United Technologies Hits 52-Week High On Solid Growth Trends

By Zacks Investment ResearchStock MarketsDec 17, 2017 08:57PM ET

www.investing.com/analysis/united-technologies-hits-52week-high-on-solid-growth-trends-200274019

United Technologies Hits 52-Week High On Solid Growth Trends

By Zacks Investment Research | Dec 17, 2017 08:57PM ET

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Shares of industrial goods manufacturer United Technologies Corporation (NYSE:UTX) scaled a new 52-week high of $126.44 during Friday’s trading session, before closing a tad lower at $126.17 for a healthy year-to-date return of 16.5%. Barring minor hiccups, United Technologies’ share price has steadily been on an uptrend since mid-September.

Despite its strong price appreciation, this Zacks Rank #3 (Hold) stock has the potential to continue its upward trend with long-term earnings growth expectation of 8.4%.

Growth Drivers

United Technologies serves various end markets such as aerospace, defense and commercial construction, that move according to their own cycles. This business mix and diversification allow the company to remain profitable even during tough economic times.

In addition, United Technologies has a strong aftermarket business. The company not only manufactures and sells primary products such as elevators, aircraft engines and helicopters but also sells spare parts and offers related services to keep those primary products running.

The company’s aftermarket services business is relatively stable compared to new product delivery. It further helps offset the negative impact of downturns in the new products market. With a diligent execution of operational plans, the company has outperformed the industry with an average year-to-date return of 15.1% against a decline of 4% for the latter.

United Technologies has also revamped its aerospace unit. This included an overhaul of its organizational structure in the aerospace business along with some key changes in the leadership positions within it. United Technologies anticipates that the streamlined organizational setup would enable it to better serve its customers. In addition, the company expects that the strategic moves will further ensure a successful entry and production ramp-up of its Geared Turbofan engines to thwart intense competition from other players in the market.

Incorporating its improved expectations for organic sales growth in the near future, management has raised its guidance for 2017. Adjusted earnings are currently anticipated to lie within the $6.58-$6.63 per share range compared with the previously estimated range of $6.45-$6.60. Additionally, the company raised its revenue guidance for 2017 from the previous projection of $58.5-$59.5 billion to $59-$59.5 billion (estimating an organic growth of 3-4% year over year). Despite a challenging macroeconomic environment and continued investments in the aerospace segment, the company expects to generate significant cash from operations to reward the shareholders with a risk-adjusted return through share repurchases and dividends. This represents improving business conditions and strong operating fundamentals of the company.

All these measures for a healthy near-term growth probably raised investor confidence and drove the shares to a 52-week high.

Stocks to Consider

Some better-ranked stocks in the industry are Danaher Corp. (NYSE:DHR) , 3M Company (NYSE:MMM) and Leucadia National Corp. (NYSE:LUK) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Danaher has a long-term earnings growth expectation of 10.6%. It surpassed estimates in each of the trailing four quarters with an average positive surprise of 2.6%.

3M has a long-term earnings growth expectation of 10.2%. It delivered earnings beat thrice in the trailing four quarters with an average positive surprise of 2.5%.

Leucadia has an expected long-term earnings growth rate of 18%. It exceeded estimates thrice in the last four quarters with an average beat of 21.2%.

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3M Company (MMM): Free Stock Analysis Report

Danaher Corporation (DHR): Free Stock Analysis Report

United Technologies Corporation (UTX): Free Stock Analysis Report

Leucadia National Corporation (LUK): Free Stock Analysis Report

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United Technologies Hits 52-Week High On Solid Growth Trends

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