Front Barnett Associates LLC lifted its stake in United Technologies Co. (NYSE:UTX) by 2.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 110,822 shares of the conglomerate’s stock after purchasing an additional 2,290 shares during the quarter. United Technologies accounts for approximately 2.5% of Front Barnett Associates LLC’s holdings, making the stock its 12th biggest position. Front Barnett Associates LLC’s holdings in United Technologies were worth $15,129,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently bought and sold shares of UTX. Phocas Financial Corp. purchased a new position in United Technologies in the 2nd quarter worth about $25,000. Krane Funds Advisors LLC purchased a new position in United Technologies in the 2nd quarter worth about $26,000. Transamerica Financial Advisors Inc. purchased a new position in United Technologies in the 2nd quarter worth about $30,000. Quad Cities Investment Group LLC raised its position in United Technologies by 62.1% in the 2nd quarter. Quad Cities Investment Group LLC now owns 261 shares of the conglomerate’s stock worth $34,000 after buying an additional 100 shares during the last quarter. Finally, American National Bank purchased a new position in United Technologies in the 3rd quarter worth about $34,000. 80.62% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have weighed in on UTX shares. Bank of America reissued a “buy” rating and issued a $195.00 target price (up previously from $185.00) on shares of United Technologies in a research report on Thursday, July 25th. Zacks Investment Research lowered United Technologies from a “strong-buy” rating to a “hold” rating and set a $151.00 target price for the company. in a research report on Friday, July 19th. Sanford C. Bernstein boosted their target price on United Technologies from $143.00 to $154.00 and gave the stock a “market perform” rating in a research report on Tuesday, September 17th. JPMorgan Chase & Co. boosted their target price on United Technologies from $150.00 to $155.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Finally, Cowen reissued a “buy” rating and issued a $150.00 target price on shares of United Technologies in a research report on Wednesday, September 4th. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. United Technologies has an average rating of “Buy” and an average price target of $154.69.
Shares of United Technologies stock traded up $0.15 during trading hours on Friday, reaching $148.88. 1,700,162 shares of the stock traded hands, compared to its average volume of 3,289,642. The company has a 50 day moving average price of $138.67 and a 200 day moving average price of $133.63. The firm has a market capitalization of $127.63 billion, a price-to-earnings ratio of 19.56, a P/E/G ratio of 2.07 and a beta of 1.22. United Technologies Co. has a one year low of $100.48 and a one 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.
United Technologies (NYSE:UTX) last released its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $2.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.03 by $0.18. The business had revenue of $19.50 billion during the quarter, compared to the consensus estimate of $19.31 billion. United Technologies had a return on equity of 16.81% and a net margin of 6.72%. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.93 EPS. Sell-side analysts anticipate that United Technologies Co. will post 8.13 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.735 per share. The ex-dividend date is Thursday, November 14th. This represents a $2.94 dividend on an annualized basis and a dividend yield of 1.97%. United Technologies’s dividend payout ratio is currently 38.63%.
In other United Technologies news, VP Robert J. Bailey sold 831 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $135.09, for a total transaction of $112,259.79. Following the completion of the sale, the vice president now directly owns 2,000 shares in the company, valued at approximately $270,180. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Robert J. Bailey sold 1,299 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $149.17, for a total value of $193,771.83. Following the sale, the vice president now owns 2,600 shares of the company’s stock, valued at $387,842. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,306 shares of company stock valued at $25,914,056. Corporate insiders own 0.15% of the company’s stock.
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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