United Technologies Corp. (UTX) Shares Gap Up to $101.97
United Technologies Corp. (NYSE:UTX)’s share price gapped up before the market opened on Friday . The stock had previously closed at $101.54, but opened at $101.97. United Technologies Corp. shares last traded at $103.34, with a volume of 1,715,166 shares traded.
UTX has been the topic of a number of recent analyst reports. Deutsche Bank AG reissued a “hold” rating and set a $102.00 price target on shares of United Technologies Corp. in a research report on Sunday, March 13th. Jefferies Group boosted their price target on United Technologies Corp. from $120.00 to $132.00 and gave the stock a “buy” rating in a research report on Monday, March 28th. Royal Bank Of Canada boosted their price target on United Technologies Corp. from $129.00 to $132.00 and gave the stock an “outperform” rating in a research report on Monday, March 28th. Zacks Investment Research downgraded United Technologies Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, April 5th. Finally, TheStreet upgraded United Technologies Corp. from a “hold” rating to a “buy” rating in a report on Wednesday, April 27th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $110.31.
The stock has a 50-day moving average of $100.93 and a 200 day moving average of $97.19. The company has a market capitalization of $86.75 billion and a P/E ratio of 12.15.
United Technologies Corp. (NYSE:UTX) last announced its quarterly earnings results on Wednesday, April 27th. The company reported $1.47 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.39 by $0.08. The firm earned $13.36 billion during the quarter, compared to the consensus estimate of $13.18 billion. The firm’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the business earned $1.51 earnings per share. Analysts predict that United Technologies Corp. will post $6.55 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, September 10th. Shareholders of record on Friday, August 19th will be issued a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 2.55%. The ex-dividend date is Wednesday, August 17th.
In other United Technologies Corp. news, insider David L. Gitlin sold 7,091 shares of the firm’s stock in a transaction on Thursday, April 28th. The shares were sold at an average price of $104.22, for a total value of $739,024.02. Following the completion of the transaction, the insider now directly owns 15,086 shares of the company’s stock, valued at approximately $1,572,262.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Charles D. Gill sold 8,958 shares of the firm’s stock in a transaction on Wednesday, June 8th. The shares were sold at an average price of $102.04, for a total transaction of $914,074.32. Following the completion of the transaction, the vice president now directly owns 55,078 shares of the company’s stock, valued at $5,620,159.12. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have recently made changes to their positions in the stock. World Asset Management Inc increased its position in shares of United Technologies Corp. by 2.0% in the fourth quarter. World Asset Management Inc now owns 91,077 shares of the company’s stock valued at $8,750,000 after buying an additional 1,795 shares during the last quarter. Trust Co. of Vermont increased its stake in United Technologies Corp. by 1.9% in the fourth quarter. Trust Co. of Vermont now owns 110,153 shares of the company’s stock worth $10,582,000 after buying an additional 2,007 shares in the last quarter. Nichols & Pratt Advisers LLP MA increased its stake in United Technologies Corp. by 0.5% in the fourth quarter. Nichols & Pratt Advisers LLP MA now owns 231,606 shares of the company’s stock worth $22,250,000 after buying an additional 1,135 shares in the last quarter. Korea Investment CORP increased its stake in United Technologies Corp. by 11.4% in the fourth quarter. Korea Investment CORP now owns 462,343 shares of the company’s stock worth $44,417,000 after buying an additional 47,400 shares in the last quarter. Finally, Neuberger Berman Group LLC increased its stake in United Technologies Corp. by 17.9% in the fourth quarter. Neuberger Berman Group LLC now owns 244,997 shares of the company’s stock worth $23,537,000 after buying an additional 37,241 shares in the last quarter.
United Technologies Corporation (UTC) provides high technology products and services to the building systems and aerospace industries across the world. The Company operates through five segments: Otis; UTC Climate, Controls & Security; Pratt & Whitney; and UTC Aerospace Systems. Otis designs, manufactures, sells and installs a range of passenger and freight elevators for low-, medium- and high-speed applications, as well as a line of escalators and moving walkways.
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