Zacks: Brokerages Anticipate United Technologies Co. (UTX) Will Post Quarterly Sales of $16.15 Billion

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Wall Street analysts forecast that United Technologies Co. (NYSE:UTX) will announce sales of $16.15 billion for the current quarter, Zacks reports. Five analysts have issued estimates for United Technologies’ earnings, with the highest sales estimate coming in at $16.33 billion and the lowest estimate coming in at $15.77 billion. United Technologies reported sales of $15.06 billion in the same quarter last year, which indicates a positive year over year growth rate of 7.2%. The company is expected to issue its next earnings results on Tuesday, October 23rd.

On average, analysts expect that United Technologies will report full-year sales of $65.32 billion for the current fiscal year, with estimates ranging from $63.79 billion to $69.33 billion. For the next fiscal year, analysts anticipate that the business will post sales of $68.94 billion per share, with estimates ranging from $66.80 billion to $77.00 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for United Technologies.

United Technologies (NYSE:UTX) last posted its quarterly earnings data on Tuesday, July 24th. The conglomerate reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.12. United Technologies had a return on equity of 17.53% and a net margin of 8.09%. The firm had revenue of $16.71 billion for the quarter, compared to the consensus estimate of $16.26 billion. During the same quarter in the prior year, the business earned $1.85 EPS. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year.

Several research firms have issued reports on UTX. ValuEngine downgraded United Technologies from a “buy” rating to a “hold” rating in a report on Monday, August 6th. Zacks Investment Research downgraded United Technologies from a “buy” rating to a “hold” rating in a report on Tuesday, July 31st. Jefferies Financial Group set a $157.00 price objective on United Technologies and gave the stock a “buy” rating in a report on Tuesday, July 10th. Wolfe Research initiated coverage on shares of United Technologies in a research report on Wednesday, June 27th. They set an “outperform” rating for the company. Finally, Morgan Stanley initiated coverage on shares of United Technologies in a research report on Friday, June 15th. They set an “overweight” rating and a $160.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. United Technologies has a consensus rating of “Buy” and an average price target of $142.17.

United Technologies opened at $133.10 on Monday, MarketBeat reports. United Technologies has a 52-week low of $109.10 and a 52-week high of $139.24. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.10 and a current ratio of 1.46. The firm has a market cap of $107.40 billion, a price-to-earnings ratio of 20.02, a PEG ratio of 2.04 and a beta of 1.05.

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 10th. Shareholders of record on Friday, August 17th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Thursday, August 16th. United Technologies’s payout ratio is 42.11%.

In related news, CFO Akhil Johri sold 6,259 shares of the company’s stock in a transaction on Tuesday, May 22nd. The shares were sold at an average price of $128.30, for a total value of $803,029.70. Following the completion of the sale, the chief financial officer now owns 47,088 shares in the company, valued at approximately $6,041,390.40. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Charles D. Gill sold 9,700 shares of the company’s stock in a transaction on Tuesday, May 22nd. The shares were sold at an average price of $128.47, for a total transaction of $1,246,159.00. Following the completion of the sale, the vice president now owns 25,029 shares of the company’s stock, valued at approximately $3,215,475.63. The disclosure for this sale can be found here. Insiders have sold a total of 34,470 shares of company stock valued at $4,571,162 in the last quarter. Corporate insiders own 0.17% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in shares of United Technologies by 0.9% in the 1st quarter. BlackRock Inc. now owns 47,285,799 shares of the conglomerate’s stock valued at $5,949,501,000 after buying an additional 435,497 shares in the last quarter. FMR LLC boosted its stake in United Technologies by 2.7% in the 2nd quarter. FMR LLC now owns 26,461,071 shares of the conglomerate’s stock worth $3,308,428,000 after purchasing an additional 707,417 shares during the period. Geode Capital Management LLC boosted its stake in United Technologies by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 7,665,846 shares of the conglomerate’s stock worth $975,815,000 after purchasing an additional 139,345 shares during the period. Third Point LLC boosted its stake in United Technologies by 7.0% in the 2nd quarter. Third Point LLC now owns 7,600,000 shares of the conglomerate’s stock worth $950,228,000 after purchasing an additional 500,000 shares during the period. Finally, Boston Partners boosted its stake in United Technologies by 25.0% in the 2nd quarter. Boston Partners now owns 6,752,295 shares of the conglomerate’s stock worth $844,240,000 after purchasing an additional 1,349,539 shares during the period. Institutional investors and hedge funds own 81.76% of the company’s stock.

About United Technologies

United Technologies Corporation provides technology products and services to building systems and aerospace industries worldwide. Its Otis segment designs, manufactures, sells, and installs passenger and freight elevators, escalators, and moving walkways; and offers modernization products to upgrade elevators and escalators, as well as maintenance and repair services.

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