Griffin Asset Management Inc. increased its stake in shares of United Technologies Co. (NYSE:UTX) by 19.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 8,884 shares of the conglomerate’s stock after purchasing an additional 1,472 shares during the period. Griffin Asset Management Inc.’s holdings in United Technologies were worth $1,031,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in UTX. Daiwa Securities Group Inc. increased its holdings in United Technologies by 1.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 63,740 shares of the conglomerate’s stock worth $7,783,000 after purchasing an additional 630 shares during the last quarter. Cadence Bank NA increased its holdings in United Technologies by 3.2% during the 2nd quarter. Cadence Bank NA now owns 8,824 shares of the conglomerate’s stock worth $1,077,000 after purchasing an additional 271 shares during the last quarter. Braun Stacey Associates Inc. increased its holdings in United Technologies by 34.8% during the 2nd quarter. Braun Stacey Associates Inc. now owns 3,100 shares of the conglomerate’s stock worth $379,000 after purchasing an additional 800 shares during the last quarter. Benedict Financial Advisors Inc. increased its holdings in United Technologies by 0.4% during the 2nd quarter. Benedict Financial Advisors Inc. now owns 23,369 shares of the conglomerate’s stock worth $2,886,000 after purchasing an additional 89 shares during the last quarter. Finally, Bank of Stockton increased its holdings in United Technologies by 1.8% during the 2nd quarter. Bank of Stockton now owns 11,684 shares of the conglomerate’s stock worth $1,426,000 after purchasing an additional 208 shares during the last quarter. 80.01% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have issued reports on UTX. ValuEngine upgraded United Technologies from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Cowen restated a “hold” rating and set a $141.00 price objective on shares of United Technologies in a report on Thursday, January 25th. Stifel Nicolaus restated a “hold” rating and set a $146.00 price objective (up from $124.00) on shares of United Technologies in a report on Thursday, January 25th. Sanford C. Bernstein restated a “positive” rating and set a $153.00 price objective (up from $135.00) on shares of United Technologies in a report on Tuesday, January 30th. Finally, Zacks Investment Research downgraded United Technologies from a “buy” rating to a “hold” rating in a report on Monday, January 22nd. Nine analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $136.15.
United Technologies (NYSE:UTX) last issued its quarterly earnings results on Wednesday, January 24th. The conglomerate reported $1.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.56 by $0.04. United Technologies had a return on equity of 17.35% and a net margin of 7.61%. The business had revenue of $15.68 billion during the quarter, compared to the consensus estimate of $15.34 billion. During the same period in the previous year, the business earned $1.56 EPS. The business’s quarterly revenue was up 7.0% on a year-over-year basis. sell-side analysts predict that United Technologies Co. will post 7.01 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, March 10th. Investors of record on Friday, February 16th will be paid a dividend of $0.70 per share. The ex-dividend date is Thursday, February 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.12%. United Technologies’s payout ratio is currently 49.12%.
In related news, EVP Elizabeth B. Amato sold 4,341 shares of the company’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $125.92, for a total transaction of $546,618.72. Following the completion of the transaction, the executive vice president now directly owns 29,122 shares in the company, valued at approximately $3,667,042.24. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Robert J. Bailey sold 864 shares of the company’s 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 owns 2,000 shares of the company’s stock, valued at $252,020. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,480 shares of company stock valued at $1,658,028. 0.16% of the stock is owned by company insiders.
WARNING: This piece was first published by Community Financial News and is the property of of Community Financial News. If you are reading this piece on another domain, it was copied illegally and reposted in violation of United States & international copyright and trademark laws. The legal version of this piece can be accessed at https://www.com-unik.info/2018/02/08/griffin-asset-management-inc-buys-1472-shares-of-united-technologies-co-utx.html.
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.
Want to see what other hedge funds are holding UTX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for United Technologies Co. (NYSE:UTX).
Receive News & Ratings for United Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for United Technologies and related companies with MarketBeat.com's FREE daily email newsletter.