Zacks Investment Research upgraded shares of United Technologies (NYSE:UTX) from a hold rating to a buy rating in a report issued on Saturday. The firm currently has $151.00 price target on the conglomerate’s stock.
According to Zacks, “United Technologies remains focused on four key priorities to fuel its growth momentum: flawless execution, innovation for growth, structural cost reduction and disciplined capital allocation. The acquisition of Rockwell Collins is further expected to offer a bigger clout in the industry and increase its bargaining power as the combined entity would emerge as one of the largest global aircraft equipment manufacturers. The company’s aftermarket services business is relatively stable compared to new product delivery, and it helps offset the negative impact of downturns in the new products market. Management further increased its guidance for 2017 on healthy growth dynamics. The company also outperformed the industry in the last three months. 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.”
Several other equities research analysts have also recently issued reports on the stock. Stifel Nicolaus boosted their price objective on shares of United Technologies from $122.00 to $124.00 and gave the company a hold rating in a research report on Wednesday, October 25th. Atlantic Securities raised shares of United Technologies from a neutral rating to an overweight rating in a research report on Tuesday, December 5th. Goldman Sachs Group raised shares of United Technologies from a neutral rating to a buy rating in a research report on Monday, January 8th. Cowen reissued a hold rating and issued a $120.00 price objective on shares of United Technologies in a research report on Tuesday, October 24th. Finally, Royal Bank of Canada set a $126.00 price objective on shares of United Technologies and gave the company a hold rating in a research report on Sunday, November 12th. Eleven research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $128.19.
Shares of United Technologies (UTX) traded up $1.29 during trading hours on Friday, reaching $135.90. 3,218,292 shares of the company traded hands, compared to its average volume of 2,981,221. The company has a market cap of $108,525.66, a P/E ratio of 21.07, a price-to-earnings-growth ratio of 2.35 and a beta of 1.07. United Technologies has a one year low of $106.85 and a one year high of $137.73. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.31 and a quick ratio of 0.91.
United Technologies (NYSE:UTX) last issued its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $1.73 EPS for the quarter, beating the consensus estimate of $1.68 by $0.05. The company had revenue of $15.06 billion for the quarter, compared to the consensus estimate of $14.99 billion. United Technologies had a net margin of 8.79% and a return on equity of 17.66%. The firm’s revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.76 EPS. analysts predict that United Technologies will post 6.61 earnings per share for the current fiscal year.
In other news, VP Robert J. Bailey sold 636 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $124.35, for a total value of $79,086.60. Following the completion of the sale, the vice president now owns 1,500 shares of the company’s stock, valued at approximately $186,525. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Akhil Johri sold 5,979 shares of the company’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $121.03, for a total transaction of $723,638.37. Following the completion of the sale, the vice president now directly owns 23,295 shares of the company’s stock, valued at approximately $2,819,393.85. The disclosure for this sale can be found here. Insiders sold a total of 16,466 shares of company stock valued at $2,019,274 in the last ninety days. Corporate insiders own 0.16% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in UTX. Connecticut Wealth Management LLC increased its stake in United Technologies by 10.1% during the 2nd quarter. Connecticut Wealth Management LLC now owns 11,966 shares of the conglomerate’s stock valued at $1,473,000 after purchasing an additional 1,098 shares in the last quarter. Pacer Advisors Inc. increased its stake in United Technologies by 8.4% during the 2nd quarter. Pacer Advisors Inc. now owns 18,682 shares of the conglomerate’s stock valued at $2,281,000 after purchasing an additional 1,447 shares in the last quarter. Federated Investors Inc. PA increased its stake in United Technologies by 22.2% during the 2nd quarter. Federated Investors Inc. PA now owns 65,214 shares of the conglomerate’s stock valued at $7,963,000 after purchasing an additional 11,851 shares in the last quarter. Stoneridge Investment Partners LLC increased its stake in United Technologies by 755.1% during the 2nd quarter. Stoneridge Investment Partners LLC now owns 33,178 shares of the conglomerate’s stock valued at $4,051,000 after purchasing an additional 29,298 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in shares of United Technologies by 136.2% in the second quarter. Canada Pension Plan Investment Board now owns 340,295 shares of the conglomerate’s stock worth $41,553,000 after acquiring an additional 196,200 shares during the period. 80.07% of the stock is owned by hedge funds and other institutional investors.
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About United Technologies
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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