RNC Capital Management LLC purchased a new stake in United Technologies Co. (NYSE:UTX) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 16,249 shares of the conglomerate’s stock, valued at approximately $2,094,000.
Other hedge funds also recently bought and sold shares of the company. WESPAC Advisors SoCal LLC bought a new position in United Technologies in the fourth quarter valued at approximately $26,000. Guidant Wealth Advisors grew its stake in United Technologies by 64.9% in the fourth quarter. Guidant Wealth Advisors now owns 254 shares of the conglomerate’s stock valued at $27,000 after purchasing an additional 100 shares in the last quarter. Braun Bostich & Associates Inc. grew its stake in United Technologies by 73.0% in the fourth quarter. Braun Bostich & Associates Inc. now owns 365 shares of the conglomerate’s stock valued at $39,000 after purchasing an additional 154 shares in the last quarter. Massey Quick Simon & CO. LLC bought a new position in United Technologies in the first quarter valued at approximately $47,000. Finally, Sageworth Trust Co bought a new position in United Technologies in the first quarter valued at approximately $50,000. Hedge funds and other institutional investors own 79.73% of the company’s stock.
A number of research analysts have weighed in on UTX shares. Zacks Investment Research upgraded United Technologies from a “hold” rating to a “buy” rating and set a $129.00 price target for the company in a research note on Wednesday, January 30th. Goldman Sachs Group upgraded United Technologies from a “buy” rating to a “conviction-buy” rating and set a $153.00 price target for the company in a research note on Friday, February 1st. JPMorgan Chase & Co. started coverage on United Technologies in a research note on Friday, February 22nd. They issued an “overweight” rating and a $132.00 price target for the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $159.00 target price on shares of United Technologies in a research note on Wednesday, April 24th. Finally, Barclays lifted their target price on United Technologies from $142.00 to $149.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 24th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. United Technologies presently has a consensus rating of “Buy” and a consensus target price of $148.07.
United Technologies (NYSE:UTX) last issued its earnings results on Tuesday, April 23rd. The conglomerate reported $1.91 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.71 by $0.20. United Technologies had a return on equity of 17.02% and a net margin of 7.64%. The company had revenue of $18.37 billion during the quarter, compared to the consensus estimate of $18.01 billion. During the same period in the previous year, the company posted $1.77 EPS. The firm’s revenue for the quarter was up 20.5% compared to the same quarter last year. On average, research analysts expect that United Technologies Co. will post 7.97 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 17th will be issued a dividend of $0.735 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.94 annualized dividend and a yield of 2.24%. United Technologies’s payout ratio is currently 38.63%.
In related news, VP Robert J. Bailey sold 1,418 shares of United Technologies stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $126.20, for a total transaction of $178,951.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert Kelly Ortberg sold 16,587 shares of United Technologies stock in a transaction that occurred on 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 directly owns 70,211 shares of the company’s stock, valued at $8,888,010.49. The disclosure for this sale can be found here. Company insiders own 0.15% of the company’s stock.
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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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