Watch Point Trust Co lowered its stake in shares of United Technologies Co. (NYSE:UTX) by 2.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,893 shares of the conglomerate’s stock after selling 752 shares during the quarter. United Technologies comprises approximately 2.2% of Watch Point Trust Co’s investment portfolio, making the stock its 13th biggest position. Watch Point Trust Co’s holdings in United Technologies were worth $4,218,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Phocas Financial Corp. acquired a new stake in United Technologies during the second quarter worth approximately $25,000. Krane Funds Advisors LLC acquired a new stake in United Technologies during the second quarter worth approximately $26,000. Transamerica Financial Advisors Inc. acquired a new stake in United Technologies during the second quarter worth approximately $30,000. American National Bank acquired a new stake in United Technologies during the third quarter worth approximately $34,000. Finally, Financial Management Professionals Inc. boosted its holdings in shares of United Technologies by 3,600.0% in the 3rd quarter. Financial Management Professionals Inc. now owns 259 shares of the conglomerate’s stock valued at $35,000 after purchasing an additional 252 shares in the last quarter. 80.62% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have weighed in on UTX. William Blair reaffirmed a “hold” rating on shares of United Technologies in a report on Tuesday, September 3rd. Credit Suisse Group set a $162.00 target price on United Technologies and gave the company a “buy” rating in a report on Friday, October 25th. Cowen reaffirmed a “buy” rating and issued a $150.00 target price on shares of United Technologies in a report on Wednesday, September 4th. Bank of America reaffirmed a “buy” rating and issued a $195.00 target price (up previously from $185.00) on shares of United Technologies in a report on Thursday, July 25th. Finally, Barclays raised their target price on United Technologies from $149.00 to $153.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Six 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 a consensus price target of $154.69.
Shares of UTX traded up $0.15 during trading hours on Friday, reaching $148.88. The stock had a trading volume of 1,668,146 shares, compared to its average volume of 3,289,642. United Technologies Co. has a 12 month low of $100.48 and a 12 month high of $149.35. The stock has a market capitalization of $127.63 billion, a PE ratio of 19.56, a PEG ratio of 2.07 and a beta of 1.22. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.75 and a current ratio of 1.06. The company’s 50-day moving average is $138.67 and its two-hundred day moving average is $133.63.
United Technologies (NYSE:UTX) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $2.21 EPS for the quarter, beating the Zacks’ consensus estimate of $2.03 by $0.18. United Technologies had a return on equity of 16.81% and a net margin of 6.72%. The company had revenue of $19.50 billion during the quarter, compared to analysts’ expectations of $19.31 billion. During the same period in the prior year, the company earned $1.93 EPS. United Technologies’s revenue was up 18.1% compared to the same quarter last year. Equities analysts anticipate that United Technologies Co. will post 8.13 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be paid a $0.735 dividend. This represents a $2.94 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date is Thursday, November 14th. United Technologies’s payout ratio is 38.63%.
In related news, VP Charles D. Gill sold 26,542 shares of the firm’s stock in a transaction 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 directly owns 103,458 shares of the company’s stock, valued at approximately $13,596,450.36. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Robert J. Bailey sold 1,299 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $149.17, for a total value of $193,771.83. Following the transaction, the vice president now directly owns 2,600 shares of the company’s stock, valued at $387,842. The disclosure for this sale can be found here. Insiders sold a total of 185,306 shares of company stock valued at $25,914,056 over the last quarter. 0.15% of the stock is owned by corporate insiders.
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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