Cullen Frost Bankers Inc. lessened its stake in United Technologies Co. (NYSE:UTX) by 4.4% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 67,818 shares of the conglomerate’s stock after selling 3,117 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in United Technologies were worth $9,482,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of UTX. Charles Schwab Investment Advisory Inc. bought a new position in shares of United Technologies in the second quarter valued at approximately $341,297,000. Boston Partners lifted its holdings in shares of United Technologies by 25.0% in the second quarter. Boston Partners now owns 6,752,295 shares of the conglomerate’s stock valued at $844,240,000 after purchasing an additional 1,349,539 shares in the last quarter. Epoch Investment Partners Inc. lifted its holdings in shares of United Technologies by 597.6% in the second quarter. Epoch Investment Partners Inc. now owns 1,289,716 shares of the conglomerate’s stock valued at $161,253,000 after purchasing an additional 1,104,849 shares in the last quarter. Mainstay Capital Management LLC ADV lifted its holdings in shares of United Technologies by 5,810.8% in the second quarter. Mainstay Capital Management LLC ADV now owns 993,368 shares of the conglomerate’s stock valued at $8,864,000 after purchasing an additional 976,562 shares in the last quarter. Finally, Bank of Montreal Can bought a new position in shares of United Technologies in the second quarter valued at approximately $113,560,000. Institutional investors own 81.84% of the company’s stock.
A number of research analysts have recently weighed in on the company. Zacks Investment Research lowered United Technologies from a “buy” rating to a “hold” rating in a report on Wednesday, October 3rd. Robert W. Baird lifted their price target on United Technologies from $156.00 to $167.00 and gave the stock a “neutral” rating in a report on Thursday, September 20th. ValuEngine upgraded United Technologies from a “hold” rating to a “buy” rating in a report on Friday, September 14th. UBS Group started coverage on United Technologies in a report on Wednesday, August 15th. They set a “buy” rating on the stock. Finally, Jefferies Financial Group set a $157.00 price target on United Technologies and gave the stock a “buy” rating in a report on Tuesday, July 10th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $151.90.
Shares of United Technologies stock opened at $127.58 on Friday. The firm has a market cap of $98.22 billion, a P/E ratio of 19.18, a price-to-earnings-growth ratio of 1.86 and a beta of 0.98. United Technologies Co. has a 12 month low of $115.40 and a 12 month high of $144.15. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.17 and a current ratio of 1.52.
United Technologies (NYSE:UTX) last issued its quarterly earnings results on Tuesday, October 23rd. The conglomerate reported $1.93 EPS for the quarter, topping the Zacks’ consensus estimate of $1.82 by $0.11. The business had revenue of $16.51 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the company posted $1.73 earnings per share. Research analysts anticipate that United Technologies Co. will post 7.26 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 16th will be paid a $0.735 dividend. The ex-dividend date of this dividend is Thursday, November 15th. This is a positive change from United Technologies’s previous quarterly dividend of $0.70. This represents a $2.94 annualized dividend and a dividend yield of 2.30%. United Technologies’s payout ratio is presently 42.11%.
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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