Cadence Capital Management LLC decreased its stake in shares of United Technologies Co. (NYSE:UTX) by 4.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 94,737 shares of the conglomerate’s stock after selling 4,568 shares during the period. Cadence Capital Management LLC’s holdings in United Technologies were worth $12,086,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of UTX. Beach Investment Management LLC. acquired a new position in United Technologies during the second quarter worth approximately $434,000. Sullivan Bruyette Speros & Blaney LLC increased its position in United Technologies by 4.8% during the second quarter. Sullivan Bruyette Speros & Blaney LLC now owns 3,933 shares of the conglomerate’s stock worth $480,000 after purchasing an additional 179 shares during the last quarter. Principal Financial Group Inc. increased its position in United Technologies by 2.0% during the second quarter. Principal Financial Group Inc. now owns 1,082,462 shares of the conglomerate’s stock worth $132,179,000 after purchasing an additional 20,821 shares during the last quarter. Gratus Capital LLC increased its position in United Technologies by 0.6% during the second quarter. Gratus Capital LLC now owns 59,352 shares of the conglomerate’s stock worth $7,247,000 after purchasing an additional 370 shares during the last quarter. Finally, Cornerstone Advisory LLP increased its position in United Technologies by 5.2% during the second quarter. Cornerstone Advisory LLP now owns 3,220 shares of the conglomerate’s stock worth $393,000 after purchasing an additional 159 shares during the last quarter. 82.38% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts recently commented on UTX shares. Zacks Investment Research raised shares of United Technologies from a “hold” rating to a “buy” rating and set a $151.00 price target for the company in a research report on Saturday, January 20th. Goldman Sachs raised shares of United Technologies from a “neutral” rating to a “buy” rating in a research report on Monday, January 8th. UBS started coverage on shares of United Technologies in a research report on Tuesday, January 23rd. They issued a “buy” rating and a $158.00 price objective for the company. Argus raised shares of United Technologies from a “hold” rating to a “buy” rating in a research report on Friday, February 9th. Finally, ValuEngine raised shares of United Technologies from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Nine investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $137.00.
United Technologies stock opened at $128.33 on Monday. The firm has a market cap of $102,635.52, a price-to-earnings ratio of 22.51, a PEG ratio of 2.11 and a beta of 1.05. The company has a quick ratio of 0.94, a current ratio of 1.35 and a debt-to-equity ratio of 0.80. United Technologies Co. has a 52 week low of $109.10 and a 52 week high of $139.24.
United Technologies (NYSE:UTX) last announced its earnings results on Wednesday, January 24th. The conglomerate reported $1.60 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.04. The business had revenue of $15.68 billion during the quarter, compared to the consensus estimate of $15.34 billion. United Technologies had a net margin of 7.61% and a return on equity of 17.35%. The business’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.56 earnings per share. analysts anticipate that United Technologies Co. will post 7.04 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Saturday, March 10th. Stockholders of record on Friday, February 16th were paid a $0.70 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.18%. United Technologies’s dividend payout ratio (DPR) is presently 49.12%.
In other news, VP Robert J. Bailey sold 2,032 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $134.95, for a total value of $274,218.40. Following the completion of the transaction, the vice president now directly owns 4,900 shares in the company, valued at $661,255. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Robert J. Bailey sold 419 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $133.73, for a total transaction of $56,032.87. The disclosure for this sale can be found here. 0.16% of the stock is currently owned by corporate insiders.
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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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