Seven Eight Capital LP Invests $4.80 Million in United Technologies Co. (UTX)

Seven Eight Capital LP bought a new position in shares of United Technologies Co. (NYSE:UTX) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 34,343 shares of the conglomerate’s stock, valued at approximately $4,801,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in UTX. Summit Trail Advisors LLC grew its holdings in United Technologies by 9,086.4% during the 1st quarter. Summit Trail Advisors LLC now owns 414,672 shares of the conglomerate’s stock valued at $415,000 after buying an additional 410,158 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of United Technologies by 10.6% in the 1st quarter. Principal Financial Group Inc. now owns 1,317,730 shares of the conglomerate’s stock worth $165,797,000 after purchasing an additional 126,621 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in shares of United Technologies in the 1st quarter worth approximately $1,057,000. Mount Yale Investment Advisors LLC purchased a new position in shares of United Technologies in the 1st quarter worth approximately $1,599,000. Finally, Neville Rodie & Shaw Inc. purchased a new position in shares of United Technologies in the 2nd quarter worth approximately $9,740,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

In related news, VP Robert J. Bailey sold 828 shares of the firm’s stock in a transaction that occurred on Tuesday, July 31st. The stock was sold at an average price of $134.75, for a total transaction of $111,573.00. Following the completion of the sale, the vice president now directly owns 2,000 shares of the company’s stock, valued at approximately $269,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Akhil Johri sold 3,428 shares of the firm’s stock in a transaction that occurred on Thursday, July 26th. The stock was sold at an average price of $135.82, for a total value of $465,590.96. Following the sale, the chief financial officer now directly owns 43,403 shares of the company’s stock, valued at $5,894,995.46. The disclosure for this sale can be found here. Insiders have sold a total of 18,511 shares of company stock valued at $2,521,974 over the last three months. 0.17% of the stock is owned by corporate insiders.

Shares of United Technologies stock opened at $128.68 on Friday. United Technologies Co. has a one year low of $115.40 and a one year high of $144.15. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.46 and a quick ratio of 1.10. The company has a market capitalization of $103.16 billion, a PE ratio of 19.35, a P/E/G ratio of 1.96 and a beta of 0.98.

United Technologies (NYSE:UTX) last issued its quarterly earnings results on Tuesday, July 24th. The conglomerate reported $1.97 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.85 by $0.12. United Technologies had a return on equity of 17.53% and a net margin of 8.09%. The firm had revenue of $16.71 billion during the quarter, compared to analyst estimates of $16.26 billion. During the same period last year, the company earned $1.85 EPS. United Technologies’s quarterly revenue was up 9.3% compared to the same quarter last year. As a group, research analysts forecast that United Technologies Co. will post 7.23 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Friday, November 16th will be paid a dividend of $0.735 per share. This is a positive change from United Technologies’s previous quarterly dividend of $0.70. This represents a $2.94 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date of this dividend is Thursday, November 15th. United Technologies’s dividend payout ratio (DPR) is currently 42.11%.

UTX has been the subject of a number of recent research reports. ValuEngine cut United Technologies from a “buy” rating to a “hold” rating in a report on Monday, August 6th. Zacks Investment Research cut United Technologies from a “buy” rating to a “hold” rating in a report on Tuesday, July 31st. UBS Group initiated coverage on United Technologies in a report on Wednesday, August 15th. They issued a “buy” rating for the company. Robert W. Baird lifted their target price on United Technologies from $156.00 to $167.00 and gave the stock a “neutral” rating in a report on Thursday, September 20th. Finally, Jefferies Financial Group set a $157.00 target price on United Technologies and gave the stock a “buy” rating in a report on Tuesday, July 10th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $149.70.

United Technologies Company Profile

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.

Further Reading: Closed-End Mutual Funds (CEFs)

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Institutional Ownership by Quarter for United Technologies (NYSE:UTX)

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