Addenda Capital Inc. lifted its stake in shares of United Technologies Corporation (NYSE:UTX) by 3.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,000 shares of the conglomerate’s stock after acquiring an additional 360 shares during the period. Addenda Capital Inc.’s holdings in United Technologies Corporation were worth $1,138,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of UTX. Tortoise Investment Management LLC boosted its holdings 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 purchasing an additional 48 shares during the last quarter. Seven Bridges Advisors LLC acquired a new position in United Technologies Corporation during the second quarter worth $120,000. Riggs Asset Managment Co. Inc. boosted its holdings 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 purchasing an additional 125 shares during the last quarter. Winfield Associates Inc. boosted its holdings 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 purchasing an additional 29 shares during the last quarter. Finally, Shine Investment Advisory Services Inc. acquired a new position in United Technologies Corporation during the second quarter worth $131,000. 78.87% of the stock is owned by institutional investors.
United Technologies Corporation (NYSE:UTX) last issued its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $1.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.68 by $0.05. The company had revenue of $15.06 billion for the quarter, compared to the consensus estimate of $14.99 billion. United Technologies Corporation had a net margin of 8.79% and a return on equity of 17.66%. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.76 EPS.
The business also recently declared a quarterly dividend, which will be paid on Sunday, December 10th. Investors of record on Friday, November 17th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date is Thursday, November 16th. United Technologies Corporation’s dividend payout ratio (DPR) is currently 43.41%.
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Several research analysts recently commented on UTX shares. Zacks Investment Research cut shares of United Technologies Corporation from a “hold” rating to a “sell” rating in a report on Monday, October 16th. Cowen and Company cut shares of United Technologies Corporation from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $127.00 to $120.00 in a report on Wednesday, September 6th. Bank of America Corporation restated a “buy” rating and set a $140.00 target price on shares of United Technologies Corporation in a report on Wednesday, September 6th. Jefferies Group LLC restated a “buy” rating and set a $139.00 target price on shares of United Technologies Corporation in a report on Tuesday, August 29th. Finally, Credit Suisse Group restated a “buy” rating and set a $136.00 target price on shares of United Technologies Corporation in a report on Wednesday, July 26th. Fourteen equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $125.15.
United Technologies Corporation Profile
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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