Allen Investment Management LLC grew its holdings in shares of United Technologies Co. (NYSE:UTX) by 132.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 20,485 shares of the conglomerate’s stock after buying an additional 11,664 shares during the period. Allen Investment Management LLC’s holdings in United Technologies were worth $2,181,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in UTX. Guidant Wealth Advisors raised its position in United Technologies by 64.9% during the fourth quarter. Guidant Wealth Advisors now owns 254 shares of the conglomerate’s stock valued at $27,000 after buying an additional 100 shares during the period. Financial Gravity Companies Inc. acquired a new position in United Technologies during the fourth quarter valued at $51,000. Quantamental Technologies LLC acquired a new position in United Technologies during the fourth quarter valued at $64,000. Tributary Capital Management LLC acquired a new position in United Technologies during the fourth quarter valued at $69,000. Finally, Destination Wealth Management raised its position in United Technologies by 18.2% during the fourth quarter. Destination Wealth Management now owns 670 shares of the conglomerate’s stock valued at $71,000 after buying an additional 103 shares during the period. Institutional investors own 77.08% of the company’s stock.
Several research firms recently weighed in on UTX. Zacks Investment Research raised United Technologies from a “hold” rating to a “buy” rating and set a $129.00 price target on the stock in a research report on Wednesday, January 30th. JPMorgan Chase & Co. began coverage on United Technologies in a research report on Friday, February 22nd. They set an “overweight” rating and a $132.00 price target on the stock. ValuEngine raised United Technologies from a “hold” rating to a “buy” rating in a research report on Friday, November 23rd. Robert W. Baird dropped their price target on United Technologies from $167.00 to $149.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 28th. Finally, Bank of America set a $180.00 target price on United Technologies and gave the stock a “buy” rating in a research report on Tuesday, November 27th. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $143.93.
In other news, EVP Michael R. Dumais sold 9,620 shares of the company’s stock in a transaction dated Wednesday, January 30th. The stock was sold at an average price of $119.12, for a total transaction of $1,145,934.40. Following the completion of the sale, the executive vice president now owns 35,627 shares in the company, valued at approximately $4,243,888.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert Kelly Ortberg sold 16,587 shares of the company’s stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $126.59, for a total value of $2,099,748.33. Following the sale, the chief executive officer now owns 70,211 shares of the company’s stock, valued at approximately $8,888,010.49. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 96,352 shares of company stock worth $11,974,093. Insiders own 0.17% of the company’s stock.
Shares of UTX stock opened at $124.02 on Friday. The company has a current ratio of 1.13, a quick ratio of 0.81 and a debt-to-equity ratio of 1.01. United Technologies Co. has a fifty-two week low of $100.48 and a fifty-two week high of $144.15. The stock has a market capitalization of $106.87 billion, a price-to-earnings ratio of 16.30, a PEG ratio of 1.84 and a beta of 1.17.
United Technologies (NYSE:UTX) last issued its earnings results on Wednesday, January 23rd. The conglomerate reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.53 by $0.42. United Technologies had a return on equity of 17.53% and a net margin of 7.92%. The company had revenue of $18.04 billion for the quarter, compared to analyst estimates of $16.87 billion. During the same period in the prior year, the firm posted $1.60 EPS. The business’s revenue was up 15.1% compared to the same quarter last year. Equities research analysts expect that United Technologies Co. will post 7.93 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Sunday, March 10th. Shareholders of record on Friday, February 15th will be given a $0.735 dividend. This represents a $2.94 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend is Thursday, February 14th. United Technologies’s payout ratio is currently 38.63%.
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United Technologies 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: How to Calculate Compound Annual Growth Rate (CAGR)
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