Elmwood Wealth Management Inc. bought a new stake in shares of United Technologies Co. (NYSE:UTX) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 7,688 shares of the conglomerate’s stock, valued at approximately $967,000.
A number of other hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in United Technologies by 0.9% during the first quarter. BlackRock Inc. now owns 47,285,799 shares of the conglomerate’s stock valued at $5,949,501,000 after buying an additional 435,497 shares in the last quarter. Geode Capital Management LLC boosted its stake in United Technologies by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 7,665,846 shares of the conglomerate’s stock valued at $975,815,000 after buying an additional 139,345 shares in the last quarter. Viking Global Investors LP boosted its stake in United Technologies by 42.7% during the fourth quarter. Viking Global Investors LP now owns 5,963,163 shares of the conglomerate’s stock valued at $760,721,000 after buying an additional 1,784,355 shares in the last quarter. Boston Partners boosted its stake in United Technologies by 1.0% during the first quarter. Boston Partners now owns 5,402,756 shares of the conglomerate’s stock valued at $679,775,000 after buying an additional 54,027 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in United Technologies by 2.6% during the fourth quarter. The Manufacturers Life Insurance Company now owns 4,753,925 shares of the conglomerate’s stock valued at $606,459,000 after buying an additional 122,413 shares in the last quarter. 82.20% of the stock is owned by institutional investors and hedge funds.
UTX has been the subject of several research reports. Barclays raised their target price on United Technologies from $157.00 to $159.00 and gave the company an “overweight” rating in a research note on Monday, February 26th. UBS set a $155.00 target price on United Technologies and gave the company a “buy” rating in a research note on Thursday, March 15th. Sanford C. Bernstein reaffirmed a “positive” rating and set a $153.00 target price (up from $135.00) on shares of United Technologies in a report on Tuesday, January 30th. Zacks Investment Research raised United Technologies from a “sell” rating to a “hold” rating in a report on Thursday, April 26th. Finally, Daiwa Capital Markets raised United Technologies from a “hold” rating to an “outperform” rating in a report on Tuesday, May 8th. Nine equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $137.64.
Shares of United Technologies opened at $127.03 on Friday, MarketBeat.com reports. The stock has a market capitalization of $101.93 billion, a P/E ratio of 19.10, a price-to-earnings-growth ratio of 1.97 and a beta of 1.09. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.32 and a quick ratio of 0.96. United Technologies Co. has a 1 year low of $109.10 and a 1 year high of $139.24.
United Technologies (NYSE:UTX) last announced its quarterly earnings data on Tuesday, April 24th. The conglomerate reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.26. The firm had revenue of $15.24 billion during the quarter, compared to the consensus estimate of $14.62 billion. United Technologies had a return on equity of 17.67% and a net margin of 7.28%. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.48 EPS. research analysts forecast that United Technologies Co. will post 7.13 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, June 10th. Investors of record on Friday, May 18th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.20%. The ex-dividend date is Thursday, May 17th. United Technologies’s dividend payout ratio is currently 42.11%.
In related news, VP Robert J. Bailey sold 2,032 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $134.95, for a total value of $274,218.40. Following the completion of the sale, the vice president now directly owns 4,900 shares of the company’s stock, valued at approximately $661,255. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Elizabeth B. Amato sold 6,557 shares of the stock in a transaction dated Thursday, April 26th. The stock was sold at an average price of $123.86, for a total value of $812,150.02. The disclosure for this sale can be found here. Over the last three months, insiders sold 35,318 shares of company stock valued at $4,418,156. Company insiders own 0.17% of the company’s stock.
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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