Parsec Financial Management Inc. increased its stake in United Technologies Co. (NYSE:UTX) by 11.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 124,969 shares of the conglomerate’s stock after purchasing an additional 13,125 shares during the quarter. Parsec Financial Management Inc.’s holdings in United Technologies were worth $14,506,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of UTX. Knowledge Leaders Capital LLC purchased a new position in United Technologies in the 3rd quarter worth about $105,000. Tortoise Investment Management LLC grew its stake in United Technologies by 5.3% during the 2nd quarter. Tortoise Investment Management LLC now owns 962 shares of the conglomerate’s stock valued at $117,000 after acquiring an additional 48 shares in the last quarter. Seven Bridges Advisors LLC purchased a new position in United Technologies during the 2nd quarter valued at about $120,000. Winfield Associates Inc. grew its stake in United Technologies by 2.9% during the 2nd quarter. Winfield Associates Inc. now owns 1,029 shares of the conglomerate’s stock valued at $126,000 after acquiring an additional 29 shares in the last quarter. Finally, Shine Investment Advisory Services Inc. purchased a new position in United Technologies during the 2nd quarter valued at about $131,000. 80.07% of the stock is currently owned by hedge funds and other institutional investors.
Shares of United Technologies Co. (NYSE UTX) opened at $127.23 on Tuesday. The stock has a market capitalization of $101,665.94, a PE ratio of 19.73, a PEG ratio of 2.29 and a beta of 1.07. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.91 and a current ratio of 1.31. United Technologies Co. has a 1-year low of $106.85 and a 1-year high of $127.89.
The business also recently announced a quarterly dividend, which was paid on Sunday, December 10th. Investors of record on Friday, November 17th were issued a $0.70 dividend. The ex-dividend date was Thursday, November 16th. This represents a $2.80 annualized dividend and a yield of 2.20%. United Technologies’s dividend payout ratio (DPR) is currently 43.41%.
Several equities analysts have weighed in on UTX shares. Jefferies Group reaffirmed a “buy” rating and set a $139.00 target price on shares of United Technologies in a research note on Tuesday, August 29th. Credit Suisse Group reaffirmed a “neutral” rating on shares of United Technologies in a research note on Friday, September 1st. Vertical Research cut United Technologies from a “buy” rating to a “hold” rating and set a $125.00 target price on the stock. in a research note on Tuesday, September 5th. Cowen reaffirmed a “buy” rating and set a $127.00 target price on shares of United Technologies in a research note on Tuesday, September 5th. Finally, Bank of America reaffirmed a “buy” rating and set a $140.00 target price on shares of United Technologies in a research note on Wednesday, September 6th. Fourteen investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $125.63.
In related news, EVP Elizabeth B. Amato sold 4,341 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $125.92, for a total value of $546,618.72. Following the completion of the sale, the executive vice president now directly owns 29,122 shares in the company, valued at approximately $3,667,042.24. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Michael R. Dumais sold 2,986 shares of United Technologies stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $120.98, for a total value of $361,246.28. Following the completion of the transaction, the executive vice president now directly owns 27,548 shares in the company, valued at $3,332,757.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,466 shares of company stock valued at $2,019,274. Corporate insiders own 0.16% of the company’s stock.
United Technologies Company 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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