Cambria Investment Management L.P. boosted its stake in shares of United Technologies Co. (NYSE:UTX) by 207.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,921 shares of the conglomerate’s stock after purchasing an additional 33,013 shares during the quarter. Cambria Investment Management L.P.’s holdings in United Technologies were worth $5,679,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in UTX. Knowledge Leaders Capital LLC acquired a new position in United Technologies during the third quarter worth about $105,000. Tortoise Investment Management LLC grew its holdings 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 purchasing an additional 48 shares during the last quarter. Seven Bridges Advisors LLC bought a new stake in shares of United Technologies during the second quarter worth about $120,000. Thompson Davis & CO. Inc. grew its holdings 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 purchasing an additional 953 shares during the last quarter. Finally, Shine Investment Advisory Services Inc. bought a new stake in shares of United Technologies during the second quarter worth about $131,000. 79.87% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently commented on UTX. ValuEngine upgraded United Technologies from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Cowen reissued a “hold” rating and issued a $141.00 price target on shares of United Technologies in a research note on Thursday, January 25th. Stifel Nicolaus reissued a “hold” rating and issued a $146.00 price target (up from $124.00) on shares of United Technologies in a research note on Thursday, January 25th. Sanford C. Bernstein reissued a “positive” rating and issued a $153.00 price target (up from $135.00) on shares of United Technologies in a research note on Tuesday, January 30th. Finally, Zacks Investment Research lowered United Technologies from a “buy” rating to a “hold” rating in a research note on Monday, January 22nd. Nine research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $136.15.
Shares of United Technologies Co. (UTX) traded down $0.81 during trading hours on Wednesday, reaching $124.96. The company’s stock had a trading volume of 2,453,278 shares, compared to its average volume of 5,102,365. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.35 and a quick ratio of 0.94. The company has a market cap of $101,875.76, a P/E ratio of 21.93, a PEG ratio of 2.16 and a beta of 1.08. United Technologies Co. has a 52-week low of $107.05 and a 52-week high of $139.24.
United Technologies (NYSE:UTX) last posted its quarterly earnings results on Wednesday, January 24th. The conglomerate reported $1.60 earnings per share for the quarter, topping the 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 company had revenue of $15.68 billion during the quarter, compared to the consensus estimate of $15.34 billion. During the same quarter in the prior year, the company earned $1.56 EPS. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. sell-side analysts forecast that United Technologies Co. will post 7.04 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, March 10th. Shareholders of record on Friday, February 16th will be issued a $0.70 dividend. The ex-dividend date is Thursday, February 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.24%. United Technologies’s payout ratio is currently 49.12%.
In related news, VP Robert J. Bailey sold 827 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $118.06, for a total transaction of $97,635.62. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Robert J. Bailey sold 636 shares of the firm’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $124.35, for a total value of $79,086.60. Following the transaction, the vice president now directly owns 1,500 shares in the company, valued at $186,525. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,480 shares of company stock worth $1,658,028. 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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