Jennison Associates LLC Cuts Holdings in United Technologies Co. (UTX)

Jennison Associates LLC decreased its holdings in shares of United Technologies Co. (NYSE:UTX) by 18.1% during the third quarter, HoldingsChannel.com reports. The firm owned 1,151,142 shares of the conglomerate’s stock after selling 254,947 shares during the period. Jennison Associates LLC’s holdings in United Technologies were worth $133,625,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Notis McConarty Edward boosted its stake in United Technologies by 0.6% in the 1st quarter. Notis McConarty Edward now owns 34,801 shares of the conglomerate’s stock worth $3,906,000 after purchasing an additional 210 shares in the last quarter. Gardiner Nancy B boosted its stake in United Technologies by 2.1% in the 1st quarter. Gardiner Nancy B now owns 10,446 shares of the conglomerate’s stock worth $1,173,000 after purchasing an additional 219 shares in the last quarter. Broderick Brian C boosted its stake in United Technologies by 8.3% in the 1st quarter. Broderick Brian C now owns 40,133 shares of the conglomerate’s stock worth $4,502,000 after purchasing an additional 3,079 shares in the last quarter. Summit Global Investments acquired a new stake in United Technologies in the 1st quarter worth approximately $484,000. Finally, Meridian Wealth Management LLC acquired a new stake in United Technologies in the 1st quarter worth approximately $252,000. 80.07% of the stock is currently owned by hedge funds and other institutional investors.

Several analysts have commented on the stock. Goldman Sachs Group upgraded shares of United Technologies from a “neutral” rating to a “buy” rating in a research note on Monday. Cowen restated a “hold” rating and set a $120.00 price objective on shares of United Technologies in a research note on Friday, November 10th. Royal Bank of Canada restated a “hold” rating and set a $126.00 price objective on shares of United Technologies in a research note on Tuesday, October 10th. Atlantic Securities upgraded shares of United Technologies from a “neutral” rating to an “overweight” rating in a research note on Tuesday, December 5th. Finally, Zacks Investment Research cut shares of United Technologies from a “hold” rating to a “sell” rating in a research note on Monday, October 16th. Twelve research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. United Technologies has a consensus rating of “Hold” and an average target price of $125.63.

United Technologies Co. (NYSE UTX) opened at $134.27 on Wednesday. The company has a quick ratio of 0.91, a current ratio of 1.31 and a debt-to-equity ratio of 0.76. United Technologies Co. has a 12 month low of $106.85 and a 12 month high of $135.79. The stock has a market cap of $107,220.00, a price-to-earnings ratio of 20.78, a P/E/G ratio of 2.29 and a beta of 1.07.

United Technologies (NYSE:UTX) last posted its earnings results on Tuesday, October 24th. The conglomerate reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.05. United Technologies had a net margin of 8.79% and a return on equity of 17.66%. The firm had revenue of $15.06 billion during the quarter, compared to analysts’ expectations of $14.99 billion. During the same period in the previous year, the business posted $1.76 EPS. The business’s revenue was up 4.9% compared to the same quarter last year. research analysts anticipate that United Technologies Co. will post 6.61 earnings per share for the current year.

In related news, VP Akhil Johri sold 5,979 shares of the business’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $121.03, for a total value of $723,638.37. Following the completion of the sale, the vice president now owns 23,295 shares of the company’s stock, valued at approximately $2,819,393.85. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Robert J. Bailey sold 864 shares of the business’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $126.01, for a total transaction of $108,872.64. Following the completion of the sale, 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. Over the last quarter, insiders sold 16,466 shares of company stock valued at $2,019,274. Company insiders own 0.16% of the company’s stock.

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

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