New England Research & Management Inc. Reduces Position in United Technologies Co. (NYSE:UTX)

New England Research & Management Inc. decreased its holdings in shares of United Technologies Co. (NYSE:UTX) by 16.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,065 shares of the conglomerate’s stock after selling 1,585 shares during the quarter. New England Research & Management Inc.’s holdings in United Technologies were worth $1,101,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Phocas Financial Corp. purchased a new stake in shares of United Technologies during the second quarter worth $25,000. Krane Funds Advisors LLC purchased a new stake in shares of United Technologies during the second quarter worth $26,000. Transamerica Financial Advisors Inc. purchased a new stake in shares of United Technologies during the second quarter worth $30,000. American National Bank purchased a new stake in shares of United Technologies during the third quarter worth $34,000. Finally, Financial Management Professionals Inc. grew its holdings 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 worth $35,000 after buying an additional 252 shares in the last quarter. 80.62% of the stock is owned by institutional investors and hedge funds.

UTX has been the subject of a number of research reports. Barclays upped their target price on shares of United Technologies from $149.00 to $153.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Zacks Investment Research lowered shares of United Technologies from a “strong-buy” rating to a “hold” rating and set a $151.00 price objective for the company. in a report on Friday, July 19th. Sanford C. Bernstein upped their price objective on shares of United Technologies from $143.00 to $154.00 and gave the company a “market perform” rating in a report on Tuesday, September 17th. Credit Suisse Group set a $162.00 price objective on shares of United Technologies and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Wolfe Research set a $152.00 price objective on shares of United Technologies and gave the company a “buy” rating in a report on Wednesday, September 18th. Six 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 company’s stock. United Technologies has a consensus rating of “Buy” and an average price target of $154.69.

In other United Technologies news, VP Charles D. Gill sold 26,542 shares of the stock in a transaction dated Wednesday, September 4th. The shares were 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 of the company’s stock, valued at $13,596,450.36. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Gregory Hayes sold 19,542 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $133.35, for a total transaction of $2,605,925.70. Following the transaction, the chief executive officer now directly owns 246,111 shares of the company’s stock, valued at approximately $32,818,901.85. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 185,306 shares of company stock valued at $25,914,056. 0.15% of the stock is currently owned by insiders.

UTX stock traded up $0.15 during mid-day trading on Friday, hitting $148.88. 1,700,162 shares of the company were exchanged, compared to its average volume of 3,289,642. 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 firm has a market capitalization of $127.63 billion, a P/E ratio of 19.56, a PEG ratio of 2.07 and a beta of 1.22. The business has a fifty day simple moving average of $138.67 and a 200-day simple moving average of $133.63. United Technologies Co. has a 12-month low of $100.48 and a 12-month high of $149.35.

United Technologies (NYSE:UTX) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $2.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.03 by $0.18. The company had revenue of $19.50 billion during the quarter, compared to analyst estimates of $19.31 billion. United Technologies had a net margin of 6.72% and a return on equity of 16.81%. United Technologies’s revenue was up 18.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.93 earnings per share. Research analysts predict that United Technologies Co. will post 8.13 EPS for the current year.

The business also recently announced 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. This represents a $2.94 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend is Thursday, November 14th. United Technologies’s dividend payout ratio (DPR) is presently 38.63%.

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.

Further Reading: Market Capitalization – What it Means for Investors

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Institutional Ownership by Quarter for United Technologies (NYSE:UTX)

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