
US Aug manufacturing production rose +0.9% m/m, stronger than expectations of +0.2% m/m and the largest increase in 6 months.
The markets will look to the 2-day FOMC meeting that begins today to see whether policymakers will decide that a -25 bp cut in the fed funds target range would be adequate for a US economy that has shown signs of losing momentum or whether they will decide on a larger -50 bp rate cut instead. Post-meeting comments from Fed Chair Powell on Wednesday will also be scrutinized regarding the Fed’s future policy intentions.
The markets are discounting the chances at 100% for a -25 bp rate cut for the Tue/Wed FOMC meeting and at 69% for a -50 bp rate cut at that meeting.
Overseas stock markets today are mixed. The Euro Stoxx 50 climbed to a 1-1/2 week high and is up +0.85%. China's Shanghai Composite was closed for the Mid-Autumn Festival holiday. Japan's Nikkei Stock 225 closed down -1.03%.
Interest Rates
December 10-year T-notes (ZNZ24) today are down -5 ticks. The 10-year T-note yield is up +1.7 bp at 3.634%. Dec T-notes today gave up early gains and are slightly lower, and the 10-year T-note yield rebounded from a 15-month low of 3.595% and is moderately higher. The stronger-than-expected US retail sales and manufacturing production reports weighed on T-note prices. Also, strength in stocks today has reduced safe-haven demand for T-notes.
T-notes today initially moved higher on heightened speculation the Fed will cut interest rates by -50 bp at this week’s 2-day FOMC meeting. Swap markets showed the chances of a -50 bp rate cut rose to 69% today from 52% last Friday.
European government bond yields today are mixed. The 10-year German bund yield is up +0.5 bp at 2.127%. The 10-year UK gilt yield rebounded from a 7-1/2 month low of 3.729% and is up +0.3 bp at 3.761%.
The German Sep ZEW survey expectations of economic growth index fell -15.6 to an 11-month low of 3.6, weaker than expectations of 17.0.
ECB Governing Council member Simkus said the likelihood of an October interest rate cut by the ECB is "very small."
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 32% for the October 17 meeting.
US Stock Movers
Intel is up more than +2% to lead gainers in the Dow Jones Industrials after the chipmaker landed Amazon.com’s AWS as a customer for its chip manufacturing business.
HP Enterprise is up more than +4% to lead gainers in the S&P 500 after Bank of America Global Research upgraded the stock to buy from neutral with a price target of $24.
GE Vernova is up more than +3% after Bank of America Global Research upgraded the stock to buy from neutral with a price target of $300.
Dell Technologies is up more than +2% after Mizuho Securities initiated coverage on the stock with a recommendation of outperform and a price target of $135.
Microsoft is up more than +1% after it raised its quarterly dividend by 10% and announced a new $60 billion stock repurchase program.
AppLovin is up more than +1% after UBS upgraded the stock to buy from neutral with a price target of $145.
Atlassian is down more than -2% to lead losers in the Nasdaq 100 on signs of insider selling after an SEC filing showed CEO Cannon-Brookes sold $1.31 million shares last Friday.
Defense companies are under pressure today on a Bloomberg report that said some of Ukraine’s allies are contemplating how to negotiate a cease-fire between Russia and Ukraine. As a result, L3Harris Technologies , Lockheed Martin , Northrop Grumman , General Dynamics , and RTX Corp are down more than -1%.
Viasat Inc is down more than -5% after JPMorgan Chase downgraded the stock to neutral from overweight.
Nucor Corp is down more than -1% after it said it sees Q3 adjusted EPS $1.30 t $1.40, weaker than the consensus of $1.89.
Acushnet Holdings is down more than -1% after Jeffries downgraded the stock to hold from buy.
Earnings Reports (9/17/2024)
Ferguson Enterprises Inc (FERG).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
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