Westpac Banking Corp lifted its stake in United Technologies Co. (NYSE:UTX) by 9.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 89,853 shares of the conglomerate’s stock after buying an additional 7,490 shares during the period. Westpac Banking Corp’s holdings in United Technologies were worth $11,699,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position in United Technologies by 15.0% during the 4th quarter. Geode Capital Management LLC now owns 9,926,113 shares of the conglomerate’s stock valued at $1,055,120,000 after acquiring an additional 1,293,517 shares in the last quarter. Norges Bank bought a new stake in United Technologies during the 4th quarter valued at approximately $824,350,000. Fisher Asset Management LLC boosted its position in United Technologies by 3.4% during the 2nd quarter. Fisher Asset Management LLC now owns 4,610,441 shares of the conglomerate’s stock valued at $600,279,000 after acquiring an additional 151,889 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in United Technologies by 6.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,383,674 shares of the conglomerate’s stock valued at $466,759,000 after acquiring an additional 256,907 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its position in United Technologies by 170.5% during the 1st quarter. Clearbridge Investments LLC now owns 3,972,118 shares of the conglomerate’s stock valued at $511,966,000 after acquiring an additional 2,503,654 shares in the last quarter. Hedge funds and other institutional investors own 81.03% of the company’s stock.
In related news, EVP Elizabeth B. Amato sold 4,298 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 30,847 shares in the company, valued at approximately $4,186,246.37. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Michael R. Dumais sold 4,329 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $130.98, for a total transaction of $567,012.42. Following the completion of the transaction, the executive vice president now owns 39,265 shares of the company’s stock, valued at $5,142,929.70. The disclosure for this sale can be found here. 0.15% of the stock is owned by insiders.
Several analysts have weighed in on UTX shares. Seaport Global Securities raised United Technologies from a “neutral” rating to a “buy” rating and set a $165.00 price objective on the stock in a research report on Monday, June 10th. Zacks Investment Research cut United Technologies from a “strong-buy” rating to a “hold” rating and set a $151.00 price objective on the stock. in a research report on Friday, July 19th. Bank of America reaffirmed a “buy” rating and set a $195.00 price objective (up from $185.00) on shares of United Technologies in a research report on Thursday, July 25th. Royal Bank of Canada reissued a “sector perform” rating and issued a $159.00 price target on shares of United Technologies in a research report on Wednesday, April 24th. Finally, Cowen raised 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 report on Monday, June 24th. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $152.21.
Shares of UTX traded down $4.23 during mid-day trading on Wednesday, reaching $124.72. The company had a trading volume of 117,824 shares, compared to its average volume of 3,802,845. 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’s 50-day moving average is $131.88. United Technologies Co. has a 52 week low of $100.48 and a 52 week high of $144.40. The stock has a market capitalization of $111.18 billion, a P/E ratio of 16.48, a price-to-earnings-growth ratio of 1.86 and a beta of 1.20.
United Technologies (NYSE:UTX) last issued its quarterly earnings results on Tuesday, July 23rd. The conglomerate reported $2.20 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.16. United Technologies had a return on equity of 16.81% and a net margin of 7.13%. The firm had revenue of $19.63 billion for the quarter, compared to analysts’ expectations of $19.58 billion. During the same period in the previous year, the firm posted $1.97 EPS. The business’s revenue for the quarter was up 17.5% compared to the same quarter last year. On average, research analysts anticipate that United Technologies Co. will post 8.02 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Friday, August 16th will be issued 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 yield of 2.36%. United Technologies’s payout ratio is currently 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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