Harvey Capital Management Inc. lifted its stake in shares of United Technologies Co. (NYSE:UTX) by 18.4% in the first quarter, HoldingsChannel reports. The institutional investor owned 2,841 shares of the conglomerate’s stock after buying an additional 441 shares during the quarter. Harvey Capital Management Inc.’s holdings in United Technologies were worth $366,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Headinvest LLC boosted its holdings in United Technologies by 264.6% in the fourth quarter. Headinvest LLC now owns 48,202 shares of the conglomerate’s stock worth $5,133,000 after purchasing an additional 34,980 shares during the period. Semmax Financial Advisors Inc. acquired a new position in United Technologies in the fourth quarter worth $70,000. Drexel Morgan & Co. boosted its holdings in United Technologies by 4.1% in the fourth quarter. Drexel Morgan & Co. now owns 12,530 shares of the conglomerate’s stock worth $1,334,000 after purchasing an additional 491 shares during the period. Signet Investment Advisory Group Inc. acquired a new position in United Technologies in the fourth quarter worth $403,000. Finally, Lau Associates LLC boosted its holdings in United Technologies by 21.8% in the fourth quarter. Lau Associates LLC now owns 17,584 shares of the conglomerate’s stock worth $1,872,000 after purchasing an additional 3,153 shares during the period. 79.73% of the stock is owned by institutional investors and hedge funds.
In related news, CEO Robert Kelly Ortberg sold 16,587 shares of United Technologies stock in a transaction dated Thursday, February 28th. The shares were sold at an average price of $126.59, for a total transaction of $2,099,748.33. Following the sale, the chief executive officer now directly owns 70,211 shares in the company, valued at $8,888,010.49. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Robert J. Bailey sold 1,418 shares of United Technologies stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $126.20, for a total transaction of $178,951.60. The disclosure for this sale can be found here. Insiders own 0.15% of the company’s stock.
Shares of UTX opened at $130.45 on Friday. United Technologies Co. has a 1 year low of $100.48 and a 1 year high of $144.40. The firm has a market cap of $116.76 billion, a PE ratio of 17.14, a PEG ratio of 1.94 and a beta of 1.23. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.13 and a quick ratio of 0.79.
United Technologies (NYSE:UTX) last announced its quarterly earnings results on Tuesday, April 23rd. The conglomerate reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.20. United Technologies had a net margin of 7.64% and a return on equity of 17.02%. The company had revenue of $18.37 billion during the quarter, compared to the consensus estimate of $18.01 billion. During the same quarter in the previous year, the company posted $1.77 earnings per share. The company’s revenue for the quarter was up 20.5% compared to the same quarter last year. On average, analysts anticipate that United Technologies Co. will post 7.97 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 17th will be issued a dividend of $0.735 per share. This represents a $2.94 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Thursday, May 16th. United Technologies’s dividend payout ratio (DPR) is 38.63%.
UTX has been the subject of a number of research reports. Zacks Investment Research raised shares of United Technologies from a “sell” rating to a “hold” rating in a report on Friday, April 26th. Bank of America reaffirmed a “buy” rating and issued a $185.00 price objective on shares of United Technologies in a report on Thursday, January 24th. Morgan Stanley lifted their price objective on shares of United Technologies from $155.00 to $164.00 and gave the stock an “overweight” rating in a report on Monday. Goldman Sachs Group raised shares of United Technologies from a “buy” rating to a “conviction-buy” rating and set a $153.00 price objective for the company in a report on Friday, February 1st. Finally, Barclays lifted their price objective on shares of United Technologies from $142.00 to $149.00 and gave the stock an “overweight” rating in a report on Wednesday, April 24th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $148.07.
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United Technologies 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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