United Technologies (UTX) Upgraded at Zacks Investment Research
United Technologies (NYSE:UTX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday.
According to Zacks, “United Technologies’ first-quarter 2018 earnings trumped the Zacks Consensus Estimate and rose 19.6% year over year. The impressive growth can be attributed to solid performances across the segments. Also, the company issued a bullish guidance for 2018 on healthy demand trends and is likely to deliver sustainable earnings growth in future with the Rockwell merger. Meanwhile, United Technologies remains focused on four key priorities: flawless execution, innovation, structural cost reduction and disciplined capital allocation to fuel its growth engine. However, fluctuations in foreign currency exchange rates may affect the company’s bottom-line growth. In addition, a disruption in deliveries from suppliers, capacity constraints, production disruptions, price changes or decreased availability of raw materials or commodities is likely to have an adverse effect on the company’s ability to meet delivery schedules.”
Other equities research analysts have also issued research reports about the company. ValuEngine upgraded United Technologies from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Goldman Sachs upgraded United Technologies from a “neutral” rating to a “buy” rating in a research report on Monday, January 8th. Stifel Nicolaus reiterated a “hold” rating and issued a $146.00 target price (up previously from $124.00) on shares of United Technologies in a research report on Thursday, January 25th. Cowen reiterated a “hold” rating and issued a $141.00 target price on shares of United Technologies in a research report on Thursday, January 25th. Finally, Barclays assumed coverage on United Technologies in a research report on Thursday, February 15th. They issued an “overweight” rating and a $157.00 target price on the stock. Nine analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $138.21.
United Technologies (NYSE:UTX) last issued its earnings results on Tuesday, April 24th. The conglomerate reported $1.77 EPS for the quarter, beating the Zacks’ consensus estimate of $1.51 by $0.26. The firm had revenue of $15.24 billion for the quarter, compared to analyst estimates of $14.62 billion. United Technologies had a return on equity of 17.67% and a net margin of 7.28%. United Technologies’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.48 earnings per share. sell-side analysts predict that United Technologies will post 7.11 earnings per share for the current fiscal year.
In other United Technologies news, EVP Elizabeth B. Amato sold 6,557 shares of the company’s stock in a transaction that occurred on Thursday, April 26th. The stock was sold at an average price of $123.86, for a total value of $812,150.02. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Robert J. Bailey sold 419 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $133.73, for a total value of $56,032.87. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,008 shares of company stock worth $1,142,401. Insiders own 0.17% of the company’s stock.
Several large investors have recently made changes to their positions in UTX. Beach Investment Management LLC. purchased a new position in shares of United Technologies during the 2nd quarter valued at approximately $434,000. Bahl & Gaynor Inc. lifted its position in shares of United Technologies 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 buying an additional 43,071 shares in the last quarter. Bruderman Asset Management LLC purchased a new position in shares of United Technologies during the 2nd quarter valued at approximately $706,000. Richard C. Young & CO. LTD. lifted its position in shares of United Technologies 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 buying an additional 3,167 shares in the last quarter. Finally, BlackRock Inc. lifted its position in shares of United Technologies 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 buying an additional 133,036 shares in the last quarter. Hedge funds and other institutional investors own 81.88% of the company’s stock.
About United Technologies
United Technologies Corporation provides technology products and services to building systems and aerospace industries worldwide. Its Otis segment designs, manufactures, sells, and installs passenger and freight elevators, escalators, and moving walkways; and offers modernization products to upgrade elevators and escalators, as well as maintenance and repair services.
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