Raytheon Technologies (RTX) closed the most recent trading day at $96.80, moving -0.11% from the previous trading session. This change was narrower than the S&P 500's 0.16% loss on the day. At the same time, the Dow lost 0.12%, and the tech-heavy Nasdaq lost 3.64%.

Heading into today, shares of the an aerospace and defense company had lost 2.27% over the past month, outpacing the Aerospace sector's loss of 2.41% and lagging the S&P 500's gain of 0.07% in that time.

Investors will be hoping for strength from Raytheon Technologies as it approaches its next earnings release. On that day, Raytheon Technologies is projected to report earnings of $1.11 per share, which would represent a year-over-year decline of 3.48%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $16.86 billion, up 7.26% from the year-ago period.

Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $5.03 per share and revenue of $72.29 billion. These totals would mark changes of +5.23% and +7.77%, respectively, from last 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.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.6% higher within the past month. Raytheon Technologies currently has a Zacks Rank of #3 (Hold).

Investors should also note Raytheon Technologies's current valuation metrics, including its Forward P/E ratio of 19.29. This valuation marks a discount compared to its industry's average Forward P/E of 22.44.

Also, we should mention that RTX has a PEG ratio of 2.31. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. RTX's industry had an average PEG ratio of 2.38 as of yesterday's close.

The Aerospace - Defense Equipment industry is part of the Aerospace sector. This industry currently has a Zacks Industry Rank of 91, which puts it in the top 37% 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.

You can find more information on all of these metrics, and much more, on Zacks.com.

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