Citigroup Inc. Downgrades United Technologies Corp. (UTX) to Neutral
United Technologies Corp. (NYSE:UTX) was downgraded by stock analysts at Citigroup Inc. from a “buy” rating to a “neutral” rating in a research note issued to investors on Monday, The Fly reports.
A number of other equities research analysts have also recently commented on the stock. Robert W. Baird began coverage on shares of United Technologies Corp. in a research report on Wednesday, October 5th. They issued a “neutral” rating and a $110.00 target price for the company. Credit Suisse Group AG restated a “hold” rating and set a $109.00 price objective on shares of United Technologies Corp. in a research report on Friday, September 30th. Zacks Investment Research cut shares of United Technologies Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, September 27th. JPMorgan Chase & Co. restated a “neutral” rating on shares of United Technologies Corp. in a research report on Monday, September 26th. Finally, Deutsche Bank AG restated a “hold” rating and set a $107.00 price objective on shares of United Technologies Corp. in a research report on Friday, September 23rd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $110.67.
Shares of United Technologies Corp. (NYSE:UTX) opened at 100.58 on Monday. The stock has a 50 day moving average of $104.05 and a 200 day moving average of $103.26. The company has a market cap of $84.18 billion, a price-to-earnings ratio of 11.86 and a beta of 1.11. United Technologies Corp. has a 12-month low of $83.39 and a 12-month high of $109.83.
United Technologies Corp. (NYSE:UTX) last issued its earnings results on Tuesday, July 26th. The company reported $1.82 EPS for the quarter, beating the Zacks’ consensus estimate of $1.68 by $0.14. The business earned $14.90 billion during the quarter, compared to analysts’ expectations of $14.67 billion. United Technologies Corp. had a net margin of 12.79% and a return on equity of 18.14%. The company’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.81 earnings per share. Analysts forecast that United Technologies Corp. will post $6.58 earnings per share for the current year.
In other United Technologies Corp. news, VP Charles D. Gill sold 7,144 shares of the firm’s stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $108.05, for a total transaction of $771,909.20. Following the sale, the vice president now owns 55,278 shares of the company’s stock, valued at $5,972,787.90. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Charles D. Gill sold 6,202 shares of the firm’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $109.00, for a total transaction of $676,018.00. Following the sale, the vice president now directly owns 51,778 shares in the company, valued at approximately $5,643,802. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Boston Partners boosted its stake in United Technologies Corp. by 182.4% in the second quarter. Boston Partners now owns 4,192,600 shares of the company’s stock worth $429,951,000 after buying an additional 2,707,944 shares during the last quarter. Vanguard Group Inc. boosted its stake in United Technologies Corp. by 4.1% in the second quarter. Vanguard Group Inc. now owns 51,710,590 shares of the company’s stock worth $5,302,921,000 after buying an additional 2,049,777 shares during the last quarter. Emerald Acquisition Ltd. bought a new stake in United Technologies Corp. during the second quarter worth $178,242,000. Alliancebernstein L.P. boosted its stake in United Technologies Corp. by 24.3% in the second quarter. Alliancebernstein L.P. now owns 8,627,389 shares of the company’s stock worth $884,739,000 after buying an additional 1,688,688 shares during the last quarter. Finally, Bank of Montreal Can bought a new stake in United Technologies Corp. during the second quarter worth $100,023,000. 80.18% of the stock is currently owned by institutional investors.
About United Technologies Corp.
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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