Arrow Financial Corp reduced its holdings in United Technologies Co. (NYSE:UTX) by 20.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 24,258 shares of the conglomerate’s stock after selling 6,050 shares during the period. Arrow Financial Corp’s holdings in United Technologies were worth $3,127,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. WESPAC Advisors SoCal LLC acquired a new position in shares of United Technologies during the 4th quarter worth about $26,000. Braun Bostich & Associates Inc. increased its stake in shares of United Technologies by 73.0% during the 4th quarter. Braun Bostich & Associates Inc. now owns 365 shares of the conglomerate’s stock worth $39,000 after purchasing an additional 154 shares during the last quarter. Massey Quick Simon & CO. LLC acquired a new position in shares of United Technologies during the 1st quarter worth about $47,000. Sageworth Trust Co acquired a new position in shares of United Technologies during the 1st quarter worth about $50,000. Finally, Canton Hathaway LLC increased its stake in shares of United Technologies by 625.5% during the 1st quarter. Canton Hathaway LLC now owns 399 shares of the conglomerate’s stock worth $51,000 after purchasing an additional 344 shares during the last quarter. Hedge funds and other institutional investors own 80.67% of the company’s stock.
In other United Technologies news, VP Robert J. Bailey sold 1,418 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $126.20, for a total value of $178,951.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.15% of the company’s stock.
NYSE UTX opened at $124.07 on Thursday. The company has a quick ratio of 0.79, a current ratio of 1.13 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $113.95 billion, a price-to-earnings ratio of 16.30, a price-to-earnings-growth ratio of 1.88 and a beta of 1.26. United Technologies Co. has a 12-month low of $100.48 and a 12-month high of $144.40.
United Technologies (NYSE:UTX) last posted its quarterly earnings data on Tuesday, April 23rd. The conglomerate reported $1.91 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.71 by $0.20. The firm had revenue of $18.37 billion during the quarter, compared to the consensus estimate of $18.01 billion. United Technologies had a net margin of 7.64% and a return on equity of 17.02%. The business’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.77 EPS. On average, research analysts forecast that United Technologies Co. will post 7.97 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Friday, August 16th will be issued a $0.735 dividend. This represents a $2.94 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Thursday, August 15th. United Technologies’s dividend payout ratio is currently 38.63%.
Several brokerages recently commented on UTX. Zacks Investment Research raised shares of United Technologies from a “sell” rating to a “hold” rating in a report on Friday, April 26th. Morgan Stanley lifted their target price on shares of United Technologies from $155.00 to $164.00 and gave the stock an “overweight” rating in a report on Monday, May 20th. Barclays lifted their target price 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. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $159.00 target price on shares of United Technologies in a report on Wednesday, April 24th. Finally, Seaport Global Securities raised shares of United Technologies from a “neutral” rating to a “buy” rating and set a $165.00 target price for the company in a report on Monday. Six research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $150.23.
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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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