United Technologies Corporation (UTX) Receives Buy Rating from Bank of America Corporation

Bank of America Corporation reiterated their buy rating on shares of United Technologies Corporation (NYSE:UTX) in a research report released on Wednesday morning. Bank of America Corporation currently has a $140.00 price objective on the conglomerate’s stock.

A number of other brokerages have also recently commented on UTX. Zacks Investment Research raised shares of United Technologies Corporation from a hold rating to a buy rating and set a $135.00 target price for the company in a report on Tuesday, May 16th. UBS AG upped their target price on shares of United Technologies Corporation to $135.00 and gave the company a buy rating in a report on Monday, July 10th. Jefferies Group LLC reaffirmed a buy rating on shares of United Technologies Corporation in a report on Thursday, July 27th. Cowen and Company reaffirmed a buy rating and issued a $127.00 target price on shares of United Technologies Corporation in a report on Tuesday, September 5th. Finally, Credit Suisse Group reissued a neutral rating on shares of United Technologies Corporation in a report on Friday, September 1st. Sixteen analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $124.48.

United Technologies Corporation (NYSE UTX) opened at 109.55 on Wednesday. United Technologies Corporation has a 1-year low of $97.62 and a 1-year high of $124.79. The firm’s 50 day moving average price is $117.28 and its 200-day moving average price is $117.57. The stock has a market cap of $87.51 billion, a price-to-earnings ratio of 16.69 and a beta of 1.05.

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

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The business also recently announced a quarterly dividend, which will be paid on Sunday, September 10th. Shareholders of record on Friday, August 18th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Wednesday, August 16th. This is a boost from United Technologies Corporation’s previous quarterly dividend of $0.66. This represents a $2.80 dividend on an annualized basis and a yield of 2.56%. United Technologies Corporation’s dividend payout ratio (DPR) is 42.68%.

Hedge funds have recently added to or reduced their stakes in the company. PGGM Investments grew its position in shares of United Technologies Corporation by 52.4% in the second quarter. PGGM Investments now owns 749,206 shares of the conglomerate’s stock valued at $91,486,000 after purchasing an additional 257,582 shares during the last quarter. Huntington National Bank grew its position in shares of United Technologies Corporation by 3.7% in the second quarter. Huntington National Bank now owns 284,531 shares of the conglomerate’s stock valued at $34,744,000 after purchasing an additional 10,025 shares during the last quarter. Private Wealth Advisors Inc. grew its position in shares of United Technologies Corporation by 14.9% in the first quarter. Private Wealth Advisors Inc. now owns 23,551 shares of the conglomerate’s stock valued at $2,643,000 after purchasing an additional 3,051 shares during the last quarter. Smith Moore & CO. grew its position in shares of United Technologies Corporation by 11.7% in the first quarter. Smith Moore & CO. now owns 2,701 shares of the conglomerate’s stock valued at $303,000 after purchasing an additional 282 shares during the last quarter. Finally, Lincoln National Corp grew its position in shares of United Technologies Corporation by 102.1% in the first quarter. Lincoln National Corp now owns 4,961 shares of the conglomerate’s stock valued at $557,000 after purchasing an additional 2,506 shares during the last quarter. Institutional investors and hedge funds own 78.85% of the company’s stock.

About United Technologies Corporation

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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