Twin Capital Management Inc. decreased its stake in United Technologies Co. (NYSE:UTX) by 35.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 66,064 shares of the conglomerate’s stock after selling 35,696 shares during the period. Twin Capital Management Inc.’s holdings in United Technologies were worth $8,602,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in the business. Quad Cities Investment Group LLC increased its holdings in United Technologies by 62.1% during the 2nd quarter. Quad Cities Investment Group LLC now owns 261 shares of the conglomerate’s stock worth $34,000 after acquiring an additional 100 shares during the period. Manchester Financial Inc. bought a new stake in United Technologies during the 2nd quarter worth approximately $35,000. Personal Wealth Partners bought a new stake in United Technologies during the 2nd quarter worth approximately $36,000. Ashburton Jersey Ltd purchased a new position in United Technologies in the 2nd quarter worth approximately $40,000. Finally, Massey Quick Simon & CO. LLC purchased a new position in United Technologies in the 1st quarter worth approximately $47,000. 81.03% of the stock is currently owned by institutional investors and hedge funds.
In other news, EVP Michael R. Dumais sold 4,329 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $130.98, for a total value of $567,012.42. Following the completion of the sale, the executive vice president now owns 39,265 shares of the company’s stock, valued at approximately $5,142,929.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Elizabeth B. Amato sold 4,298 shares of the company’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $135.71, for a total transaction of $583,281.58. Following the completion of the sale, the executive vice president now directly owns 30,847 shares of the company’s stock, valued at approximately $4,186,246.37. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by corporate insiders.
A number of research firms have commented on UTX. Vertical Research raised shares of United Technologies from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research note on Friday, June 14th. Bank of America reissued a “buy” rating and issued a $195.00 price target (up previously from $185.00) on shares of United Technologies in a research note on Thursday, July 25th. Cowen raised shares of United Technologies from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $135.00 to $150.00 in a research note on Monday, June 24th. Barclays boosted their price target on shares of United Technologies from $149.00 to $153.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $159.00 price target on shares of United Technologies in a research note on Wednesday, April 24th. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $152.21.
Shares of United Technologies stock traded down $0.70 during trading on Thursday, reaching $123.60. The company’s stock had a trading volume of 128,078 shares, compared to its average volume of 3,290,637. United Technologies Co. has a 52-week low of $100.48 and a 52-week high of $144.40. The company has a market cap of $110.46 billion, a P/E ratio of 16.26, a price-to-earnings-growth ratio of 1.81 and a beta of 1.20. The firm has a 50-day simple moving average of $131.80. The company has a current ratio of 1.05, a quick ratio of 0.74 and a debt-to-equity ratio of 0.93.
United Technologies (NYSE:UTX) last announced its quarterly earnings data on Tuesday, July 23rd. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.04 by $0.16. United Technologies had a net margin of 7.13% and a return on equity of 16.81%. The company had revenue of $19.63 billion during the quarter, compared to analysts’ expectations of $19.58 billion. During the same quarter in the prior year, the company earned $1.97 EPS. The firm’s revenue was up 17.5% on a year-over-year basis. As a group, analysts predict that United Technologies Co. will post 8.02 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Friday, August 16th will be paid a $0.735 dividend. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $2.94 dividend on an annualized basis and a dividend yield of 2.38%. United Technologies’s dividend payout ratio (DPR) is 38.63%.
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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