United Technologies (UTX) Shares Gap Up After Earnings Beat
United Technologies Co. (NYSE:UTX) gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $133.93, but opened at $136.91. United Technologies shares last traded at $140.02, with a volume of 5677032 shares.
The conglomerate reported $1.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.20. The company had revenue of $18.37 billion for the quarter, compared to the consensus estimate of $18.01 billion. United Technologies had a return on equity of 17.53% and a net margin of 7.92%. United Technologies’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.77 earnings per share.
Several research firms have recently weighed in on UTX. Citigroup restated a “neutral” rating and issued a $120.00 target price (down previously from $125.00) on shares of United Technologies in a research report on Thursday, January 3rd. Royal Bank of Canada downgraded United Technologies from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $139.00 to $119.00 in a research report on Thursday, January 3rd. Barclays decreased their target price on United Technologies from $145.00 to $140.00 and set an “overweight” rating on the stock in a research report on Friday, January 11th. OTR Global downgraded United Technologies to a “positive” rating in a research report on Friday, January 18th. Finally, Goldman Sachs Group restated a “buy” rating and issued a $149.00 target price on shares of United Technologies in a research report on Wednesday, January 23rd. Six investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $144.00.
A number of hedge funds have recently bought and sold shares of UTX. WESPAC Advisors SoCal LLC acquired a new stake in United Technologies during the fourth quarter worth $26,000. Guidant Wealth Advisors grew its stake in shares of United Technologies by 64.9% in the fourth quarter. Guidant Wealth Advisors now owns 254 shares of the conglomerate’s stock valued at $27,000 after buying an additional 100 shares in the last quarter. Braun Bostich & Associates Inc. grew its stake in shares of United Technologies by 73.0% in the fourth quarter. Braun Bostich & Associates Inc. now owns 365 shares of the conglomerate’s stock valued at $39,000 after buying an additional 154 shares in the last quarter. Massey Quick Simon & CO. LLC acquired a new stake in shares of United Technologies in the first quarter valued at $47,000. Finally, Sageworth Trust Co acquired a new stake in shares of United Technologies in the first quarter valued at $50,000. 80.84% of the stock is owned by institutional investors.
The company has a quick ratio of 0.81, a current ratio of 1.13 and a debt-to-equity ratio of 1.01. The company has a market cap of $118.14 billion, a price-to-earnings ratio of 18.40, a price-to-earnings-growth ratio of 1.97 and a beta of 1.20.
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About United Technologies (NYSE:UTX)
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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