ARGA Investment Management LP Raises Holdings in United Technologies Corporation (UTX)
ARGA Investment Management LP grew its position in shares of United Technologies Corporation (NYSE:UTX) by 64.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 16,800 shares of the conglomerate’s stock after purchasing an additional 6,600 shares during the quarter. ARGA Investment Management LP’s holdings in United Technologies Corporation were worth $2,051,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of UTX. Tortoise Investment Management LLC boosted its stake in shares of United Technologies Corporation by 5.3% during 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 period. Seven Bridges Advisors LLC acquired a new stake in shares of United Technologies Corporation during the second quarter worth about $120,000. Winfield Associates Inc. boosted its stake in shares of United Technologies Corporation by 2.9% during 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 period. Shine Investment Advisory Services Inc. acquired a new stake in shares of United Technologies Corporation during the second quarter worth about $131,000. Finally, Alexandria Capital LLC lifted its position in United Technologies Corporation by 0.3% in the second quarter. Alexandria Capital LLC now owns 1,078 shares of the conglomerate’s stock valued at $132,000 after purchasing an additional 3 shares during the period. 78.33% of the stock is currently owned by institutional investors.
A number of equities research analysts have recently issued reports on the stock. Vertical Research downgraded shares of United Technologies Corporation from a “buy” rating to a “hold” rating and set a $125.00 price target for the company. in a research report on Tuesday, September 5th. Deutsche Bank AG reduced their price target on shares of United Technologies Corporation from $125.00 to $120.00 and set a “hold” rating for the company in a research report on Wednesday, September 6th. Credit Suisse Group reiterated a “buy” rating and set a $136.00 price target on shares of United Technologies Corporation in a research report on Wednesday, July 26th. Cowen and Company reiterated a “hold” rating and set a $120.00 price target on shares of United Technologies Corporation in a research report on Friday, November 10th. Finally, Bank of America Corporation reiterated a “buy” rating and set a $140.00 price target on shares of United Technologies Corporation in a research report on Wednesday, September 6th. Fourteen analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $125.15.
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Shares of United Technologies Corporation (NYSE:UTX) opened at $116.53 on Monday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.91 and a current ratio of 1.31. United Technologies Corporation has a 1 year low of $106.21 and a 1 year high of $124.79. The firm has a market cap of $93,057.35, a PE ratio of 17.60, a P/E/G ratio of 2.10 and a beta of 1.07.
United Technologies Corporation (NYSE:UTX) last posted its earnings results on Tuesday, October 24th. The conglomerate reported $1.73 EPS for the quarter, topping the consensus estimate of $1.68 by $0.05. United Technologies Corporation had a net margin of 8.79% and a return on equity of 17.66%. The firm had revenue of $15.06 billion during the quarter, compared to analysts’ expectations of $14.99 billion. During the same quarter in the prior year, the firm earned $1.76 EPS. United Technologies Corporation’s quarterly revenue was up 4.9% on a year-over-year basis. research analysts expect that United Technologies Corporation will post 6.61 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Sunday, December 10th. Stockholders of record on Friday, November 17th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date is Thursday, November 16th. United Technologies Corporation’s dividend payout ratio is currently 43.41%.
In other news, EVP Michael R. Dumais sold 2,986 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $120.98, for a total value of $361,246.28. Following the completion of the sale, the executive vice president now directly owns 27,548 shares of the company’s stock, valued at approximately $3,332,757.04. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.16% of the company’s stock.
United Technologies Corporation Profile
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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