Cowen Upgrades United Technologies (NYSE:UTX) to “Outperform”

United Technologies (NYSE:UTX) was upgraded by investment analysts at Cowen from a “market perform” rating to an “outperform” rating in a note issued to investors on Monday, MarketBeat Ratings reports. The firm currently has a $150.00 target price on the conglomerate’s stock, up from their prior target price of $135.00. Cowen’s price target points to a potential upside of 15.23% from the company’s previous close.

Several other brokerages have also recently weighed in on UTX. Zacks Investment Research raised shares of United Technologies from a “sell” rating to a “hold” rating in a research note on Friday, April 26th. Morgan Stanley boosted their price objective on shares of United Technologies from $155.00 to $164.00 and gave the stock an “overweight” rating in a research note on Monday, May 20th. Vertical Research raised shares of United Technologies from a “hold” rating to a “buy” rating and set a $145.00 price objective on the stock in a research note on Friday, June 14th. Barclays boosted their price objective on shares of United Technologies from $142.00 to $149.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 24th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $159.00 price objective on shares of United Technologies in a research note on Wednesday, April 24th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $150.50.

Shares of United Technologies stock opened at $130.18 on Monday. The company has a current ratio of 1.13, a quick ratio of 0.79 and a debt-to-equity ratio of 0.98. United Technologies has a twelve month low of $100.48 and a twelve month high of $144.40. The company has a market capitalization of $111.02 billion, a PE ratio of 17.11, a price-to-earnings-growth ratio of 1.84 and a beta of 1.26. The business has a fifty day simple moving average of $130.63.

United Technologies (NYSE:UTX) last issued its quarterly earnings data on Tuesday, April 23rd. The conglomerate reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.20. United Technologies had a net margin of 7.64% and a return on equity of 17.02%. The company had revenue of $18.37 billion for the quarter, compared to analysts’ expectations of $18.01 billion. During the same quarter in the previous year, the firm posted $1.77 earnings per share. United Technologies’s revenue for the quarter was up 20.5% on a year-over-year basis. As a group, equities research analysts anticipate that United Technologies will post 7.97 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of UTX. Oregon Public Employees Retirement Fund boosted its position in United Technologies by 11,458.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,426,355 shares of the conglomerate’s stock valued at $89,000 after acquiring an additional 9,344,798 shares during the last quarter. Norges Bank bought a new stake in United Technologies during the fourth quarter valued at $824,350,000. BlackRock Inc. boosted its position in United Technologies by 13.3% during the fourth quarter. BlackRock Inc. now owns 54,035,145 shares of the conglomerate’s stock valued at $5,753,662,000 after acquiring an additional 6,347,718 shares during the last quarter. Clearbridge Investments LLC boosted its position in United Technologies by 170.5% during the first quarter. Clearbridge Investments LLC now owns 3,972,118 shares of the conglomerate’s stock valued at $511,966,000 after acquiring an additional 2,503,654 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in United Technologies by 15.0% during the fourth quarter. Geode Capital Management LLC now owns 9,926,113 shares of the conglomerate’s stock valued at $1,055,120,000 after acquiring an additional 1,293,517 shares during the last quarter. 80.61% of the stock is currently owned by institutional investors and hedge funds.

United Technologies Company Profile

United Technologies Corporation provides technology products and services to building systems and aerospace industries worldwide. Its Otis segment designs, manufactures, sells, and installs passenger and freight elevators, escalators, and moving walkways; and offers modernization products to upgrade elevators and escalators, as well as maintenance and repair services.

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Analyst Recommendations for United Technologies (NYSE:UTX)

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