Eagle Ridge Investment Management reduced its stake in United Technologies Co. (NYSE:UTX) by 1.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 48,653 shares of the conglomerate’s stock after selling 517 shares during the period. Eagle Ridge Investment Management’s holdings in United Technologies were worth $6,335,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of the stock. Quad Cities Investment Group LLC lifted its stake in United Technologies by 62.1% during the second quarter. Quad Cities Investment Group LLC now owns 261 shares of the conglomerate’s stock worth $34,000 after purchasing an additional 100 shares during the last quarter. Manchester Financial Inc. bought a new stake in United Technologies during the second quarter worth $35,000. Personal Wealth Partners bought a new stake in United Technologies during the second quarter worth $36,000. Ashburton Jersey Ltd bought a new stake in United Technologies during the second quarter worth $40,000. Finally, Massey Quick Simon & CO. LLC bought a new stake in United Technologies during the first quarter worth $47,000. Institutional investors and hedge funds own 81.03% of the company’s stock.
Several equities research analysts have weighed in on the company. Vertical Research upgraded United Technologies from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Friday, June 14th. Zacks Investment Research cut United Technologies from a “strong-buy” rating to a “hold” rating and set a $151.00 target price for the company. in a research note on Friday, July 19th. Seaport Global Securities upgraded United Technologies from a “neutral” rating to a “buy” rating and set a $165.00 target price for the company in a research note on Monday, June 10th. William Blair restated a “hold” rating on shares of United Technologies in a research note on Monday, June 10th. Finally, Barclays upped their target price on United Technologies from $149.00 to $153.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. United Technologies has an average rating of “Buy” and an average target price of $152.21.
In related news, EVP Michael R. Dumais sold 4,329 shares of the stock in a transaction on Friday, August 9th. The stock was 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 directly owns 39,265 shares in the company, valued at $5,142,929.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Elizabeth B. Amato sold 4,298 shares of the stock in a transaction on Monday, July 29th. The shares were sold at an average price of $135.71, for a total value of $583,281.58. Following the completion of the sale, the executive vice president now owns 30,847 shares of the company’s stock, valued at $4,186,246.37. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by corporate insiders.
Shares of UTX traded down $0.58 during trading hours on Thursday, reaching $123.72. The stock had a trading volume of 1,955,832 shares, compared to its average volume of 3,290,637. United Technologies Co. has a 12 month low of $100.48 and a 12 month high of $144.40. The company has a market cap of $110.46 billion, a PE ratio of 16.26, a PEG ratio of 1.81 and a beta of 1.20. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.05 and a quick ratio of 0.74. The stock has a 50-day moving average price of $131.80.
United Technologies (NYSE:UTX) last announced its quarterly earnings results on Tuesday, July 23rd. The conglomerate reported $2.20 EPS for the quarter, beating the Zacks’ consensus estimate of $2.04 by $0.16. United Technologies had a return on equity of 16.81% and a net margin of 7.13%. The company had revenue of $19.63 billion during the quarter, compared to analysts’ expectations of $19.58 billion. During the same period in the prior year, the company earned $1.97 EPS. United Technologies’s revenue was up 17.5% compared to the same quarter last year. On average, research analysts predict that United Technologies Co. will post 8.02 EPS for the current year.
The company also recently declared 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. This represents a $2.94 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date is Thursday, August 15th. United Technologies’s payout ratio is 38.63%.
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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