Flippin Bruce & Porter Inc. cut its holdings in United Technologies Co. (NYSE:UTX) by 2.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 71,274 shares of the conglomerate’s stock after selling 1,421 shares during the quarter. United Technologies makes up about 1.7% of Flippin Bruce & Porter Inc.’s investment portfolio, making the stock its 27th largest position. Flippin Bruce & Porter Inc.’s holdings in United Technologies were worth $9,730,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in the stock. Phocas Financial Corp. purchased a new stake in shares of United Technologies during the second quarter valued at about $25,000. Krane Funds Advisors LLC purchased a new stake in shares of United Technologies during the second quarter valued at about $26,000. Transamerica Financial Advisors Inc. purchased a new stake in shares of United Technologies during the second quarter valued at about $30,000. American National Bank purchased a new stake in shares of United Technologies during the third quarter valued at about $34,000. Finally, Financial Management Professionals Inc. lifted its position in shares of United Technologies by 3,600.0% during the third quarter. Financial Management Professionals Inc. now owns 259 shares of the conglomerate’s stock valued at $35,000 after buying an additional 252 shares during the last quarter. 80.62% of the stock is owned by institutional investors.
In related news, CEO Gregory Hayes sold 19,542 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $133.35, for a total value of $2,605,925.70. Following the transaction, the chief executive officer now owns 246,111 shares in the company, valued at approximately $32,818,901.85. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Charles D. Gill sold 26,542 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $131.42, for a total transaction of $3,488,149.64. Following the completion of the transaction, the vice president now owns 103,458 shares in the company, valued at approximately $13,596,450.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,306 shares of company stock worth $25,914,056. 0.15% of the stock is owned by corporate insiders.
Shares of UTX traded up $0.15 during mid-day trading on Friday, hitting $148.88. 1,700,162 shares of the company traded hands, compared to its average volume of 3,289,642. United Technologies Co. has a 1-year low of $100.48 and a 1-year high of $149.35. The company has a quick ratio of 0.75, a current ratio of 1.06 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $127.63 billion, a PE ratio of 19.56, a price-to-earnings-growth ratio of 2.07 and a beta of 1.22. The business has a 50 day moving average of $138.67 and a 200 day moving average of $133.63.
United Technologies (NYSE:UTX) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $2.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.18. United Technologies had a net margin of 6.72% and a return on equity of 16.81%. The firm had revenue of $19.50 billion for the quarter, compared to the consensus estimate of $19.31 billion. During the same quarter in the prior year, the company posted $1.93 earnings per share. The company’s revenue for the quarter was up 18.1% compared to the same quarter last year. As a group, research analysts expect that United Technologies Co. will post 8.13 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.735 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $2.94 annualized dividend and a dividend yield of 1.97%. United Technologies’s dividend payout ratio (DPR) is currently 38.63%.
Several research firms have commented on UTX. Cowen reissued a “buy” rating and set a $150.00 price target on shares of United Technologies in a research report on Wednesday, September 4th. Zacks Investment Research lowered shares of United Technologies from a “strong-buy” rating to a “hold” rating and set a $151.00 price target for the company. in a research report on Friday, July 19th. Barclays increased their price target on shares of United Technologies from $149.00 to $153.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Sanford C. Bernstein increased their price target on shares of United Technologies from $143.00 to $154.00 and gave the company a “market perform” rating in a research report on Tuesday, September 17th. Finally, William Blair reissued a “hold” rating on shares of United Technologies in a research report on Tuesday, September 3rd. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $154.69.
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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