Morgan Stanley Raises United Technologies (UTX) Price Target to $164.00

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United Technologies (NYSE:UTX) had its price objective upped by Morgan Stanley from $155.00 to $164.00 in a research note released on Monday, BenzingaRatingsTable reports. The brokerage currently has an overweight rating on the conglomerate’s stock.

Several other research firms have also recently commented on UTX. Zacks Investment Research raised shares of United Technologies from a sell rating to a hold rating in a research note on Friday, April 26th. Bank of America reissued a buy rating and set a $185.00 price target on shares of United Technologies in a research note on Thursday, January 24th. Goldman Sachs Group raised shares of United Technologies from a buy rating to a conviction-buy rating and set a $153.00 price target on the stock in a research note on Friday, February 1st. Barclays increased their price target on shares of United Technologies from $142.00 to $149.00 and gave the company an overweight rating in a research note on Wednesday, April 24th. Finally, Royal Bank of Canada reissued a sector perform rating and set a $159.00 price target on shares of United Technologies in a research note on Wednesday, April 24th. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. United Technologies presently has an average rating of Buy and an average target price of $148.07.

UTX opened at $135.41 on Monday. United Technologies has a one year low of $100.48 and a one year high of $144.40. The company has a current ratio of 1.13, a quick ratio of 0.79 and a debt-to-equity ratio of 0.98. The company has a market cap of $116.47 billion, a PE ratio of 17.79, a P/E/G ratio of 1.91 and a beta of 1.23.

United Technologies (NYSE:UTX) last released its quarterly earnings results on Tuesday, April 23rd. The conglomerate reported $1.91 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.71 by $0.20. United Technologies had a net margin of 7.64% and a return on equity of 17.02%. The business had revenue of $18.37 billion for the quarter, compared to analysts’ expectations of $18.01 billion. During the same period in the prior year, the firm earned $1.77 earnings per share. United Technologies’s revenue was up 20.5% compared to the same quarter last year. As a group, equities analysts anticipate that United Technologies will post 7.96 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 17th will be paid a $0.735 dividend. The ex-dividend date is Thursday, May 16th. This represents a $2.94 dividend on an annualized basis and a yield of 2.17%. United Technologies’s payout ratio is presently 38.63%.

In other United Technologies news, CEO Robert Kelly Ortberg sold 16,587 shares of the firm’s stock in a transaction that occurred on Thursday, February 28th. The shares were sold at an average price of $126.59, for a total value of $2,099,748.33. Following the transaction, the chief executive officer now directly owns 70,211 shares of the company’s stock, valued at $8,888,010.49. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Robert J. Bailey sold 1,418 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $126.20, for a total transaction of $178,951.60. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of UTX. Vanguard Group Inc raised its holdings in United Technologies by 1.9% in the third quarter. Vanguard Group Inc now owns 59,240,301 shares of the conglomerate’s stock worth $8,282,386,000 after purchasing an additional 1,094,947 shares during the period. Founders Capital Management LLC raised its holdings in United Technologies by 1.3% in the fourth quarter. Founders Capital Management LLC now owns 68,271 shares of the conglomerate’s stock worth $7,269,000 after purchasing an additional 872 shares during the period. CKW Financial Group raised its holdings in United Technologies by 700.0% in the fourth quarter. CKW Financial Group now owns 800 shares of the conglomerate’s stock worth $85,000 after purchasing an additional 700 shares during the period. Granite Investment Advisors LLC raised its holdings in shares of United Technologies by 6.3% during the fourth quarter. Granite Investment Advisors LLC now owns 74,348 shares of the conglomerate’s stock worth $7,917,000 after acquiring an additional 4,413 shares during the period. Finally, Meridian Financial Partners LLC acquired a new stake in shares of United Technologies during the fourth quarter worth $455,000. Institutional investors own 80.53% 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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