Investors Buy United Technologies Corp. (UTX) on Weakness
Traders bought shares of United Technologies Corp. (NYSE:UTX) on weakness during trading hours 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 equities 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 research firms have commented on UTX. Zacks Investment Research raised United Technologies Corp. from a “sell” rating to a “hold” rating in a research note on Thursday, April 28th. Royal Bank Of Canada downgraded United Technologies Corp. from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from $109.00 to $108.00 in a research note on Tuesday, May 3rd. They noted that the move was a valuation call. Goldman Sachs Group Inc. downgraded United Technologies Corp. from a “buy” rating to a “neutral” rating and upped their price objective for the company from $103.00 to $107.00 in a research note on Monday, May 2nd. TheStreet raised United Technologies Corp. from a “hold” rating to a “buy” rating in a research note on Wednesday, April 27th. Finally, Credit Suisse Group AG reiterated a “hold” rating on shares of United Technologies Corp. in a research report on Saturday, July 9th. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $108.64.
The stock’s 50 day moving average price is $102.36 and its 200-day moving average price is $97.82. The company has a market cap of $87.98 billion and a PE ratio of 12.33.
United Technologies Corp. (NYSE:UTX) last issued its earnings results on Wednesday, April 27th. The company reported $1.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.08. The business earned $13.36 billion during the quarter, compared to the consensus estimate of $13.18 billion. The business’s revenue was up .3% on a year-over-year basis. During the same period in the prior year, the business earned $1.51 EPS. On average, equities research analysts forecast that United Technologies Corp. will post $6.55 earnings per share for the current year.
The firm also recently announced 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. The ex-dividend date of this dividend is Wednesday, August 17th. This represents a $2.64 dividend on an annualized basis and a yield of 2.51%.
In other news, VP Charles D. Gill sold 8,958 shares of United Technologies Corp. stock in a transaction that occurred on Wednesday, June 8th. The stock was sold at an average price of $102.04, for a total transaction of $914,074.32. Following the sale, the vice president now owns 55,078 shares of the company’s stock, valued at $5,620,159.12. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Gregory Hayes sold 980 shares of United Technologies Corp. stock in a transaction that occurred on Thursday, May 12th. The shares were sold at an average price of $102.15, for a total value of $100,107.00. Following the sale, the chief executive officer now directly owns 139,398 shares in the company, valued at approximately $14,239,505.70. The disclosure for this sale can be found here.
Several large investors have added to or reduced their stakes in UTX. Vanguard Group Inc. boosted its stake in United Technologies Corp. by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 51,558,180 shares of the company’s stock worth $4,953,194,000 after buying an additional 843,871 shares during the period. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in United Technologies Corp. by 6.9% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 13,627,567 shares of the company’s stock worth $1,309,200,000 after buying an additional 875,809 shares during the period. Agran Libbie boosted its stake in United Technologies Corp. by 9,746.0% in the fourth quarter. Agran Libbie now owns 7,891,669 shares of the company’s stock worth $7,582,000 after buying an additional 7,811,518 shares during the period. Morgan Stanley boosted its stake in United Technologies Corp. by 16.8% in the fourth quarter. Morgan Stanley now owns 7,856,017 shares of the company’s stock worth $754,729,000 after buying an additional 1,129,662 shares during the period. Finally, Eaton Vance Management boosted its stake in United Technologies Corp. by 0.7% in the fourth quarter. Eaton Vance Management now owns 6,227,354 shares of the company’s stock worth $598,262,000 after buying an additional 42,594 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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