United Technologies Corporation (UTX) Given Buy Rating at Bank of America Corporation

Bank of America Corporation reaffirmed their buy rating on shares of United Technologies Corporation (NYSE:UTX) in a research note released on Wednesday, September 6th. The brokerage currently has a $140.00 price target on the conglomerate’s stock.

Several other research firms have also weighed in on UTX. Zacks Investment Research lowered United Technologies Corporation from a buy rating to a hold rating in a report on Thursday, July 13th. Cowen and Company reiterated a buy rating and set a $127.00 target price on shares of United Technologies Corporation in a report on Tuesday, July 25th. BidaskClub lowered United Technologies Corporation from a buy rating to a hold rating in a report on Wednesday, July 19th. Morgan Stanley reiterated an overweight rating and set a $138.00 target price (up from $132.00) on shares of United Technologies Corporation in a report on Monday, July 10th. Finally, Royal Bank Of Canada reiterated a hold rating and set a $125.00 target price on shares of United Technologies Corporation in a report on Friday, July 7th. Sixteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $124.48.

Shares of United Technologies Corporation (UTX) opened at 113.08 on Wednesday. The stock has a market capitalization of $90.33 billion, a P/E ratio of 17.22 and a beta of 1.05. The stock’s 50 day moving average price is $115.87 and its 200 day moving average price is $117.52. United Technologies Corporation has a one year low of $97.62 and a one year high of $124.79.

United Technologies Corporation (NYSE:UTX) last released its earnings results on Tuesday, July 25th. The conglomerate reported $1.85 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.78 by $0.07. The company had revenue of $15.28 billion during the quarter, compared to analysts’ expectations of $15.24 billion. United Technologies Corporation had a return on equity of 18.07% and a net margin of 9.15%. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period last year, the firm earned $1.82 EPS. On average, analysts forecast that United Technologies Corporation will post $6.57 EPS for the current year.

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Hedge funds and other institutional investors have recently made changes to their positions in the business. Tortoise Investment Management LLC increased its position in United Technologies Corporation by 5.3% during the second quarter. Tortoise Investment Management LLC now owns 962 shares of the conglomerate’s stock worth $117,000 after buying an additional 48 shares during the last quarter. Seven Bridges Advisors LLC acquired a new position in United Technologies Corporation during the second quarter worth approximately $120,000. Riggs Asset Managment Co. Inc. increased its position in United Technologies Corporation by 14.3% during the first quarter. Riggs Asset Managment Co. Inc. now owns 999 shares of the conglomerate’s stock worth $112,000 after buying an additional 125 shares during the last quarter. Winfield Associates Inc. increased its position in United Technologies Corporation by 2.9% during the second quarter. Winfield Associates Inc. now owns 1,029 shares of the conglomerate’s stock worth $126,000 after buying an additional 29 shares during the last quarter. Finally, Shine Investment Advisory Services Inc. acquired a new position in United Technologies Corporation during the second quarter worth approximately $131,000. 78.85% of the stock is currently 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.

Analyst Recommendations for United Technologies Corporation (NYSE:UTX)

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