Zacks Investment Research upgraded shares of United Technologies Corporation (NYSE:UTX) from a sell rating to a hold rating in a research note published on Thursday morning.
According to Zacks, “United Technologies reported solid third-quarter 2017 results driven by superior organic growth and diligent execution of operational plans. The acquisition of Rockwell Collins is expected to offer a bigger clout in the industry and increase its bargaining power as it would emerge as one of the largest global aircraft equipment manufacturers. Management further increased its guidance for 2017 on healthy growth dynamics. The company also outperformed the industry year to date. However, United Technologies is exposed to market price volatility and availability risks related to raw materials, which hamper its ability to meet delivery schedules and increase operating costs. Fluctuations in foreign currency exchange rates affect its net investment in foreign subsidiaries and cause instability in cash flows. The company is also susceptible to high operating risks following the Brexit referendum.”
Several other research analysts have also recently weighed in on the company. Bank of America Corporation reiterated a buy rating and set a $140.00 price target on shares of United Technologies Corporation in a research report on Wednesday, September 6th. Deutsche Bank AG reduced their price target on United Technologies Corporation from $125.00 to $120.00 and set a hold rating for the company in a research report on Wednesday, September 6th. Vertical Research cut United Technologies Corporation from a buy rating to a hold rating and set a $125.00 price target for the company. in a research report on Tuesday, September 5th. Cowen and Company cut United Technologies Corporation from an outperform rating to a market perform rating and reduced their price target for the company from $127.00 to $120.00 in a research report on Wednesday, September 6th. Finally, Credit Suisse Group reiterated a buy rating and set a $136.00 price target on shares of United Technologies Corporation in a research report on Wednesday, July 26th. Fourteen analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. United Technologies Corporation has an average rating of Hold and an average price target of $125.15.
United Technologies Corporation (UTX) opened at 119.07 on Thursday. The firm’s 50-day moving average is $116.43 and its 200 day moving average is $118.62. United Technologies Corporation has a 12-month low of $100.72 and a 12-month high of $124.79. The firm has a market cap of $95.11 billion, a P/E ratio of 18.14 and a beta of 1.05.
United Technologies Corporation (NYSE:UTX) last announced its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.05. The company had revenue of $15.06 billion during the quarter, compared to analysts’ expectations of $14.99 billion. United Technologies Corporation had a return on equity of 17.66% and a net margin of 8.79%. United Technologies Corporation’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the business earned $1.76 earnings per share. Equities analysts forecast that United Technologies Corporation will post $6.58 earnings per share for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Sunday, December 10th. Stockholders of record on Friday, November 17th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Thursday, November 16th. United Technologies Corporation’s dividend payout ratio is presently 43.41%.
Several large investors have recently modified their holdings of UTX. Knowledge Leaders Capital LLC acquired a new stake in shares of United Technologies Corporation in the third quarter worth approximately $105,000. Riggs Asset Managment Co. Inc. boosted its stake in shares of United Technologies Corporation by 14.3% in the first quarter. Riggs Asset Managment Co. Inc. now owns 999 shares of the conglomerate’s stock worth $112,000 after acquiring an additional 125 shares during the last quarter. Tortoise Investment Management LLC boosted its stake in shares of United Technologies Corporation by 5.3% in the second quarter. Tortoise Investment Management LLC now owns 962 shares of the conglomerate’s stock worth $117,000 after acquiring an additional 48 shares during the last quarter. Seven Bridges Advisors LLC acquired a new stake in shares of United Technologies Corporation in the second quarter worth approximately $120,000. Finally, Winfield Associates Inc. boosted its stake in shares of United Technologies Corporation by 2.9% in the second quarter. Winfield Associates Inc. now owns 1,029 shares of the conglomerate’s stock worth $126,000 after acquiring an additional 29 shares during the last quarter. 78.82% of the stock is currently owned by hedge funds and other institutional investors.
About United Technologies Corporation
United Technologies Corporation is engaged in providing high technology products and services to the building systems and aerospace industries around the world. The Company operates through four segments: Otis; UTC Climate, Controls & Security; Pratt & Whitney, and UTC Aerospace Systems. Otis operates as an elevator and escalator manufacturing, installation and service company.
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