World Asset Management Inc reduced its stake in United Technologies Co. (NYSE:UTX) by 1.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 67,987 shares of the conglomerate’s stock after selling 833 shares during the period. World Asset Management Inc owned 85.14% of United Technologies worth $7,892,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in the business. Knowledge Leaders Capital LLC purchased a new position in shares of United Technologies during the third quarter worth approximately $105,000. Tortoise Investment Management LLC grew its position in shares of United Technologies by 5.3% during the second quarter. Tortoise Investment Management LLC now owns 962 shares of the conglomerate’s stock worth $117,000 after acquiring an additional 48 shares during the last quarter. Seven Bridges Advisors LLC purchased a new position in shares of United Technologies during the second quarter worth approximately $120,000. Thompson Davis & CO. Inc. grew its position in shares of United Technologies by 750.4% during the third quarter. Thompson Davis & CO. Inc. now owns 1,080 shares of the conglomerate’s stock worth $125,000 after acquiring an additional 953 shares during the last quarter. Finally, Winfield Associates Inc. grew its position in United Technologies by 2.9% in the 2nd quarter. Winfield Associates Inc. now owns 1,029 shares of the conglomerate’s stock valued at $126,000 after buying an additional 29 shares during the last quarter. Institutional investors own 80.07% of the company’s stock.
A number of equities analysts recently weighed in on UTX shares. Goldman Sachs Group upgraded shares of United Technologies from a “neutral” rating to a “buy” rating in a research report on Monday. Royal Bank of Canada reiterated a “hold” rating and issued a $126.00 price objective on shares of United Technologies in a research report on Tuesday, October 10th. Cowen reiterated a “hold” rating and issued a $120.00 price objective on shares of United Technologies in a research report on Friday, November 10th. Zacks Investment Research upgraded shares of United Technologies from a “sell” rating to a “hold” rating in a research report on Thursday, October 26th. Finally, Stifel Nicolaus lifted their price objective on shares of United Technologies from $122.00 to $124.00 and gave the company a “hold” rating in a research report on Wednesday, October 25th. Twelve investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $125.63.
United Technologies (NYSE:UTX) last released its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.05. The business had revenue of $15.06 billion during the quarter, compared to the consensus estimate of $14.99 billion. United Technologies had a return on equity of 17.66% and a net margin of 8.79%. The business’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.76 EPS. equities research analysts expect that United Technologies Co. will post 6.61 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Sunday, December 10th. Stockholders of record on Friday, November 17th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend was Thursday, November 16th. United Technologies’s dividend payout ratio (DPR) is presently 43.34%.
In other news, VP Akhil Johri sold 5,979 shares of United Technologies stock in a transaction on Friday, December 1st. The stock was sold at an average price of $121.03, for a total transaction of $723,638.37. Following the completion of the transaction, the vice president now owns 23,295 shares of the company’s stock, valued at approximately $2,819,393.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Robert J. Bailey sold 864 shares of United Technologies stock in a transaction on Friday, December 15th. The stock was sold at an average price of $126.01, for a total value of $108,872.64. Following the transaction, the vice president now directly owns 2,000 shares of the company’s stock, valued at approximately $252,020. The disclosure for this sale can be found here. Insiders have sold a total of 16,466 shares of company stock valued at $2,019,274 in the last ninety days. Corporate insiders own 0.16% of the company’s stock.
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About United Technologies
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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