Citigroup Inc. Lowers United Technologies Corp. (UTX) to Neutral
United Technologies Corp. (NYSE:UTX) was downgraded by Citigroup Inc. from a “buy” rating to a “neutral” rating in a research note issued on Monday. They currently have a $100.58 target price on the stock, up from their prior target price of $99.20. Citigroup Inc.’s price target suggests a potential upside of 0.60% from the company’s current price.
UTX has been the subject of a number of other reports. Jefferies Group reissued a “buy” rating on shares of United Technologies Corp. in a report on Tuesday, July 5th. Barclays PLC boosted their price objective on United Technologies Corp. from $108.00 to $110.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 27th. Robert W. Baird started coverage on United Technologies Corp. in a report on Wednesday, October 5th. They set a “neutral” rating and a $110.00 price objective for the company. Stifel Nicolaus reissued a “hold” rating on shares of United Technologies Corp. in a report on Sunday, July 31st. Finally, Zacks Investment Research lowered United Technologies Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, September 27th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $110.04.
United Technologies Corp. (NYSE:UTX) traded down 0.60% during mid-day trading on Monday, reaching $99.98. The company had a trading volume of 4,517,801 shares. United Technologies Corp. has a one year low of $83.39 and a one year high of $109.83. The company’s 50-day moving average is $104.05 and its 200-day moving average is $103.26. The stock has a market capitalization of $83.68 billion, a PE ratio of 11.79 and a beta of 1.11.
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United Technologies Corp. (NYSE:UTX) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.14. United Technologies Corp. had a return on equity of 18.14% and a net margin of 12.79%. The business had revenue of $14.90 billion for the quarter, compared to the consensus estimate of $14.67 billion. During the same period in the prior year, the business earned $1.81 EPS. The firm’s revenue for the quarter was up 1.3% on a year-over-year basis. Equities research analysts anticipate that United Technologies Corp. will post $6.58 earnings per share for the current year.
In other United Technologies Corp. news, VP Charles D. Gill sold 7,144 shares of the stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $108.05, for a total transaction of $771,909.20. Following the sale, the vice president now owns 55,278 shares in the company, valued at $5,972,787.90. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Charles D. Gill sold 6,202 shares of the stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $109.00, for a total value of $676,018.00. Following the sale, the vice president now owns 51,778 shares in the company, valued at approximately $5,643,802. The disclosure for this sale can be found here. Company insiders own 0.15% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Chicago Partners Investment Group LLC bought a new stake in United Technologies Corp. during the second quarter valued at about $103,000. Coconut Grove Bank increased its stake in United Technologies Corp. by 5.8% in the second quarter. Coconut Grove Bank now owns 1,037 shares of the company’s stock valued at $106,000 after buying an additional 57 shares in the last quarter. Tortoise Investment Management LLC increased its stake in United Technologies Corp. by 6.1% in the second quarter. Tortoise Investment Management LLC now owns 1,065 shares of the company’s stock valued at $109,000 after buying an additional 61 shares in the last quarter. Thomas J. Herzfeld Advisors Inc. increased its stake in United Technologies Corp. by 181.1% in the second quarter. Thomas J. Herzfeld Advisors Inc. now owns 1,071 shares of the company’s stock valued at $110,000 after buying an additional 690 shares in the last quarter. Finally, Orrstown Financial Services Inc. increased its stake in United Technologies Corp. by 35.6% in the second quarter. Orrstown Financial Services Inc. now owns 1,085 shares of the company’s stock valued at $111,000 after buying an additional 285 shares in the last quarter. Hedge funds and other institutional investors own 80.18% of the company’s stock.
About United Technologies Corp.
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. Its Otis segment designs, manufactures, sells and installs a range of passenger and freight elevators, as well as a line of escalators and moving walkways.
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