United Technologies Co. (UTX) Position Cut by Sit Investment Associates Inc.
Sit Investment Associates Inc. lessened its holdings in shares of United Technologies Co. (NYSE:UTX) by 20.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 161,015 shares of the conglomerate’s stock after selling 42,002 shares during the quarter. Sit Investment Associates Inc.’s holdings in United Technologies were worth $18,691,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of UTX. Tortoise Investment Management LLC raised its stake in United Technologies by 5.3% during the 2nd quarter. Tortoise Investment Management LLC now owns 962 shares of the conglomerate’s stock valued at $117,000 after purchasing an additional 48 shares during the period. Seven Bridges Advisors LLC bought a new stake in United Technologies during the 2nd quarter valued at approximately $120,000. Winfield Associates Inc. raised its stake in United Technologies by 2.9% during the 2nd quarter. Winfield Associates Inc. now owns 1,029 shares of the conglomerate’s stock valued at $126,000 after purchasing an additional 29 shares during the period. Shine Investment Advisory Services Inc. bought a new stake in United Technologies during the 2nd quarter valued at approximately $131,000. Finally, Alexandria Capital LLC increased its stake in United Technologies by 0.3% in the 2nd quarter. Alexandria Capital LLC now owns 1,078 shares of the conglomerate’s stock worth $132,000 after acquiring an additional 3 shares during the last quarter. 80.20% of the stock is currently owned by institutional investors.
In related news, VP Robert J. Bailey sold 636 shares of the business’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $124.35, for a total transaction of $79,086.60. Following the completion of the transaction, the vice president now owns 1,500 shares in the company, valued at approximately $186,525. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Robert J. Bailey sold 827 shares of the business’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $118.06, for a total value of $97,635.62. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,261 shares of company stock valued at $1,363,783. 0.16% of the stock is owned by company insiders.
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 Thomson Reuters’ consensus estimate of $1.68 by $0.05. United Technologies had a return on equity of 17.66% and a net margin of 8.79%. The firm had revenue of $15.06 billion for the quarter, compared to the consensus estimate of $14.99 billion. During the same quarter in the previous year, the company posted $1.76 EPS. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. analysts forecast that United Technologies Co. will post 6.61 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Sunday, December 10th. Investors of record on Friday, November 17th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend was Thursday, November 16th. United Technologies’s payout ratio is currently 43.41%.
UTX has been the topic of a number of research reports. Zacks Investment Research raised United Technologies from a “sell” rating to a “hold” rating in a research note on Thursday, October 26th. Cowen reaffirmed a “buy” rating and issued a $127.00 price objective on shares of United Technologies in a research note on Tuesday, September 5th. Credit Suisse Group reaffirmed a “neutral” rating on shares of United Technologies in a research note on Friday, September 1st. Jefferies Group reaffirmed a “buy” rating and issued a $139.00 price objective on shares of United Technologies in a research note on Tuesday, August 29th. Finally, Royal Bank of Canada set a $126.00 price objective on United Technologies and gave the stock a “hold” rating in a research note on Sunday, November 12th. Fourteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $125.63.
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United Technologies Company 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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