United Technologies (NYSE:UTX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Saturday. The firm presently has a $151.00 price objective on the conglomerate’s stock. Zacks Investment Research‘s target price points to a potential upside of 11.11% from the stock’s current price.
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 brokerages also recently commented on UTX. Robert W. Baird raised United Technologies from a “neutral” rating to an “outperform” rating in a research note on Friday, January 5th. Royal Bank of Canada set a $126.00 price target on United Technologies and gave the company a “hold” rating in a research note on Sunday, November 12th. Cowen reissued a “hold” rating and issued a $120.00 price target on shares of United Technologies in a research note on Tuesday, October 24th. Stifel Nicolaus lifted their price target on United Technologies from $122.00 to $124.00 and gave the company a “hold” rating in a research note on Wednesday, October 25th. Finally, Atlantic Securities raised United Technologies from a “neutral” rating to an “overweight” rating in a research note on Tuesday, December 5th. Eleven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. United Technologies has a consensus rating of “Hold” and a consensus price target of $127.12.
United Technologies (NYSE:UTX) last issued its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $1.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.68 by $0.05. The business had revenue of $15.06 billion for the quarter, compared to the consensus estimate of $14.99 billion. United Technologies had a return on equity of 17.66% and a net margin of 8.79%. The firm’s revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.76 EPS. equities research analysts predict that United Technologies will post 6.61 EPS for the current fiscal year.
In related news, VP Robert J. Bailey sold 827 shares of United Technologies stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $118.06, for a total value of $97,635.62. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Elizabeth B. Amato sold 4,341 shares of United Technologies stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $125.92, for a total value of $546,618.72. Following the completion of the sale, the executive vice president now directly owns 29,122 shares in the company, valued at approximately $3,667,042.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,466 shares of company stock worth $2,019,274. 0.16% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Knowledge Leaders Capital LLC bought a new position in United Technologies during the third quarter worth about $105,000. Tortoise Investment Management LLC grew its holdings in United Technologies by 5.3% during the second quarter. Tortoise Investment Management LLC now owns 962 shares of the conglomerate’s stock worth $117,000 after purchasing an additional 48 shares during the period. Wealthcare Advisory Partners LLC bought a new position in United Technologies during the third quarter worth about $118,000. Seven Bridges Advisors LLC bought a new position in United Technologies during the second quarter worth about $120,000. Finally, Thompson Davis & CO. Inc. grew its holdings in United Technologies by 750.4% during the third quarter. Thompson Davis & CO. Inc. now owns 1,080 shares of the conglomerate’s stock worth $125,000 after purchasing an additional 953 shares during the period. 80.07% of the stock is currently owned by institutional investors and hedge funds.
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United Technologies 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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