Zacks Investment Research Lowers United Technologies Corporation (UTX) to Sell
United Technologies Corporation (NYSE:UTX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday.
According to Zacks, “United Technologies is exposed to market price volatility and availability risks related to raw materials, which hamper its ability to meet delivery schedules and increase operating costs. Fluctuations in foreign currency exchange rates affect its net investment in foreign subsidiaries and cause instability in cash flows. The company is also susceptible to high operating risks following the Brexit referendum. Earnings estimate of the company for the current quarter has significantly reduced over the past three months, signifying negative investor perception. At present, United Technologies seems to be facing challenges on most fronts, and it would be prudent for investors to remain on the sidelines for some time. However, the acquisition of Rockwell Collins is expected to offer a bigger clout in the industry and increase its bargaining power as it would emerge as one of the largest global aircraft equipment manufacturers.”
A number of other equities research analysts have also recently weighed in on UTX. Royal Bank Of Canada reiterated a “hold” rating and issued a $126.00 price objective on shares of United Technologies Corporation in a research note on Tuesday, October 10th. BidaskClub cut United Technologies Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Stifel Nicolaus reiterated a “hold” rating and issued a $126.00 price objective on shares of United Technologies Corporation in a research note on Friday, July 7th. Jefferies Group LLC reiterated a “buy” rating on shares of United Technologies Corporation in a research note on Thursday, July 27th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $138.00 price objective (up previously from $132.00) on shares of United Technologies Corporation in a research note on Monday, July 10th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $125.27.
Shares of United Technologies Corporation (NYSE UTX) traded down 0.13% during trading on Monday, reaching $118.56. 145,152 shares of the company traded hands. United Technologies Corporation has a 1-year low of $97.62 and a 1-year high of $124.79. The company has a market capitalization of $94.70 billion, a price-to-earnings ratio of 18.06 and a beta of 1.05. The stock’s 50 day moving average is $115.21 and its 200 day moving average is $118.19.
United Technologies Corporation (NYSE:UTX) last issued its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $1.85 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.78 by $0.07. United Technologies Corporation had a return on equity of 18.07% and a net margin of 9.15%. The company had revenue of $15.28 billion during the quarter, compared to analysts’ expectations of $15.24 billion. During the same quarter in the previous year, the business earned $1.82 earnings per share. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, analysts forecast that United Technologies Corporation will post $6.57 EPS for the current year.
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A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in United Technologies Corporation by 1.6% during the second quarter. Vanguard Group Inc. now owns 54,813,285 shares of the conglomerate’s stock worth $6,693,250,000 after acquiring an additional 848,623 shares during the period. BlackRock Inc. grew its holdings in United Technologies Corporation by 0.3% during the second quarter. BlackRock Inc. now owns 44,095,986 shares of the conglomerate’s stock worth $5,384,561,000 after acquiring an additional 133,036 shares during the period. FMR LLC grew its holdings in United Technologies Corporation by 13.2% during the second quarter. FMR LLC now owns 20,590,579 shares of the conglomerate’s stock worth $2,514,316,000 after acquiring an additional 2,401,795 shares during the period. Capital Research Global Investors grew its holdings in United Technologies Corporation by 3.6% during the second quarter. Capital Research Global Investors now owns 8,779,642 shares of the conglomerate’s stock worth $1,072,082,000 after acquiring an additional 304,989 shares during the period. Finally, Boston Partners grew its holdings in United Technologies Corporation by 3.0% during the first quarter. Boston Partners now owns 5,385,002 shares of the conglomerate’s stock worth $604,251,000 after acquiring an additional 158,696 shares during the period. 78.78% of the stock is currently owned by hedge funds and other institutional investors.
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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