United Technologies Corporation (UTX) Updates FY17 Earnings Guidance
United Technologies Corporation (NYSE:UTX) issued an update on its FY17 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $6.58-6.63 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $6.57. The company issued revenue guidance of $59.0-59.5 billion, compared to the consensus revenue estimate of $59.40 billion.
Shares of United Technologies Corporation (NYSE UTX) opened at 120.89 on Tuesday. The stock has a market capitalization of $96.56 billion, a P/E ratio of 18.41 and a beta of 1.05. United Technologies Corporation has a 52-week low of $99.99 and a 52-week high of $124.79. The firm has a 50-day moving average price of $115.56 and a 200-day moving average price of $118.51.
United Technologies Corporation (NYSE:UTX) last announced its earnings results on Tuesday, October 24th. The conglomerate reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.04. The business had revenue of $15.06 billion during the quarter, compared to analyst estimates of $14.99 billion. United Technologies Corporation had a net margin of 9.15% and a return on equity of 18.07%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.76 EPS. On average, analysts predict that United Technologies Corporation will post $6.57 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Sunday, December 10th. Shareholders of record on Friday, November 17th will be paid a dividend of $0.70 per share. The ex-dividend date is Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a yield of 2.32%. United Technologies Corporation’s dividend payout ratio is presently 42.68%.
A number of equities research analysts have weighed in on UTX shares. Bank of America Corporation reiterated a buy rating and set a $140.00 target price on shares of United Technologies Corporation in a research note on Wednesday, September 6th. Deutsche Bank AG reduced their price objective on United Technologies Corporation from $125.00 to $120.00 and set a hold rating for the company in a research note on Wednesday, September 6th. Vertical Research lowered United Technologies Corporation from a buy rating to a hold rating and set a $125.00 price objective for the company. in a research note on Tuesday, September 5th. Cowen and Company lowered United Technologies Corporation from an outperform rating to a market perform rating and reduced their price objective for the stock from $127.00 to $120.00 in a research note on Wednesday, September 6th. Finally, Credit Suisse Group restated a buy rating and issued a $136.00 price objective on shares of United Technologies Corporation in a research note on Wednesday, July 26th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $125.27.
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A number of hedge funds have recently modified their holdings of the business. Beach Investment Management LLC. bought a new position in shares of United Technologies Corporation during the 2nd quarter valued at about $434,000. Bahl & Gaynor Inc. boosted its holdings in shares of United Technologies Corporation by 7.5% during the 2nd quarter. Bahl & Gaynor Inc. now owns 614,945 shares of the conglomerate’s stock valued at $67,411,000 after purchasing an additional 43,071 shares during the last quarter. Bruderman Asset Management LLC bought a new position in shares of United Technologies Corporation during the 2nd quarter valued at about $706,000. Richard C. Young & CO. LTD. boosted its holdings in shares of United Technologies Corporation by 41.0% during the 2nd quarter. Richard C. Young & CO. LTD. now owns 10,898 shares of the conglomerate’s stock valued at $1,331,000 after purchasing an additional 3,167 shares during the last quarter. Finally, BlackRock Inc. boosted its holdings in shares of United Technologies Corporation by 0.3% during the 2nd quarter. BlackRock Inc. now owns 44,095,986 shares of the conglomerate’s stock valued at $5,384,561,000 after purchasing an additional 133,036 shares during the last quarter. Institutional investors and hedge funds own 78.82% of the company’s stock.
United Technologies Corporation Company Profile
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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