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Shares of United Technologies Corp. (UTX - Analyst Report) scaled a new 52-week high of $120.49 on April 4, 2014, before closing the trading session a little lower at $118.18. This translated to a healthy year-over-year return of 26.1%.

This Zacks Rank #3 (Hold) stock has witnessed a roller-coaster ride since the beginning of the year and is currently trading at a forward P/E of 17.3x.  With long-term growth expectations of 11.1%, United Technologies expects organic growth and order volume to continue to accelerate in 2014 and beyond.

Growth Drivers

United Technologies is flourishing on lucrative contracts for jet engine replacements and fresh demand for helicopters in the public services sector.  It is investing heavily in technological innovation to come up with new products to fend competition.

While Sikorsky, a unit of United Technologies, is Pentagon’s leading helicopter supplier, Pratt & Whitney is a dominant player in the worldwide helicopter market and is recognized for outstanding reliability, durability and exceptional operating economics.

Furthermore, United Technologies serves various end-markets such as aerospace, defense and commercial construction, which move according to their own cycles. This business mix and diversification allow the company to remain profitable even during tough economic times, delivering consistent earnings and dividend growth. The company has an experienced management team that is likely to capitalize on the continued global economic recovery and deliver sustainable earnings growth in 2014.

United Technologies also has a strong balance sheet with adequate liquidity to fuel its growth engine. The company generates strong free cash flow. The cash flow allows management to invest in product innovations, acquisitions and business development. The company continues to invest in innovative new products delivering value to its customers and securing orders that are likely to drive top-line growth in the future.

Other Stocks to Consider

Stocks in the industry that are worth reckoning include CLARCOR Inc. (CLC - Snapshot Report), Crane Co. (CR - Snapshot Report) and 3M Company (MMM - Analyst Report), each carrying a Zacks Rank #2 (Buy).

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