Pinnacle Financial Partners Inc. grew its holdings in shares of United Technologies Co. (NYSE:UTX) by 2.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 38,027 shares of the conglomerate’s stock after purchasing an additional 837 shares during the period. Pinnacle Financial Partners Inc.’s holdings in United Technologies were worth $5,317,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Credit Agricole S A raised its stake in United Technologies by 101.4% during the 2nd quarter. Credit Agricole S A now owns 866 shares of the conglomerate’s stock valued at $109,000 after buying an additional 436 shares during the last quarter. Jolley Asset Management LLC purchased a new stake in United Technologies during the 2nd quarter valued at $114,000. Fort L.P. purchased a new stake in United Technologies during the 2nd quarter valued at $120,000. WP Advisors LLC purchased a new stake in United Technologies during the 2nd quarter valued at $126,000. Finally, Kiley Juergens Wealth Management LLC purchased a new stake in United Technologies during the 2nd quarter valued at $127,000. Hedge funds and other institutional investors own 81.64% of the company’s stock.
Shares of UTX stock opened at $127.25 on Tuesday. United Technologies Co. has a 1 year low of $115.40 and a 1 year high of $144.15. The company has a quick ratio of 1.17, a current ratio of 1.52 and a debt-to-equity ratio of 1.12. The firm has a market cap of $102.07 billion, a PE ratio of 17.53, a price-to-earnings-growth ratio of 1.93 and a beta of 1.09.
United Technologies (NYSE:UTX) last issued its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $0.11. United Technologies had a net margin of 7.76% and a return on equity of 17.70%. The firm had revenue of $16.51 billion during the quarter, compared to the consensus estimate of $16.10 billion. During the same quarter in the previous year, the firm posted $1.73 EPS. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. On average, sell-side analysts forecast that United Technologies Co. will post 7.26 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 16th will be given a dividend of $0.735 per share. This is an increase from United Technologies’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $2.94 dividend on an annualized basis and a dividend yield of 2.31%. United Technologies’s payout ratio is presently 42.11%.
A number of brokerages have weighed in on UTX. UBS Group began coverage on shares of United Technologies in a research note on Wednesday, August 15th. They set a “buy” rating for the company. ValuEngine upgraded shares of United Technologies from a “hold” rating to a “buy” rating in a research note on Friday, September 14th. Royal Bank of Canada decreased their target price on shares of United Technologies to $148.00 and set an “outperform” rating for the company in a research note on Wednesday, October 24th. Finally, Zacks Investment Research lowered shares of United Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, July 31st. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $151.90.
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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