Shell Asset Management Co. lifted its stake in United Technologies Co. (NYSE:UTX) by 32.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 152,393 shares of the conglomerate’s stock after buying an additional 37,477 shares during the quarter. Shell Asset Management Co.’s holdings in United Technologies were worth $16,093,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Tortoise Investment Management LLC boosted its stake in shares of United Technologies by 5.3% in the second quarter. Tortoise Investment Management LLC now owns 962 shares of the conglomerate’s stock worth $117,000 after buying an additional 48 shares during the last quarter. Seven Bridges Advisors LLC purchased a new stake in shares of United Technologies in the second quarter worth about $120,000. Winfield Associates Inc. boosted its stake in shares of United Technologies by 2.9% in the second quarter. Winfield Associates Inc. now owns 1,029 shares of the conglomerate’s stock worth $126,000 after buying an additional 29 shares during the last quarter. Shine Investment Advisory Services Inc. purchased a new stake in shares of United Technologies in the second quarter worth about $131,000. Finally, Alexandria Capital LLC boosted its stake in shares of United Technologies by 0.3% in the second quarter. Alexandria Capital LLC now owns 1,078 shares of the conglomerate’s stock worth $132,000 after buying an additional 3 shares during the last quarter. Hedge funds and other institutional investors own 80.20% of the company’s stock.
In related news, VP Robert J. Bailey sold 827 shares of the stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $118.06, for a total value of $97,635.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Robert J. Bailey sold 636 shares of the stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $124.35, for a total value of $79,086.60. Following the completion of the sale, the vice president now directly owns 1,500 shares of the company’s stock, valued at approximately $186,525. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,261 shares of company stock worth $1,363,783. Company insiders own 0.16% of the company’s stock.
United Technologies (NYSE:UTX) last released its earnings results on Tuesday, October 24th. The conglomerate reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.05. The business had revenue of $15.06 billion for the quarter, compared to the consensus estimate of $14.99 billion. United Technologies had a return on equity of 17.66% and a net margin of 8.79%. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.76 earnings per share. sell-side analysts expect that United Technologies Co. will post 6.61 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Sunday, December 10th. Stockholders of record on Friday, November 17th were given a $0.70 dividend. The ex-dividend date was Thursday, November 16th. This represents a $2.80 annualized dividend and a dividend yield of 2.22%. United Technologies’s dividend payout ratio (DPR) is presently 43.41%.
A number of analysts have recently commented on the company. Vertical Research downgraded United Technologies from a “buy” rating to a “hold” rating and set a $125.00 target price on the stock. in a research note on Tuesday, September 5th. Deutsche Bank lowered their target price on United Technologies from $125.00 to $120.00 and set a “hold” rating on the stock in a research note on Wednesday, September 6th. Cowen reiterated a “hold” rating and set a $120.00 price target on shares of United Technologies in a research report on Friday, November 10th. Bank of America reiterated a “buy” rating and set a $140.00 price target on shares of United Technologies in a research report on Wednesday, September 6th. Finally, Royal Bank of Canada reiterated a “hold” rating and set a $126.00 price target on shares of United Technologies in a research report on Tuesday, October 10th. Fourteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $125.63.
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About United Technologies
United Technologies Corporation is engaged in providing high technology products and services to the building systems and aerospace industries around the world. The Company operates through four segments: Otis; UTC Climate, Controls & Security; Pratt & Whitney, and UTC Aerospace Systems. Otis operates as an elevator and escalator manufacturing, installation and service company.
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