Shares of United Technologies Corporation (NYSE:UTX) dropped 5.7% on Tuesday . The stock traded as low as $111.13 and last traded at $111.21. Approximately 14,212,638 shares were traded during trading, an increase of 416% from the average daily volume of 2,753,480 shares. The stock had previously closed at $117.92.

UTX has been the topic of several research reports. Zacks Investment Research upgraded shares of United Technologies Corporation from a “hold” rating to a “buy” rating and set a $135.00 price objective on the stock in a research report on Tuesday, May 16th. UBS AG lifted their target price on shares of United Technologies Corporation to $135.00 and gave the stock a “buy” rating in a research report on Monday, July 10th. Jefferies Group LLC reiterated a “buy” rating on shares of United Technologies Corporation in a research report on Thursday, July 27th. Cowen and Company reiterated a “buy” rating and issued a $127.00 target price on shares of United Technologies Corporation in a research report on Tuesday. Finally, Credit Suisse Group reiterated a “neutral” rating on shares of United Technologies Corporation in a research report on Friday, September 1st. Sixteen investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. United Technologies Corporation currently has a consensus rating of “Hold” and a consensus price target of $124.48.

The firm’s 50-day moving average is $118.02 and its 200-day moving average is $117.68. The company has a market capitalization of $87.55 billion, a PE ratio of 16.70 and a beta of 1.05. United Technologies Corporation also was the recipient of some unusual options trading activity on Tuesday. Investors acquired 10,614 put options on the stock. This is an increase of approximately 563% compared to the typical daily volume of 1,600 put options.

United Technologies Corporation (NYSE:UTX) last announced its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.07. The firm had revenue of $15.28 billion for the quarter, compared to analysts’ expectations of $15.24 billion. United Technologies Corporation had a net margin of 9.15% and a return on equity of 18.07%. The company’s revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.82 EPS. Equities analysts anticipate that United Technologies Corporation will post $6.58 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, September 10th. Investors of record on Friday, August 18th will be issued a $0.70 dividend. This is a positive change from United Technologies Corporation’s previous quarterly dividend of $0.66. This represents a $2.80 annualized dividend and a yield of 2.55%. The ex-dividend date is Wednesday, August 16th. United Technologies Corporation’s payout ratio is 42.68%.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Alexandria Capital LLC raised its holdings in United Technologies Corporation by 0.3% in the 2nd quarter. Alexandria Capital LLC now owns 1,078 shares of the conglomerate’s stock valued at $132,000 after buying an additional 3 shares during the period. Rowland & Co. Investment Counsel ADV raised its holdings in United Technologies Corporation by 0.3% in the 2nd quarter. Rowland & Co. Investment Counsel ADV now owns 1,167 shares of the conglomerate’s stock valued at $143,000 after buying an additional 3 shares during the period. TCI Wealth Advisors Inc. raised its holdings in United Technologies Corporation by 0.3% in the 1st quarter. TCI Wealth Advisors Inc. now owns 2,501 shares of the conglomerate’s stock valued at $281,000 after buying an additional 7 shares during the period. Jackson Grant Investment Advisers Inc. raised its holdings in United Technologies Corporation by 0.4% in the 2nd quarter. Jackson Grant Investment Advisers Inc. now owns 1,788 shares of the conglomerate’s stock valued at $218,000 after buying an additional 8 shares during the period. Finally, First Command Financial Services Inc. raised its holdings in United Technologies Corporation by 0.3% in the 1st quarter. First Command Financial Services Inc. now owns 3,573 shares of the conglomerate’s stock valued at $401,000 after buying an additional 11 shares during the period. Hedge funds and other institutional investors own 78.85% of the company’s stock.

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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.

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