United Technologies Corporation’s (NYSE:UTX) “Buy” Rating Reaffirmed at Credit Suisse Group
Credit Suisse Group reaffirmed their buy rating on shares of United Technologies Corporation (NYSE:UTX) in a research note released on Wednesday. They currently have a $136.00 price target on the conglomerate’s stock.
UTX has been the topic of a number of other research reports. BidaskClub upgraded United Technologies Corporation from a hold rating to a buy rating in a research report on Friday, June 30th. Jefferies Group LLC restated a buy rating and issued a $132.00 price objective (up previously from $126.00) on shares of United Technologies Corporation in a report on Thursday, April 27th. Royal Bank Of Canada restated a hold rating and issued a $125.00 price objective on shares of United Technologies Corporation in a report on Friday, June 2nd. Sanford C. Bernstein restated a market perform rating and issued a $135.00 price objective (up previously from $130.00) on shares of United Technologies Corporation in a report on Friday, July 21st. Finally, Deutsche Bank AG raised their price objective on United Technologies Corporation from $115.00 to $120.00 and gave the company a hold rating in a report on Friday, April 28th. Thirteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. United Technologies Corporation presently has an average rating of Hold and an average target price of $123.54.
Shares of United Technologies Corporation (UTX) opened at 118.87 on Wednesday. The company has a market cap of $93.79 billion, a PE ratio of 18.11 and a beta of 1.07. The company has a 50-day moving average of $121.79 and a 200 day moving average of $116.37. United Technologies Corporation has a 12 month low of $97.62 and a 12 month high of $124.79.
United Technologies Corporation (NYSE:UTX) last announced its earnings results on Tuesday, July 25th. The conglomerate reported $1.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.07. United Technologies Corporation had a return on equity of 18.07% and a net margin of 9.15%. The firm had revenue of $15.28 billion for the quarter, compared to analyst estimates of $15.24 billion. During the same quarter last year, the firm posted $1.82 EPS. The business’s revenue was up 2.7% on a year-over-year basis. On average, analysts anticipate that United Technologies Corporation will post $6.58 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Sunday, September 10th. Stockholders of record on Friday, August 18th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Wednesday, August 16th. This is a positive change from United Technologies Corporation’s previous quarterly dividend of $0.66. United Technologies Corporation’s payout ratio is currently 40.24%.
In related news, VP Robert J. Bailey sold 2,702 shares of the firm’s stock in a transaction dated Wednesday, May 3rd. The stock was sold at an average price of $119.53, for a total transaction of $322,970.06. Following the completion of the sale, the vice president now directly owns 5,000 shares of the company’s stock, valued at approximately $597,650. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Philippe Delpech sold 7,696 shares of the firm’s stock in a transaction dated Wednesday, May 3rd. The stock was sold at an average price of $120.32, for a total value of $925,982.72. Following the sale, the insider now directly owns 63,621 shares of the company’s stock, valued at $7,654,878.72. The disclosure for this sale can be found here. 0.16% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of UTX. Norges Bank acquired a new position in shares of United Technologies Corporation during the fourth quarter worth approximately $740,872,000. Harbour Capital Advisors LLC raised its position in United Technologies Corporation by 11,652.2% in the second quarter. Harbour Capital Advisors LLC now owns 2,127,156 shares of the conglomerate’s stock valued at $17,420,000 after buying an additional 2,109,056 shares during the last quarter. Putnam Investments LLC raised its position in United Technologies Corporation by 248.3% in the fourth quarter. Putnam Investments LLC now owns 1,385,091 shares of the conglomerate’s stock valued at $151,834,000 after buying an additional 987,378 shares during the last quarter. Flossbach Von Storch AG raised its position in United Technologies Corporation by 95.6% in the second quarter. Flossbach Von Storch AG now owns 1,617,008 shares of the conglomerate’s stock valued at $197,453,000 after buying an additional 790,496 shares during the last quarter. Finally, Swiss National Bank raised its position in United Technologies Corporation by 25.2% in the first quarter. Swiss National Bank now owns 2,771,721 shares of the conglomerate’s stock valued at $311,015,000 after buying an additional 557,300 shares during the last quarter. 78.39% of the stock is owned by hedge funds and other institutional investors.
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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