Mackay Shields LLC lessened its holdings in United Technologies Co. (NYSE:UTX) by 4.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 185,043 shares of the conglomerate’s stock after selling 9,156 shares during the quarter. Mackay Shields LLC’s holdings in United Technologies were worth $23,136,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Morningstar Investment Services LLC lifted its stake in shares of United Technologies by 6.3% in the first quarter. Morningstar Investment Services LLC now owns 261,808 shares of the conglomerate’s stock worth $32,941,000 after buying an additional 15,624 shares in the last quarter. Grassi Investment Management bought a new position in shares of United Technologies in the second quarter worth approximately $7,044,000. North Star Investment Management Corp. bought a new position in shares of United Technologies in the second quarter worth approximately $515,000. Parsec Financial Management Inc. lifted its stake in shares of United Technologies by 1.5% in the second quarter. Parsec Financial Management Inc. now owns 133,346 shares of the conglomerate’s stock worth $16,672,000 after buying an additional 1,906 shares in the last quarter. Finally, Sumitomo Life Insurance Co. lifted its stake in shares of United Technologies by 4.2% in the second quarter. Sumitomo Life Insurance Co. now owns 25,395 shares of the conglomerate’s stock worth $3,175,000 after buying an additional 1,025 shares in the last quarter. Institutional investors and hedge funds own 82.01% of the company’s stock.
In other United Technologies news, CFO Akhil Johri sold 3,428 shares of the company’s stock in a transaction that occurred on Thursday, July 26th. The shares were sold at an average price of $135.82, for a total transaction of $465,590.96. Following the completion of the sale, the chief financial officer now directly owns 43,403 shares of the company’s stock, valued at $5,894,995.46. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Robert J. Bailey sold 828 shares of the company’s stock in a transaction that occurred on Tuesday, July 31st. The shares were sold at an average price of $134.75, for a total transaction of $111,573.00. Following the sale, the vice president now directly owns 2,000 shares of the company’s stock, valued at $269,500. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,511 shares of company stock worth $2,521,974. 0.17% of the stock is owned by insiders.
Several research analysts have recently issued reports on UTX shares. Zacks Investment Research downgraded shares of United Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, July 31st. Daiwa Capital Markets upgraded shares of United Technologies from a “hold” rating to an “outperform” rating in a research note on Tuesday, May 8th. Cowen reiterated a “hold” rating and issued a $141.00 target price on shares of United Technologies in a research note on Tuesday, April 24th. Jefferies Financial Group set a $157.00 target price on shares of United Technologies and gave the stock a “buy” rating in a research note on Tuesday, July 10th. Finally, ValuEngine downgraded shares of United Technologies from a “buy” rating to a “hold” rating in a research note on Monday, August 6th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. United Technologies has an average rating of “Buy” and an average target price of $142.17.
Shares of United Technologies stock opened at $135.98 on Wednesday. The company has a market cap of $107.56 billion, a P/E ratio of 19.02, a P/E/G ratio of 2.04 and a beta of 1.05. United Technologies Co. has a twelve month low of $109.10 and a twelve month high of $139.24. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.10 and a current ratio of 1.46.
United Technologies (NYSE:UTX) last issued its quarterly earnings data on Tuesday, July 24th. The conglomerate reported $1.97 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.85 by $0.12. The company had revenue of $16.71 billion for the quarter, compared to the consensus estimate of $16.26 billion. United Technologies had a net margin of 8.09% and a return on equity of 17.53%. The firm’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.85 earnings per share. research analysts anticipate that United Technologies Co. will post 7.22 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 10th. Investors of record on Friday, August 17th will be given a dividend of $0.70 per share. The ex-dividend date is Thursday, August 16th. This represents a $2.80 dividend on an annualized basis and a yield of 2.06%. United Technologies’s dividend payout ratio (DPR) is 42.11%.
United Technologies Company Profile
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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