United Technologies Corporation (UTX) Issues Quarterly Earnings Results
United Technologies Corporation (NYSE:UTX) issued its quarterly earnings results on Tuesday. The conglomerate reported $1.73 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.68 by $0.05, Bloomberg Earnings reports. United Technologies Corporation had a return on equity of 18.07% and a net margin of 9.15%. The firm had revenue of $15.06 billion for the quarter, compared to analyst estimates of $14.99 billion. During the same period in the previous year, the firm earned $1.76 earnings per share. The company’s revenue was up 4.9% compared to the same quarter last year. United Technologies Corporation updated its FY17 guidance to $6.58-6.63 EPS.
Shares of United Technologies Corporation (NYSE UTX) opened at 119.74 on Wednesday. United Technologies Corporation has a one year low of $99.99 and a one year high of $124.79. The company’s 50-day moving average price is $115.68 and its 200 day moving average price is $118.56. The company has a market cap of $95.64 billion, a P/E ratio of 18.24 and a beta of 1.05.
The business also recently declared a quarterly dividend, which will be paid on Sunday, December 10th. Investors of record on Friday, November 17th will be issued a dividend of $0.70 per share. The ex-dividend date is Thursday, November 16th. This represents a $2.80 annualized dividend and a yield of 2.34%. United Technologies Corporation’s dividend payout ratio (DPR) is currently 42.68%.
Large investors have recently made changes to their positions in the business. Rowland & Co. Investment Counsel ADV raised its stake in United Technologies Corporation by 0.3% during the second quarter. Rowland & Co. Investment Counsel ADV now owns 1,167 shares of the conglomerate’s stock valued at $143,000 after buying an additional 3 shares during the last quarter. Acrospire Investment Management LLC purchased a new position in United Technologies Corporation during the second quarter valued at $195,000. Segment Wealth Management LLC purchased a new position in United Technologies Corporation during the second quarter valued at $215,000. Rafferty Asset Management LLC purchased a new position in United Technologies Corporation during the second quarter valued at $215,000. Finally, Miles Capital Inc. raised its stake in United Technologies Corporation by 3.7% during the second quarter. Miles Capital Inc. now owns 1,877 shares of the conglomerate’s stock valued at $229,000 after buying an additional 67 shares during the last quarter. Institutional investors and hedge funds own 78.82% of the company’s stock.
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Several equities analysts have issued reports on the company. Zacks Investment Research lowered United Technologies Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. Cowen and Company reissued a “buy” rating and issued a $127.00 price target on shares of United Technologies Corporation in a research note on Tuesday, July 25th. BidaskClub lowered United Technologies Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. Morgan Stanley reissued an “overweight” rating and issued a $138.00 price target (up from $132.00) on shares of United Technologies Corporation in a research note on Monday, July 10th. Finally, UBS AG boosted their price target on United Technologies Corporation to $135.00 and gave the company a “buy” rating in a research note on Monday, July 10th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $125.27.
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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