Investors Buy United Technologies Corp. (UTX) on Weakness
Investors bought shares of United Technologies Corp. (NYSE:UTX) on weakness during trading on Friday. $95.53 million flowed into the stock on the tick-up and $59.25 million flowed out of the stock on the tick-down, for a money net flow of $36.28 million into the stock. Of all companies tracked, United Technologies Corp. had the 9th highest net in-flow for the day. United Technologies Corp. traded down ($0.72) for the day and closed at $105.13
Several equities research analysts have issued reports on the stock. Zacks Investment Research upgraded shares of United Technologies Corp. from a “sell” rating to a “hold” rating in a research note on Friday. Credit Suisse Group AG reissued a “hold” rating on shares of United Technologies Corp. in a research report on Saturday, July 9th. Jefferies Group reissued a “buy” rating on shares of United Technologies Corp. in a research report on Tuesday, July 5th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $108.00 price objective on shares of United Technologies Corp. in a research report on Tuesday, June 14th. Finally, Sterne Agee CRT downgraded shares of United Technologies Corp. from a “buy” rating to a “neutral” rating in a research report on Wednesday, June 1st. Eleven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. United Technologies Corp. has an average rating of “Hold” and an average price target of $108.73.
The company’s 50-day moving average is $102.36 and its 200 day moving average is $97.82. The stock has a market capitalization of $87.98 billion and a P/E ratio of 12.33.
United Technologies Corp. (NYSE:UTX) last announced its 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. During the same quarter in the prior year, the company earned $1.51 EPS. The firm earned $13.36 billion during the quarter, compared to analysts’ expectations of $13.18 billion. The business’s revenue for the quarter was up .3% on a year-over-year basis. On average, equities analysts predict that United Technologies Corp. will post $6.55 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, September 10th. Stockholders of record on Friday, August 19th will be issued a $0.66 dividend. The ex-dividend date is Wednesday, August 17th. This represents a $2.64 annualized dividend and a dividend yield of 2.51%.
In related news, insider David L. Gitlin sold 7,091 shares of the firm’s stock in a transaction dated Thursday, April 28th. The shares were sold at an average price of $104.22, for a total transaction of $739,024.02. Following the completion of the sale, the insider now owns 15,086 shares in the company, valued at $1,572,262.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Elizabeth B. Amato sold 3,696 shares of the firm’s stock in a transaction dated Tuesday, May 10th. The stock was sold at an average price of $102.12, for a total transaction of $377,435.52. Following the sale, the executive vice president now owns 30,756 shares of the company’s stock, valued at approximately $3,140,802.72. The disclosure for this sale can be found here.
A number of hedge funds recently bought and sold shares of the company. 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 during the period. State of Alaska Department of Revenue increased its stake in United Technologies Corp. by 86.4% in the fourth quarter. State of Alaska Department of Revenue now owns 50,180 shares of the company’s stock worth $4,820,000 after buying an additional 23,260 shares during the period. Golub Group LLC increased its stake in United Technologies Corp. by 120.4% in the fourth quarter. Golub Group LLC now owns 227,541 shares of the company’s stock worth $21,860,000 after buying an additional 124,297 shares during the period. BHF Kleinwort Benson Group S.A. bought a new stake in United Technologies Corp. during the fourth quarter worth about $9,161,000. Finally, Meridian Management Co. increased its stake in United Technologies Corp. by 30.4% in the fourth quarter. Meridian Management Co. now owns 42,818 shares of the company’s stock worth $4,114,000 after buying an additional 9,981 shares during the period.
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. Its Otis segment designs, manufactures, sells and installs a range of passenger and freight elevators, as well as a line of escalators and moving walkways.
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