United Technologies Corp. (NYSE: UTX) shares rose in value Monday Dec 19 with slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, the Dow Jones Industrial Average DJIA, +0.22% was trading up 37 points, or 0.2%, at 19,879, inching up to break the psychologically important 20,000 level.
The S&P 500 index SPX, +0.20% was up 6 points, or 0.3% at 2,264, with nine of the 11 main sectors trading higher.
The Nasdaq Composite Index COMP, +0.32% added 18 points, or 0.3% to 5,455.
Analysts at Credit Suisse Group AG upgraded shares of United Technologies Corp. (NYSE: UTX) from to Outperform today. With a rating of Outperform on the stock, the company has a 52-week high of $111.69. A number of other analysts have commented on the stock recently, and the company has secured a consensus one-year price target of $113.89, above the opening price of $109.50. Usually, after analysts publish an upgrade report on a stock, they will later issue other revisions, usually followed by a price target change.
United Technologies Corp. (NYSE: UTX) shares last traded at $110.33, which represents a spike of $1.81 or 1.67% over the previous closing price. Opening at $109.50, they fluctuated from $108.88 and $110.50 throughout the day.
United Technologies Corp. (NYSE: UTX) now has a market cap of 90.85B.
United Technologies Corp. (NYSE: UTX) Average Daily Trading Volume
746,546 shares traded hands yesterday, below the average, out of a total float 764,400,000. Investors often use upticks in trading volume to determine large volume growth or circulation by institutional investors, so trading volume is likely to increase in the next few days.
However, one day of heavy buy side trading is not enough to determine a trend. As such, market traders will continue to look for institutional sponsorship as a cue that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors have teams of analysts researching thousands of stocks. Thus, watching their interests is a good way to make sure you are buying the right stocks.
United Technologies Corp. (NYSE: UTX) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
Traders are able to make make more impactful decisions on trades when they track the activity of professional investors.
Trades for United Technologies Corp. (NYSE: UTX) have ranged from $83.39 – 111.69, and the stock now has a 50-day MA of $106.71 and 200-day MA of $104.30. Today’s last price is 1.21%% under the 52 week high of $111.69.
Earnings growth is a critical factor to research when buying stocks and investors identify companies that have raised their earnings at least 25% or more for the past 3 years.
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