United Technologies Corporation (NYSE:UTX) Issues FY17 Earnings Guidance

United Technologies Corporation (NYSE:UTX) issued an update on its FY17 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $6.45-6.60 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $6.58. The company issued revenue guidance of $58.5-59.5 billion, compared to the consensus revenue estimate of $59.36 billion.

United Technologies Corporation (NYSE UTX) traded up 0.17% during mid-day trading on Wednesday, hitting $110.05. The stock had a trading volume of 950,784 shares. United Technologies Corporation has a one year low of $97.62 and a one year high of $124.79. The firm’s 50-day moving average price is $116.88 and its 200 day moving average price is $117.62. The company has a market cap of $87.90 billion, a PE ratio of 16.76 and a beta of 1.05.

United Technologies Corporation (NYSE:UTX) last announced its earnings results on Tuesday, July 25th. The conglomerate reported $1.85 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.78 by $0.07. The business had revenue of $15.28 billion during the quarter, compared to the consensus estimate of $15.24 billion. United Technologies Corporation had a return on equity of 18.07% and a net margin of 9.15%. The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.82 EPS. On average, equities research analysts anticipate that United Technologies Corporation will post $6.57 EPS for the current year.

UTX has been the subject of several research analyst reports. Vertical Research downgraded United Technologies Corporation from a buy rating to a hold rating and set a $125.00 target price for the company. in a research note on Tuesday, September 5th. Bank of America Corporation reaffirmed a buy rating and set a $140.00 target price on shares of United Technologies Corporation in a research note on Wednesday, September 6th. Deutsche Bank AG reduced their target price on United Technologies Corporation from $125.00 to $120.00 and set a hold rating for the company in a research note on Wednesday, September 6th. Zacks Investment Research downgraded United Technologies Corporation from a buy rating to a hold rating in a research note on Tuesday, June 20th. Finally, Cowen and Company downgraded United Technologies Corporation from an outperform rating to a market perform rating and reduced their price objective for the company from $127.00 to $120.00 in a research note on Wednesday, September 6th. Sixteen investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of Hold and an average price target of $124.48.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Beach Investment Management LLC. purchased a new position in United Technologies Corporation during the 2nd quarter valued at about $434,000. Bahl & Gaynor Inc. boosted its holdings in United Technologies Corporation by 7.5% during the 2nd quarter. Bahl & Gaynor Inc. now owns 614,945 shares of the conglomerate’s stock valued at $67,411,000 after acquiring an additional 43,071 shares during the period. Bruderman Asset Management LLC purchased a new position in United Technologies Corporation during the 2nd quarter valued at about $706,000. Richard C. Young & CO. LTD. boosted its holdings in United Technologies Corporation by 41.0% during the 2nd quarter. Richard C. Young & CO. LTD. now owns 10,898 shares of the conglomerate’s stock valued at $1,331,000 after acquiring an additional 3,167 shares during the period. Finally, BlackRock Inc. boosted its holdings in United Technologies Corporation by 0.3% during the 2nd quarter. BlackRock Inc. now owns 44,095,986 shares of the conglomerate’s stock valued at $5,384,561,000 after acquiring an additional 133,036 shares during the period. Institutional investors and hedge funds own 78.85% of the company’s stock.

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.

Earnings History and Estimates for United Technologies Corporation (NYSE:UTX)

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