Wellington Shields Capital Management LLC boosted its stake in shares of United Technologies Co. (NYSE:UTX) by 5.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 20,051 shares of the conglomerate’s stock after buying an additional 1,050 shares during the period. Wellington Shields Capital Management LLC’s holdings in United Technologies were worth $2,737,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Phocas Financial Corp. purchased a new position in United Technologies during the 2nd quarter valued at about $25,000. Krane Funds Advisors LLC purchased a new position in United Technologies during the 2nd quarter valued at about $26,000. Transamerica Financial Advisors Inc. purchased a new position in United Technologies during the 2nd quarter valued at about $30,000. Quad Cities Investment Group LLC grew its stake in United Technologies by 62.1% during the 2nd quarter. Quad Cities Investment Group LLC now owns 261 shares of the conglomerate’s stock valued at $34,000 after acquiring an additional 100 shares in the last quarter. Finally, American National Bank purchased a new position in United Technologies during the 3rd quarter valued at about $34,000. Hedge funds and other institutional investors own 80.62% of the company’s stock.
Several research firms have weighed in on UTX. Credit Suisse Group set a $162.00 target price on United Technologies and gave the company a “buy” rating in a research note on Friday, October 25th. Bank of America reaffirmed a “buy” rating and set a $195.00 target price (up previously from $185.00) on shares of United Technologies in a research note on Thursday, July 25th. Wolfe Research set a $152.00 target price on United Technologies and gave the company a “buy” rating in a research note on Wednesday, September 18th. JPMorgan Chase & Co. lifted their target price on United Technologies from $150.00 to $155.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Finally, Barclays lifted their target price on United Technologies from $149.00 to $153.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $154.69.
Shares of NYSE UTX traded down $0.66 during trading hours on Monday, hitting $148.22. The stock had a trading volume of 1,473,376 shares, compared to its average volume of 3,515,794. The company has a market capitalization of $127.63 billion, a P/E ratio of 19.48, a P/E/G ratio of 2.07 and a beta of 1.22. The firm’s 50-day moving average price is $139.19 and its two-hundred day moving average price is $133.75. United Technologies Co. has a 52 week low of $100.48 and a 52 week high of $149.35. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.75 and a current ratio of 1.06.
United Technologies (NYSE:UTX) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $2.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.18. The business had revenue of $19.50 billion during the quarter, compared to analysts’ expectations of $19.31 billion. United Technologies had a return on equity of 16.81% and a net margin of 6.72%. The firm’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.93 EPS. As a group, analysts expect that United Technologies Co. will post 8.13 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 15th will be paid a $0.735 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $2.94 annualized dividend and a dividend yield of 1.98%. United Technologies’s payout ratio is 38.63%.
In related news, CFO Akhil Johri sold 4,680 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $135.29, for a total value of $633,157.20. Following the completion of the sale, the chief financial officer now owns 67,345 shares of the company’s stock, valued at approximately $9,111,105.05. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Charles D. Gill sold 26,542 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $131.42, for a total value of $3,488,149.64. Following the completion of the sale, the vice president now directly owns 103,458 shares of the company’s stock, valued at approximately $13,596,450.36. The disclosure for this sale can be found here. In the last three months, insiders sold 185,306 shares of company stock valued at $25,914,056. 0.15% of the stock is currently owned by company insiders.
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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