Olstein Capital Management L.P. Sells 12,000 Shares of United Technologies Corporation (UTX)

Olstein Capital Management L.P. lessened its holdings in shares of United Technologies Corporation (NYSE:UTX) by 15.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 64,000 shares of the conglomerate’s stock after selling 12,000 shares during the period. Olstein Capital Management L.P.’s holdings in United Technologies Corporation were worth $7,815,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of UTX. Tortoise Investment Management LLC raised its stake in United Technologies Corporation by 5.3% during the second quarter. Tortoise Investment Management LLC now owns 962 shares of the conglomerate’s stock worth $117,000 after buying an additional 48 shares during the last quarter. Seven Bridges Advisors LLC bought a new position in United Technologies Corporation during the second quarter worth $120,000. Riggs Asset Managment Co. Inc. raised its stake in United Technologies Corporation by 14.3% during 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 during the last quarter. Winfield Associates Inc. raised its stake in United Technologies Corporation by 2.9% during the second quarter. Winfield Associates Inc. now owns 1,029 shares of the conglomerate’s stock worth $126,000 after buying an additional 29 shares during the last quarter. Finally, Shine Investment Advisory Services Inc. bought a new position in United Technologies Corporation during the second quarter worth $131,000. Institutional investors own 78.82% of the company’s stock.

Shares of United Technologies Corporation (NYSE:UTX) opened at 119.07 on Monday. The company has a market capitalization of $95.11 billion, a P/E ratio of 18.14 and a beta of 1.05. United Technologies Corporation has a 52-week low of $100.52 and a 52-week high of $124.79. The stock’s 50 day moving average is $116.43 and its 200 day moving average is $118.62.

United Technologies Corporation (NYSE:UTX) last issued its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $1.73 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.68 by $0.05. The company had revenue of $15.06 billion during the quarter, compared to analyst estimates of $14.99 billion. United Technologies Corporation had a net margin of 8.79% and a return on equity of 17.66%. United Technologies Corporation’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period last year, the business earned $1.76 EPS. Equities analysts expect that United Technologies Corporation will post $6.61 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 10th. Investors of record on Friday, November 17th will be paid a $0.70 dividend. The ex-dividend date is Thursday, November 16th. This represents a $2.80 annualized dividend and a dividend yield of 2.35%. United Technologies Corporation’s payout ratio is 43.41%.

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UTX has been the subject of a number of analyst reports. Royal Bank Of Canada reissued a “hold” rating and set a $125.00 target price on shares of United Technologies Corporation in a research note on Friday, July 7th. Stifel Nicolaus reissued a “hold” rating and set a $126.00 target price on shares of United Technologies Corporation in a research note on Friday, July 7th. UBS AG lifted their target price on shares of United Technologies Corporation to $135.00 and gave the stock a “buy” rating in a research note on Monday, July 10th. Morgan Stanley reissued an “overweight” rating and set a $138.00 target price (up previously from $132.00) on shares of United Technologies Corporation in a research note on Monday, July 10th. Finally, Zacks Investment Research downgraded shares of United Technologies Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. Fourteen equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. United Technologies Corporation has an average rating of “Hold” and a consensus target price of $125.15.

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

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