United Technologies Co. (NYSE:UTX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “United Technologies’ shares outperformed the Zacks categorized Diversified Operations industry in the last six months. The company is focused on revamping its aerospace unit to overhaul the organizational structure and accelerate inorganic growth through strategic acquisition opportunities. United Technologies further remains focused on four key priorities: flawless execution, innovation for growth, structural cost reduction and disciplined capital allocation. The company also affirmed its guidance for 2017. However, United Technologies is exposed to market price volatility and availability risks related to raw materials, which hamper its ability to meet delivery schedules, thereby increasing operating costs. The company also has a considerable presence in the U.K. and is susceptible to high operating risks following the Brexit referendum. High R&D expenses to stay ahead of technological obsolescence remain another headwind.”
Several other research analysts have also issued reports on the company. Vetr lowered United Technologies from a “hold” rating to a “sell” rating and set a $108.06 target price on the stock. in a research report on Monday, March 27th. Royal Bank of Canada reissued a “hold” rating and issued a $118.00 price objective on shares of United Technologies in a report on Friday, March 24th. Cowen and Company increased their price objective on United Technologies from $120.00 to $127.00 and gave the company an “outperform” rating in a report on Friday, March 24th. Jefferies Group LLC reissued a “buy” rating and issued a $126.00 price objective on shares of United Technologies in a report on Monday, March 13th. Finally, Stifel Nicolaus cut their price objective on United Technologies from $119.00 to $116.00 and set a “hold” rating on the stock in a report on Friday, January 27th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $116.01.
Shares of United Technologies (NYSE:UTX) traded up 0.8235% during trading on Tuesday, hitting $113.8499. The stock had a trading volume of 933,924 shares. United Technologies has a 12 month low of $96.89 and a 12 month high of $114.44. The company has a market cap of $91.75 billion, a P/E ratio of 18.6090 and a beta of 1.09. The stock has a 50-day moving average price of $112.48 and a 200 day moving average price of $108.76.
United Technologies (NYSE:UTX) last announced its earnings results on Wednesday, January 25th. The conglomerate reported $1.56 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.56. United Technologies had a return on equity of 18.13% and a net margin of 8.83%. The company had revenue of $14.70 billion for the quarter, compared to analyst estimates of $14.70 billion. During the same period in the prior year, the company posted $1.37 EPS. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. Equities analysts expect that United Technologies will post $6.55 EPS for the current fiscal year.
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In other United Technologies news, VP Akhil Johri sold 2,209 shares of the stock in a transaction that occurred on Tuesday, February 7th. The stock was sold at an average price of $111.41, for a total transaction of $246,104.69. Following the transaction, the vice president now owns 19,100 shares in the company, valued at $2,127,931. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Robert J. Bailey sold 1,022 shares of the stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $112.26, for a total value of $114,729.72. Following the transaction, the vice president now owns 2,000 shares in the company, valued at approximately $224,520. The disclosure for this sale can be found here. Insiders have sold 44,497 shares of company stock worth $4,982,862 in the last quarter. 0.15% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Institutional Trust Company N.A. boosted its stake in shares of United Technologies by 1.5% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 20,116,662 shares of the conglomerate’s stock worth $2,043,853,000 after buying an additional 305,134 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of United Technologies by 1.1% in the fourth quarter. Franklin Resources Inc. now owns 14,123,545 shares of the conglomerate’s stock worth $1,548,237,000 after buying an additional 157,409 shares in the last quarter. BlackRock Fund Advisors boosted its stake in shares of United Technologies by 4.7% in the third quarter. BlackRock Fund Advisors now owns 9,943,009 shares of the conglomerate’s stock worth $1,010,210,000 after buying an additional 446,984 shares in the last quarter. Norges Bank purchased a new stake in shares of United Technologies during the fourth quarter worth approximately $740,872,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of United Technologies by 14.9% in the third quarter. Price T Rowe Associates Inc. MD now owns 6,227,199 shares of the conglomerate’s stock worth $632,683,000 after buying an additional 805,448 shares in the last quarter. Institutional investors and hedge funds own 79.89% of the company’s stock.
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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