State of Alaska Department of Revenue lifted its holdings in shares of United Technologies Co. (NYSE:UTX) by 14.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 118,262 shares of the conglomerate’s stock after buying an additional 14,966 shares during the period. State of Alaska Department of Revenue’s holdings in United Technologies were worth $12,590,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Cerebellum GP LLC purchased a new position in United Technologies in the 4th quarter valued at approximately $249,000. Retirement Systems of Alabama increased its stake in United Technologies by 8.2% in the 4th quarter. Retirement Systems of Alabama now owns 375,272 shares of the conglomerate’s stock valued at $39,959,000 after purchasing an additional 28,440 shares in the last quarter. Vision Capital Management Inc. increased its stake in United Technologies by 1.6% in the 4th quarter. Vision Capital Management Inc. now owns 25,982 shares of the conglomerate’s stock valued at $2,767,000 after purchasing an additional 409 shares in the last quarter. United Capital Management of KS Inc. increased its stake in United Technologies by 4.9% in the 4th quarter. United Capital Management of KS Inc. now owns 5,822 shares of the conglomerate’s stock valued at $620,000 after purchasing an additional 271 shares in the last quarter. Finally, Lynch & Associates IN increased its stake in United Technologies by 0.8% in the 4th quarter. Lynch & Associates IN now owns 26,509 shares of the conglomerate’s stock valued at $2,823,000 after purchasing an additional 220 shares in the last quarter. 82.01% of the stock is owned by institutional investors and hedge funds.
Several equities analysts recently weighed in on UTX shares. Robert W. Baird raised their price objective on United Technologies from $156.00 to $167.00 and gave the company a “neutral” rating in a research note on Thursday, September 20th. Citigroup reaffirmed a “neutral” rating and issued a $120.00 price objective (down from $125.00) on shares of United Technologies in a research note on Thursday, January 3rd. Zacks Investment Research downgraded United Technologies from a “buy” rating to a “hold” rating in a research note on Friday, October 26th. Jefferies Financial Group set a $148.00 price objective on United Technologies and gave the company a “buy” rating in a research note on Tuesday, November 27th. Finally, ValuEngine raised United Technologies from a “hold” rating to a “buy” rating in a research note on Friday, November 23rd. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $145.85.
United Technologies (NYSE:UTX) last announced its earnings results on Tuesday, October 23rd. The conglomerate reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.11. The firm had revenue of $16.51 billion for the quarter, compared to analysts’ expectations of $16.10 billion. United Technologies had a return on equity of 17.70% and a net margin of 7.76%. United Technologies’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.73 EPS. As a group, equities research analysts forecast that United Technologies Co. will post 7.17 earnings per share for the current year.
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About United Technologies
United Technologies Corporation provides technology products and services to building systems and aerospace industries worldwide. Its Otis segment designs, manufactures, sells, and installs passenger and freight elevators, escalators, and moving walkways; and offers modernization products to upgrade elevators and escalators, as well as maintenance and repair services.
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