Patriot Wealth Management Inc. boosted its stake in United Technologies Corporation (NYSE:UTX) by 3.1% during the second quarter, Holdings Channel reports. The fund owned 56,863 shares of the conglomerate’s stock after buying an additional 1,689 shares during the period. Patriot Wealth Management Inc.’s holdings in United Technologies Corporation were worth $6,944,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Riggs Asset Managment Co. Inc. increased its position in shares of United Technologies Corporation by 14.3% in the first quarter. Riggs Asset Managment Co. Inc. now owns 999 shares of the conglomerate’s stock worth $112,000 after buying an additional 125 shares in the last quarter. Alexandria Capital LLC increased its position in shares of United Technologies Corporation by 0.4% in the first quarter. Alexandria Capital LLC now owns 1,075 shares of the conglomerate’s stock worth $121,000 after buying an additional 4 shares in the last quarter. Paragon Capital Management Ltd bought a new position in shares of United Technologies Corporation during the first quarter worth about $139,000. Exane Derivatives bought a new position in shares of United Technologies Corporation during the second quarter worth about $141,000. Finally, Thompson Davis & CO. Inc. increased its position in shares of United Technologies Corporation by 22.9% in the first quarter. Thompson Davis & CO. Inc. now owns 1,338 shares of the conglomerate’s stock worth $150,000 after buying an additional 249 shares in the last quarter. Institutional investors own 78.69% of the company’s stock.
United Technologies Corporation (NYSE UTX) traded up 0.044% during trading on Friday, hitting $116.151. The company’s stock had a trading volume of 1,249,266 shares. The company has a 50-day moving average of $120.59 and a 200 day moving average of $117.09. United Technologies Corporation has a one year low of $97.62 and a one year high of $124.79. The firm has a market cap of $92.78 billion, a PE ratio of 17.692 and a beta of 1.06.
United Technologies Corporation (NYSE:UTX) last announced its earnings results on Tuesday, July 25th. The conglomerate reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.07. United Technologies Corporation had a net margin of 9.15% and a return on equity of 18.07%. The business had revenue of $15.28 billion during the quarter, compared to the consensus estimate of $15.24 billion. During the same quarter in the prior year, the firm earned $1.82 earnings per share. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. On average, equities analysts forecast that United Technologies Corporation will post $6.58 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, September 10th. Stockholders of record on Friday, August 18th will be paid a dividend of $0.70 per share. This is an increase from United Technologies Corporation’s previous quarterly dividend of $0.66. The ex-dividend date is Wednesday, August 16th. This represents a $2.80 annualized dividend and a dividend yield of 2.41%. United Technologies Corporation’s dividend payout ratio is 42.68%.
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A number of brokerages have recently issued reports on UTX. Royal Bank Of Canada reiterated a “hold” rating and issued a $125.00 price target on shares of United Technologies Corporation in a report on Sunday, August 13th. BidaskClub raised United Technologies Corporation from a “sell” rating to a “hold” rating in a research report on Monday, August 7th. Jefferies Group LLC reissued a “buy” rating on shares of United Technologies Corporation in a research report on Thursday, July 27th. Credit Suisse Group reissued a “buy” rating and issued a $136.00 price objective on shares of United Technologies Corporation in a research report on Wednesday, July 26th. Finally, Cowen and Company reissued a “buy” rating and issued a $127.00 price objective on shares of United Technologies Corporation in a research report on Tuesday, July 25th. Thirteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $123.54.
About United Technologies Corporation
United Technologies Corporation is engaged in providing high technology products and services to the building systems and aerospace industries around the world. The Company operates through four segments: Otis; UTC Climate, Controls & Security; Pratt & Whitney, and UTC Aerospace Systems. Otis operates as an elevator and escalator manufacturing, installation and service company.
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