Zhang Financial LLC purchased a new position in shares of United Technologies Co. (NYSE:UTX) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 1,759 shares of the conglomerate’s stock, valued at approximately $229,000.
A number of other hedge funds have also modified their holdings of the business. Quad Cities Investment Group LLC raised its holdings in shares of United Technologies by 62.1% during the second quarter. Quad Cities Investment Group LLC now owns 261 shares of the conglomerate’s stock valued at $34,000 after acquiring an additional 100 shares during the last quarter. Manchester Financial Inc. acquired a new position in shares of United Technologies during the second quarter valued at approximately $35,000. Massey Quick Simon & CO. LLC acquired a new position in shares of United Technologies during the first quarter valued at approximately $47,000. Sageworth Trust Co acquired a new position in shares of United Technologies during the first quarter valued at approximately $50,000. Finally, Canton Hathaway LLC raised its holdings in shares of United Technologies by 625.5% during the first quarter. Canton Hathaway LLC now owns 399 shares of the conglomerate’s stock valued at $51,000 after acquiring an additional 344 shares during the last quarter. Institutional investors own 80.79% of the company’s stock.
In related news, EVP Elizabeth B. Amato sold 4,298 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $135.71, for a total value of $583,281.58. Following the completion of the sale, the executive vice president now owns 30,847 shares of the company’s stock, valued at $4,186,246.37. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.15% of the stock is currently owned by company insiders.
Shares of NYSE:UTX traded down $1.03 during midday trading on Friday, hitting $130.81. The company had a trading volume of 2,167,188 shares, compared to its average volume of 3,058,400. United Technologies Co. has a twelve month low of $100.48 and a twelve month high of $144.40. The company has a current ratio of 1.05, a quick ratio of 0.74 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $115.27 billion, a PE ratio of 17.19, a price-to-earnings-growth ratio of 1.89 and a beta of 1.20. The firm’s 50-day moving average is $131.32.
United Technologies (NYSE:UTX) last posted its quarterly earnings results on Tuesday, July 23rd. The conglomerate reported $2.20 EPS for the quarter, beating the consensus estimate of $2.04 by $0.16. United Technologies had a return on equity of 16.81% and a net margin of 7.13%. The firm had revenue of $19.63 billion during the quarter, compared to analysts’ expectations of $19.58 billion. During the same quarter last year, the firm earned $1.97 earnings per share. The business’s revenue for the quarter was up 17.5% on a year-over-year basis. As a group, equities research analysts expect that United Technologies Co. will post 8.02 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Friday, August 16th will be issued a $0.735 dividend. The ex-dividend date is Thursday, August 15th. This represents a $2.94 annualized dividend and a dividend yield of 2.25%. United Technologies’s dividend payout ratio is presently 38.63%.
A number of brokerages have commented on UTX. Barclays increased their target price on United Technologies from $149.00 to $153.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Seaport Global Securities raised United Technologies from a “neutral” rating to a “buy” rating and set a $165.00 target price for the company in a report on Monday, June 10th. Vertical Research raised United Technologies from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a report on Friday, June 14th. Morgan Stanley increased their target price on United Technologies from $155.00 to $164.00 and gave the company an “overweight” rating in a report on Monday, May 20th. Finally, Zacks Investment Research cut United Technologies from a “strong-buy” rating to a “hold” rating and set a $151.00 target price for the company. in a report on Friday, July 19th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $152.21.
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.
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