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Stock Update (NYSE:UTX): United Tech keeps to solo path as Honeywell drops bid

[Reuters] – Aircraft parts maker Honeywell International Inc said Tuesday it scrapped its $90.7 billion offer to buy rival United Technologies Corp, citing the company’s unwillingness to engage in negotiations. The move comes after United Tech rejected Honeywell’s offer last week, saying any synergies from combining the companies would be outweighed by regulatory delays, required divestitures and customer concerns. Read more on this. United Technologies Corporation (UTX) , with a current market cap of $79.27B, opened at $92.09. Looking at today’s trading action, the company’s one day range from $92.07 to $96.62 with its 52-week range being $83.39 to $122.89. UTX shares are currently priced at 14.84x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 42.78x earnings multiple for the same period. And for income investors, the company pays shareholders $2.56 per share annually in dividends, yielding 2.62%. In a review of the consensus earnings estimate this quarter, 18 sell-side analysts are looking at $1.40 per share, which would be $0.18 worse than the year-ago quarter and a $0.06 sequential decrease. In looking at the bigger picture, the full-year EPS estimate of $6.51 would be a $0.22 improvement when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $13.15 Billion. If reported, that would be a 9.56% decrease over the year-ago quarter. In terms of ratings, RBC Capital Mkts upgraded UTX from Sector Perform to Outperform (Mar 1, 2016). Previously, Bernstein downgraded UTX from Outperform to Mkt Perform. When considering if perhaps the stock is under or overvalued, the average price target is $104.67, which is 13.66% above where the stock opened this morning. See more in (NYSE:UTX) Similar Articles: Stock Update: United Technologies Corp (NYSE:UTX) – Honeywell says had offered to buy United Tech for $90.7 billion Stock Update (NYSE:UTX): Honeywell, United Tech held merger talks Market Update: United Technologies Corp (NYSE:UTX) – Lockheed, United Tech to close Sikorsky deal by Friday
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