Martin Investment Management LLC trimmed its position in United Technologies Co. (NYSE:UTX) by 17.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 73,496 shares of the conglomerate’s stock after selling 15,574 shares during the period. United Technologies makes up approximately 2.8% of Martin Investment Management LLC’s investment portfolio, making the stock its 18th largest holding. Martin Investment Management LLC’s holdings in United Technologies were worth $10,275,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Credit Agricole S A raised its holdings in United Technologies by 101.4% during the second quarter. Credit Agricole S A now owns 866 shares of the conglomerate’s stock worth $109,000 after acquiring an additional 436 shares in the last quarter. Fort L.P. bought a new stake in United Technologies during the second quarter worth about $120,000. WP Advisors LLC bought a new stake in United Technologies during the second quarter worth about $126,000. Kiley Juergens Wealth Management LLC bought a new stake in United Technologies during the second quarter worth about $127,000. Finally, Psagot Investment House Ltd. bought a new stake in United Technologies during the third quarter worth about $134,000. Institutional investors own 81.67% of the company’s stock.
NYSE:UTX opened at $130.13 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.17 and a current ratio of 1.52. The company has a market capitalization of $103.24 billion, a price-to-earnings ratio of 19.57, a price-to-earnings-growth ratio of 1.95 and a beta of 1.09. United Technologies Co. has a 12-month low of $115.40 and a 12-month high of $144.15.
United Technologies (NYSE:UTX) last released its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.11. The firm had revenue of $16.51 billion for the quarter, compared to analyst estimates of $16.10 billion. United Technologies had a return on equity of 17.70% and a net margin of 7.76%. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.73 earnings per share. Equities research analysts predict that United Technologies Co. will post 7.27 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 16th will be paid a $0.735 dividend. This is a positive change from United Technologies’s previous quarterly dividend of $0.70. The ex-dividend date is Thursday, November 15th. This represents a $2.94 annualized dividend and a yield of 2.26%. United Technologies’s dividend payout ratio is currently 42.11%.
Several research firms recently issued reports on UTX. UBS Group began coverage on United Technologies in a report on Wednesday, August 15th. They set a “buy” rating on the stock. Zacks Investment Research upgraded United Technologies from a “hold” rating to a “buy” rating and set a $158.00 target price on the stock in a report on Thursday, October 4th. ValuEngine upgraded United Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, July 31st. Royal Bank of Canada dropped their target price on United Technologies to $148.00 and set an “outperform” rating on the stock in a report on Wednesday, October 24th. Finally, Robert W. Baird upped their target price on United Technologies from $156.00 to $167.00 and gave the stock a “neutral” rating in a report on Thursday, September 20th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $151.90.
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About United Technologies
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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